All Forum Posts by: Thomas P.

Kendall, I'm in Knoxville. I've got a potential source, though not a great one. Message me and I'll explain. I am also looking for a local bank that does 20+ years fixed rate products on LLC owned rentals with a reasonable interest rate.

Hi Brandon, I was in Nashville to meet Brandon too. I'm a licensed Realtor and investor here in Knoxville. Flip full-time and own several rentals. Adding me more this year.

I understand locking that gain, but consider the tax implications.  The tax on the gains would be substantial.  Where then would you invest?  There are great options in other states where you could turn that kind of cash into a nice portfolio, but are you willing?   Do you know where?  The cashflow on this property is substantial and you get the tax depreciation every year.  I've talked to investment professionals before and it always boils down to one thing: I know real estate and if I can make the returns I'm making, they tell me stick with real estate because they are fairly certain they cant do better.  That is based on my knowledge, experience and gains thus far.  Most people don't have that kind of knowledge and so a financial adviser is wise.  Of course, that's what BP is for so they can gain the knowledge because I believe everyone should own cash flowing rental property if only for the tax benefits.  As @Melroy D'Souza pointed out, what are your goals?  You have a nice situation with this property.  There are a lot of ways you could go!  Personally, I would keep it if you don't have a better plan than the stock market.   But if you can develop a plan to use the appreciation to reinvest in real estate and grow, then I might sell, but I still don't like the tax hit.  

Welcome Kimberly! BP is a wealth of knowledge has really helped me take my real estate business to a new level. You'll find everything you need here!   I'm in Knoxville,  so I  don't really know any lenders in Nashville yet, but do a search Nashville lenders and I'm sure you'll find a few.

We had this happen as well on a property we had rehabbed and were selling.  No one including myself, the selling agent, title company or the buyer's lender caught it until we were a week away from closing. We ended up having to write up a new contract on the 91st day after purchase which caused the buyers to have to restart the underwriting process all over again.  We did close finally fortunately, but that could have lost our buyers.  Good lesson.

Keep your home, rent it, save cashflow for a rainy day or to build up to invest in another property, or put the cashflow towards paying it off. Could take out a HELOC. Some banks with loan up to 90%. You could use as a downpayment on a duplex. You have more options than you think, just need to decide what you want in the end.

Sounds like a good time!  Would love to network with you guys in Nashville.  Look forward to meeting you @Brandon Turner

Looking to add 12 new buy and hold deals and do 2 more flips in the Knoxville, TN area this year.  If you have anything, let's connect.  Wholesale deals, short sales, distressed, pocket listings, etc... I can close fast.

I have been thinking about going to vinyl too.  We have tried various wood laminates from 10-12MM with not the best results.  The first rental I ever bought, we did vinyl and have had no flooring issues there still.  In fact, I was really glad we did that on the first house because we ended up having a leak not too long after it was installed and no damage.  Again, all mentioned above.  Vinyl seems to be the wise investment on rentals.

John,

I might be.  Depends on the area, terms, price, etc...I'll call you next week.

Thomas