Many aspiring real estate investors are held back by the belief that they need significant capital, personal connections, or a background in real estate to get started. However, the journey of Alex Kononov demonstrates that it’s possible to break into the field with limited resources, strategic thinking, and the willingness to leverage new technology.
Alex began his investing career in 2018, starting with a W2 job and $30,000 in savings—no family wealth, no real estate experience. Instead of seeking out large deals, Alex focused on the basics: finding the right property and mastering the fundamentals. His first purchase was a two-family house in Trenton, New Jersey, introduced to him by a relative.
The initial project was proof that the “BRRRR” strategy—Buy, Rehab, Rent, Refinance, Repeat—could work even without abundant resources. By carefully underwriting hundreds of properties before buying, Alex was able to identify an opportunity where the numbers made sense and forced appreciation through strategic renovations.
His first deal was far from smooth; he overcame setbacks with contractors and even had to supervise renovations himself, but he ultimately cashed out through refinancing, regaining his investment, and setting the stage for rapid growth.
Within two years, Alex scaled his portfolio to 30 units. He continually refined his approach, forcing appreciation through smart renovations and focusing on value-add opportunities like finishing attics, basements, or converting office spaces into bedrooms. These improvements increased both rent potential and property value, providing a blueprint for other investors to follow.
A core skill that set Alex’s strategy apart was his focus on underwriting—the process of analyzing deals, understanding market comps, and evaluating risk factors. Underwriting isn’t just crunching numbers; it involves reversing the appraisal process, understanding property types, market dynamics, rental rates, cash flow projections, and the factors that influence long-term value.
Alex spent time analyzing hundreds of deals, which taught him how to spot great opportunities and avoid costly pitfalls. He emphasized that effective underwriting goes beyond spreadsheets; investors should consider neighborhood trends, school proximity, local businesses, hospitals, and universities—all of which can influence demand and property performance.
Recognizing inefficiencies in traditional underwriting, Alex built uWise, an AI-powered platform for deal analysis and pipeline management. The system aggregates multiple AI tools and trusted data sources, guiding users through questions about property type, rental comps, renovation plans, and market conditions.
Rather than making assumptions or relying on a single data provider, uWise creates a guided report that helps investors and passive lenders evaluate deals quickly and accurately. For example, investors can compare AI-generated reports with sponsor projections to spark informed conversations and deeper due diligence. The platform’s design ensures flexibility, letting users adjust risk appetite and customize their analysis to fit their business strategy.
From the perspective of private lenders and passive investors, tools like uWise offer third-party perspectives on potential deals. If the sponsor’s numbers differ from the AI’s projections, the technology serves as a conversation starter—helping stakeholders discuss renovation plans, rental income assumptions, and other critical elements before committing capital.
Alex underscores that, while AI speeds up underwriting and reduces the risk of bad assumptions, it doesn’t replace relationships and trust. Real estate is fundamentally built on networks, and effective technology supports better decision-making, not the removal of human judgment. By embracing AI solutions, investors can move faster and smarter—positioning themselves as reliable partners for private funding.
The message from Alex’s journey is clear: starting from scratch is possible. With disciplined underwriting, strategic renovations, and openness to new technology, anyone can build credibility, attract private money, and scale a real estate portfolio.
Trust remains at the center, but AI-driven tools make the path of progress accessible to more investors. Whether you’re a proactive investor or a potential private lender, platforms like uWise are reshaping how deals are found, analyzed, and funded in today’s rapidly evolving market.
10 Discussion Questions from this Episode:
- Alex Kononov started his real estate investing journey with just $30,000 in savings and no prior industry connections. What mindset shifts or practical strategies do you think were most essential for him to get started?
- The episode emphasizes the importance of “underwriting” a deal. How would you define underwriting in your own words after hearing
Alex Kononov ’s explanation? - Alex Kononov discussed the BRRR strategy (Buy, Rehab, Rent, Refinance, Repeat). What do you see as the biggest advantages and potential risks of using the BRRR method?
- How did Alex Kononov leverage proof of concept and past deal success to raise capital, even before having established credibility?
- The conversation touched on value-add levers, such as converting unused spaces into bedrooms. What creative strategies have you seen or used to increase property value?
- Alex Kononov mentioned analyzing hundreds of deals before making his first purchase. How do you think this level of discipline and deal analysis sets apart successful investors?
- The episode introduced uWise, an AI-driven underwriting and deal analysis platform. What are your thoughts on the role AI can play in reducing mistakes and speeding up deal evaluation?
- How important are trust and relationships in real estate investing, even as technology and AI become more influential in the field?
- Alex Kononov shared that uWise not only benefits buyers but also private lenders and passive investors. How could transparent deal analysis change how people assess partnership or investment opportunities?
- Reflecting on Jay Conner’s advice about becoming the kind of real estate investor people want to fund, what steps do you think are most important for building credibility with private money sources?
Fun facts that were revealed in the episode:
- Alex Kononov started his real estate investing journey in 2018 with only a W2 job, $30,000 in savings, and no background in money or real estate—his very first deal was a BRRR (Buy, Rehab, Rent, Refinance, Repeat) property that he still owns today.
- Within just two years, Alex Kononov scaled up to 30 real estate units by focusing on smart renovations and strategic refinances—he even underwrote over 500 properties in one year to find the right deals!
- Frustrated by slow and messy underwriting processes, Alex Kononov built Uwise, an AI-powered platform that helps investors quickly analyze deals, generate offers, and manage their acquisition pipeline—all in one place.
Timestamps:
00:01 Building Wealth Without Capital
06:21 Cash-Out Refinancing Explained
09:45 Underwriting and Scaling Insights
11:44 Property Underwriting Simplified
15:33 Market Exploration and Analysis
17:27 Renovation Strategy and Valuation Guide
19:10 Connect with Alex Kononov
23:21 Enabling Investor-Sponsor Conversations
25:55 Scaling Real Estate with Strategy
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