All Forum Posts by: Brian Ellwood

Best advice on all this will come from a good CPA with real estate experience. You'll save more than they cost by the advice they give. But you should be able to write everything off still, and yes the umbrella policy will be what you want. 

Some of those areas have too high of a rent-to-price ratio to really make sense as a rental market. Ideally you'd want rent/all in price to be at least 1.3%. 

I've seen banks go both ways. It comes down to just getting  on the phone and asking them. Try a local bank to your area, they are usually the most flexible. 

 

https://www.marshallreddick.com/

Hey Klint! I'm originally from Nashville, done a lot of flips there but none recently. It all comes down to the #'s, what you bought it for, what it will sell for, and what the repairs will be. If you got those right, you're fine. From what I'm hearing, the market isn't slowing down too much in Nashville yet, but I'd hurry and get it done if I were you! 

Yep, I usually use 15% of the gross rent as the deduction for V&R (vacancies and repairs) 

I don't think you're being too conservative. You probably just need to find a better deal or offer less on this one. Where did you see this deal, was it listed? I'm finding that marketing direct to sellers and looking in smaller fringe markets is required to find good, cashflow positive deals right now. 

Your local property assessors website will usually have owner information, in terms of their address. Not phone # or email. Is address what you're looking for? The others require a skip trace. 

I have to do direct to seller marketing to find any decent deals in today's market - also, focus on fringe/smaller cities around your core market where there is less competition. Those two adjustments were what it took for me to keep doing deals in a market like this. 

What is your end goal?