All Forum Posts by: Jeremiah Russell

@Mark Cadle Thanks Mark! I didn’t know about the tax to non owner occupied multi family. Is it different for the surrounding cities? Ie Ooltewah , Harrison, Hixson, and red bank???

Hello,

I’m starting to analyze deals everyday and came to the problem of calculating expenses on multi family. Question? When I’m calculating expenses ie vancany, repairs, cape, and property management fees do I take the percentage of the rent from the whole duplex or just one unit? Ie duplex rents for $800 a door so do I calculate $800 or $1600 into the expense percentages?

Thanks a lot,

Chattanooga TN investor

Jeremiah Russell

@Michael Masterson I will definitely look into this. Thanks for the input.

@Josh Brown So what your saying is use my current situation and manage it fit my current goals. At least until I find a good job to jump from that fits or I make my current situation work. I will makes some moves to see what I can do. I have been looking at other markets when I’m out of town to see what the housing market looks like, but I will also try to reach out to local investors in those areas as well. Thanks for the feedback.

@Josh Brown @Jeffrey Holst @Amit P. Thanks for the great input. Calculated risk is a great way to put it, and what I’ve been trying to weigh. The job I’m looking for with handyman/renovation contractor helper has to be dependable meaning 40 hrs /week all year, and a place I can learn how to do multiple things. What I’m staying clear from is jobs with uncertainty, which is why for now REA is a no go.

Im spending a lot time learning from books, podcasts, and forums. I want to get out and meet up with locals, and I will when I can. With my current job another problem I’m having is that I’m out of town in a hotel about half the year, and I work third shift. This limits the even more the amount of time I can spend locally.

My job may suck and I want to get out, but on a lighter note in 12 months from now my wife and I will be debt free and we plan to buy our first rental property. Until then I will I’ll continue to study and meet people. I will also look for other jobs that pay and give me more time, whether handyman or just another job that fits.

I’m starting my real estate journey this year!!! I don’t have a lot of skills or knowledge for the business, but I’m reading and taking in content everyday. My plan to start is to get a job working as a handyman to get the ropes in fixing houses, and possibly get a real estate license to get in touch with the local market. The goal for these two jobs is to gain knowledge and supplement my job I desperately want to leave. Now a little back ground in what I do and how much money I currently make.

I am currently an assistant reset supervisor for a local grocery store chain. I build/remodel the interior of the stores. I currently make $700 a week or $17.5/hr. In 27 months I’ll be promoted( my boss is retiring), and I’ll make $24 hr with little room to make more money. With no overtime and I work around 60 hours a week salary. The amount of time I work leaves me little time to spend on my real estate dream and time with family.

The average handyman in Chattanooga makes $15/$20 hr. Once I get involved in the community I may even be able to work with/for a flipper.

I know being a real estate agent can be hard and cost money to keep up with. I like to sell and I love real estate so I think it would be a good fit to gain knowledge, work with the people in real estate, and find deals.

With all this said I think transitioning into these two jobs will help me grow and meet people in the community, while also maintaining the money I need to make. Once transitioned I plan to start flipping and buying rental properties.

Let me know what you think of my plan, and any input would be greatly appreciated.

@Jeffrey Holst I'm in the REIA. Is there another Facebook group for the area where I can find local meet ups?

I would like to say thanks to all the people who reached out with support, and I look forward to diving deep into BP.

I just want to say hello to the bigger pockets community. I’m excited to have found this community. My wife and I are brand new to real estate and we would love to connect to local Chattanooga investors. Thanks to everyone that makes up this community. I look forward to hearing from everyone, and helping out where I can.