All Forum Posts by: Jeffrey Holst

@Kelly R. I'll try to make it

Circling back to original question, is it possible to get 20% off deals in this market? I think so its just really hard and sometimes its ok to take a deal with a good return if your cant find one with a great return. I do try to buy at a discount whenever I can. One way to do it is to buy a fixer upper and create equity by fixing it up, which is essential what Brandon does with BRRRR. If you buy a property that needs 10K work for 70K and it has an ARV of 100K you have 80K in a 100K property (20% discount) Another way is paying cash as noted above, Another way is by aggressive marketing ie yellow letters to find deals where other people arent competing with you. I am sure there are plenty of other options as well.

I am not a 1031 expert like some people on here but in general you can 1031 your property in to a tenants in common interest with a partner.  Which is to say you or your current entity (same taxpayer) needs to be on the new deed, since you dont have a partner now the only way to do that is to both you and your partner being on the new deed.  I think whomever you use as an intermediary for the exchange should be able to guide you through the process.  

No problem

Most lenders are fine with refinancing in an LLC but you will need to give personal guarantees. You probably also need to check with local or regional banks because the big guys are less likely to work with newer investors/businesses.

A cursory analysis says that look pretty good.  I like the cashflow, and house hacking makes it a bit easier to manage.   

We jumped into a new market and also into a new asset class (mid sized multis) in the last year and it has been great, we have bought a 12/19 and a 32 unit the knowledge I have gained has been amazing.  I see huge possibilities for the future now.

@Bentley Cox Ill second @Omar Khan in you should look at Dave Ramsey's stuff

@Tim White  I'm over in Chattanooga but I have been considering looking at Huntsville.  Feel free to hit me up if you see something great.

@Matt B. My partner was flipping houses in Detroit and buying a bunch of rentals. I knew him from lawschool. I was living in Chattanooga. He called me and said he had a great deal and wondered if I'd split it with him because he was as low on cash at the moment. This was 2011 I think so we bought a condo together in Birmingham MI. We didn't buy Chattanooga until a few years later but after that first deal in Detroit area we just kept partnering on a deal every so often until we had a bunch of deals.