All Forum Posts by: Hank Stolz

@Alex Olson  awesome, thank you so much!  This is all new to me so explanations like that go a long way for me. 

Hello,

I will be selling my house in Nashville - closing date set for December 27th. My goal is to BRRR and buy a place in cash in the Peoria or Bloomington areas. I have never done a 1031 before so any help would be greatly appreciated. Thank you all in advance!

@Allan Smith I am in the exact same shoes. Nashville resident as well. I'm going to try out Peoria / Bloomington still because it's the only place I'm familiar with and have enough money to pay cash with. If you want to connect I can let you know how it goes

Investment Info:

Single-family residence buy & hold investment in Nashville.

Purchase price: $235,700
Cash invested: $12,000

3br 2ba 1,400 SF
River Trace Estates Neighborhood
Personally Renovated
I intend to live here for a few years then continue to rent it to tenants indefinitely after I move out.

What made you interested in investing in this type of deal?

It was the clear choice for a first time investor without much capital to begin with.

How did you find this deal and how did you negotiate it?

I used an agent in Nashville, Josh Becker with KW

How did you finance this deal?

CMG financial first time homebuyer's loan

How did you add value to the deal?

I have replaced the previously carpeted floors with a high end vinyl plank flooring, painted ALL of the walls, updated the kitchen, redid the landscaping and more to come!

What was the outcome?

I am collecting rent and living for free here, saving money to put back into the house for the first year or so then I will save enough in the next year or two to move on to more properties.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes, Josh Becker with Keller Williams in Franklin, TN

@Libby Baugher

Thank you for your response as well, I do not know anyone personally but if I hear of anyone or get help myself, I will keep you in mind.  Sounds like you are killing it, I hope I can be in your position by the end of next year!!

Good luck and take care,

Hank

@Scott Dixon Thanks for the response!  I am looking for properties still.  Student rentals are a ideal, but not mission critical.  I am probably going to sound like a broken record here but as many bedrooms and as inexpensive as possible is the goal.  This would be a long term rental property that cash flows.  

We can do some work and will probably also need contractors to help with some.  Ideally by next fall we would have a renovated property with college tenants living in it. 

Hey everybody!

I am interested in finding a loan or seller financing to help with the rehab costs on a property in the Bradley University area.

I am open to options. Please don't hesitate to reach out if you are interested in working together or have any recommendations.

Thanks,

Hank

@Luka Milicevic Thanks for the reply! I have been considering it and really it is mostly for the personal access to the MLS but also to gain knowledge from the course and the connections it will bring. I don't want to be a full time agent though, just maybe sell a property here and there to get some side income.

I am new to the game, planning on purchasing our first BRRR property in February. I was wondering if trying to become an agent before then - or at least taking the class and taking the test before then - is worth it.

To clarify - I would like to just like to (Ideally) be able to be the agent for our first BRRR transaction. If that is too ambitious of a goal, I would still be happy just breaking even in the first year while still having my current job and learning a very useful skill set.

If anyone has experience or knows anybody who has experience in becoming an agent while also having a full time job (for now) any input would be greatly appreciated. 

Best Wishes,

Hank

Hey Jacob, super cool that you're getting into real estate! Good luck man and let me know if you need anything!