All Forum Posts by: James Wilcox

 James - I live just north of Nashville, but I'm in BG area a few days every week. The next couple of weeks are crazy.  (Daughter is getting married!) Would love to grab lunch end of Aug or early Sept.

Thanks for offering the CMA, but I've got all my comps. As you know, the $325K - $450K market in the area is a funky market. Smaller homes and larger homes are both moving much faster than the mid-size homes.

Looking forward to meeting and grabbing lunch.

I will soon be selling my rental condo in downtown Tampa and I should walk away with $500k. I would like recommendations as where i should go to invest it. I want to be out of Florida as I live there and have other properties here. We would like someplace family can visit 2x  a year and VRBO it the resto of the time as I should be able to have no mortgage on the property.  I have been looking at Lake Homes in Georgia and Places in Myrtle Beach as there is a direct flight from  Tampa to MB  that would be great!  Is there any recommendation on an area that I should be looking to go based on budget . My head is going to explode as not sure where is best to look at  

What are you looking for out of a relationship with investors of that nature?

I'm a GC/new home builder in South Central Ky and new to BP.  I have built 90 - 100 new homes.

My main business strategy has been to build 1200 - 2400 sq ft new SFR as specs. (Sq Footage is determined by deed restrictions.) I am sitting on some 1850 sq ft new turnkey houses in BG, Ky. Homes are priced between $340,900 & $347K and located in a new Sub Div.

I need to move one house so I can begin the next project. So, here's my question.

1.  Should I lower the price by $5-6k and sell them the traditional route, or ...

2. Sell the house to investor/investment company looking for a new turnkey SFR?

Note - A few homes in the subdivision are rentals. HOA does not prevent rentals.

I am interested in building a relationship with an investment company or individual investors looking for new construction rentals and thought this house could be a bridge to new relationships.

Thoughts?  Who are the investors looking for new construction?

@Aaron Laprade we have had great success in the Red River Gorge in Kentucky. We focus on unique, experiential properties in that market to stand out. Returns have been fantastic and I do believe it is a strong, up-and-coming market not many are talking about.

One thing not many investors talk about with STRS is going the experiential route and leveraging social media to drive tons of bookings. I've actually talked with multiple STR owners in Hocking Hills, OH (very similar market to Red River Gorge) and they are able to get 90% occupancy on some of their properties with the majority funneling in through their Instagram profile.

Another place to look for STRs could be Dahlonega, GA. You would probably need a unique property for that market, but I've seen some 1/1 in that market that are doing $135K to $180K revenue.

Happy to chat more on this if you have questions. Best of luck! Oh and listen to @Dave Foster, he knows a lot and was my go-to guy for the 1031 exchange we did! Except we do need to try and convert Dave from a Kansas State fan to an Iowa State fan, but we will try that another time. :)

 Hi, James! Thanks for reaching out. I've definitely been scoping the Richmond/Nicholasville/Georgetown areas, but I worry that appreciation will be slow in those places in addition to the cash flow being thin everywhere. Good note about alternative strategies and deal sources. I'll try to keep my mind open!

Hi, everyone! My name is Stacy McCann. I've lived in the PNW for 25 years, but I'm hoping to start building a rental portfolio in my hometown of Lexington, KY. I'd love to connect with anyone who has experience in acquiring small multi-family properties (2-4 units), particularly in college towns. What are the secrets to finding deals in this economy?

Excited to learn and connect with you all!

Hi! My name is Caitlyn and I have the opportunity to get into a 2.5-acre property for very cheap and want to build on it. I work in commercial property development, but this would be my first time developing anything myself and developing anything residential. I always try to get as much advice from people with more knowledge than I have before getting into anything so I'm hoping there will be some experienced people here who can give me some advice. 

Background - I'm in the southern Kentucky market and that's where the land is located. The area is small but is right outside of Bowling Green (the third largest metro in KY-60 miles N of Nashville) and there is residential construction going on in the area that appears to be selling around $225k on average for a standard 3/2 home. There are currently no duplexes or townhomes in this small town. There is one 3 story apartment complex up the road. Because we do commercial construction in the area, we know from speaking with the P&Z that the most likely scenario for building here would be either single family homes (can fit approx. 6-7), duplexes (can fit 4 side by side units) or townhomes (can fit up to 11 with zero-lot lines). This land was also acquired through our business so there are 4 separate parties involved that will have ownership and will split any profit or income.

Questions - 

1. What I'm struggling with is the fear that the economy could take a turn for the worse and get upside down on the project, which I understand is always on the table but wanted to see what everyone's thoughts were as far as waiting or if it's better to just start as soon as possible?

2. I also wanted to see if anyone had any experience with getting government grants to build affordable rent homes? KY seems to be giving out grants for this, but I don't know anyone personally who has done it and didn't know if this was a good route to check into. I would personally like to make the homes as affordable as possible because so many are struggling to get into homes right now and I would really like to help in any way I can (I'm the only one involved in this deal that feels that way though...)

3. Thoughts on rent to own?

4. Thoughts on HELOCs right now for this kind of construction? 

5. I just watched a Seeing Green episode where David spoke about his loan company offering loans with the price of the land you're going to be building on as collateral. Does anyone have any experience doing anything like that? 

6. What is the best way to make a budget for these kinds of projects based on everyone's experience?

7. I had thought of advertising the properties ahead of time to sell them before construction starts and give people the option to pick a few details on their own just to get the properties sold ahead of time to help with financing. Does anyone have thoughts or experience with this?

I'm sure there are a ton of things I'm not asking or thinking of but would appreciate any feedback. I feel that there is a really good opportunity here for us but want to make sure that it works out for everyone in the best way possible.  So, I'm asking the experts. I know I'm asking for a lot of information, but I've been reading these forums and listening to the podcasts, and this seemed like a great community to bring this to. I really appreciate everyone's help!

The goal is to acquire enough rental properties to generate $10,000 in monthly cash flow after expenses. Short-term goal/first milestone: acquire enough rental properties to generate $2,000 in monthly cash flow after expenses.

In my current situation, my wife and I are dealing with a mortgage of $74k at a 3.5% interest rate on our primary home. We’ve secured pre-approval from Chase for a $200k conventional loan at 8% interest with a $40k down payment for our first rental property. My credit score stands at 780. We’re targeting the Florence/Hebron/Burlington area in Boone County, Kentucky, near Cincinnati, OH. We’re actively participating in auctions, but unfortunately, we missed out on our last bid by one bid higher. For preliminary numbers analysis, I’m using an online calculator available at this website: https://www.calculator.net/rental-property-calculator.html. We’re eager to acquire our first rental property and are looking for any advice that could expedite this process.

I'm looking for advice on advancing in real estate investing. I'm 19, based in south central Kentucky, and purchased a home in August 2023 through seller financing. Currently, I work as a real estate agent and plan to invest in rental properties within 1-2.5 years. My ultimate goal is to transition into full-time real estate investing.

My current home is a 3-bed, 1-bath, approximately 1960 sqft, needing updates. I'm considering applying the BRRR method to my own home, without renting it. Would it make sense to invest in improving my home, then refinance with a bank to extract the created equity, and then use that money to purchase a rental property? Or should I save up separately for my first rental property and keep my personal residence out of this?

Long-term, I aim to acquire multiple rental properties using the BRRR strategy to generate income and improve my community. What's the most efficient way to achieve these goals? How should I calculate a for doors to income to know roundabout what my goal should be?