All Forum Posts by: Kyle Penland

You're the buyer, you call the shots or move on.

Speaking from experience in TN now, taxes are HIGH on duplexes because they are considered commercial, or at least in West TN that is the case. I have 2 SFH and the taxes are 350 each. I have a duplex and the taxes are 2k...Just the way it rolls on Duplexes which is why my strategy changed.

In regards to banking on inflation, I wouldn't do it...You are in Nashville...Lots of properties out there that will be MUCH BETTER deals than this one.  

The estimated repairs will always go over...Especially if you are doing major renovations...Lipstick jobs usually stay pretty accurate...Try and plan some contingency fund for that.  Not a big deal since you are living there, you can fix as you go.  The deal really can't be analized until you figure the Taxes, Insurance, add in Maintenance, Vacancy (will come into play later as you rent it out) and PM fees (even if you manage it yourself you need to figure this in).  Good luck as you go forward.

I only have a lowe's in my area...There are also lots of coupons on places like Ebay that I plan on using.  For example. you can get 10 10% off coupons for 25 bucks on ebay.  That can add up to a significant amount over time.  Hope that helps.

Matthew Paul check craigslist also... It's a big one for selling jewelry.

Are you wholesaling the property or buying for yourself? It's your money, tell them you need a new contract and put your own information in there.

You will never save on your management fee. You may save the 10% in cash but you will pay that 10% in your time and energy. Keep that in mind.

Have you checked on taxes and insurance... Also figure in 10% for PM or your time compensation. What are you using for vacancy and maintenance?

Flip or buy and hold? What's the plan? I don't plan or even think about failing, because of my purchase strategy, but I have an emergency fund in place in errr when that time comes and by fail in my terms that means taking a loss on a property instead of a profit.

In this world making offers you will hear lots of "no"... If you get frustrated at the first one, then this may not be the business for you. That is his strategy. Make your own plan, stick to it, and do your own thing. Don't let one bad plan discourage you. But be thoughtful and organized in all your acquisitions and you'll be ok. EVERY market has a deal in it. You just have to find it.