All Forum Posts by: Dustin Fisher

I recently purchased a duplex in Knoxville, Tn. Should I focus on building my equity in the property or save my excess money for capital? Is it better to leverage a property or have more in savings for my next deal?

Congratulations 

Paul, I am from Knoxville. If you are looking to network the Knox REI is a great place to start.

Jesse,

Welcome. The best place to get started in Knoxville us the Knox REIA. They meet once a month. Check out there web page knoxreai.com.

A co worker of mine knows I am starting to invest in real estate. He approached me months ago telling me about a duplex he owned in Dayton. I showed so interest, but he was asking to much. He owes 5k in back taxes and asking 10k for the property. I told him no. Today he told me today he was about to lose the property and said I can have it if I want it. His deal is pay the taxes and he will deed me the property. He said if I make some money on it down the road give him some, if not don't worry about it. The neighborhood is rough and the property needs an unknown amount of work. I have not been able to see duplex other than Google Earth. I need some advice on what to do next. 

My opion is wait till you know where you are going after the military. It sounds to me like you have a lot on your plate now. My first deal I used a FHA owner occupied on a duplex. FHA allows low down payments. Most commercial lenders require 20% down. 10k down will only get you a property for 50k. I also live in knoxville which is a relatively inexpensive market and 50k on a multifamily does not give you many options. Real Estate can be very exciting but don't jump on the first shinny thing that comes you way. Good luck on your endeavors and God bless.

Welcome to K-town @John Murphy. Home to beautiful countryside and tons of investment opportunities.

@Alisha Mingus Welcome to Knoxville and the B.P. Community. My advice is spend time on the B.P. site learning as much you can. I enjoy listening to the podcast. They are very informative. Look forward to working with you soon.

I am closing on a FHA owner occupied next week. I have mortgage insurance of $80 a month. That cuts into my cash flow. How do I get rid of that expense?

I would love the opportunity to learn the business if you are interested in an upcoming property manager in Knoxville.