All Forum Posts by: Luke Carl

@Drew Reynolds I failed to mention in the original example the sale price would be 200k to walk away with 100k because that house is financed. (I owe something like 90-95k I think I could sell for 225 maybe even 250) 

Where does this put me? 

@Drew Reynolds  Lets go back to the beginning. Are you saying that if I'm selling the house I'm getting the 100k from sells for $250k I have to buy one house worth at least 250k? That screws up my whole plan. 

@Drew Reynolds I'm not sure I understand that second part can you explain it a different way? 

@Drew Reynolds my goal would be to build a brrrr machine. Hypothetically could take the 100k, buy one house for 75k, do 25k rehab. As long as my ARV is 75-80% LTV I can finance and get my cash back and do it again?

Scenario 2 buy 2 houses for 50k cash each (or one for 100k 4 for 25k etc)  pay out off pocket for my own rehab.... and again as long as my bank is happy with the numbers cash out finance and go do two more? 

Are both of these scenarios kosher? 

@Drew Reynolds

wow I didn't expect a yes on the second one. 

So I can buy one for 100k or two for 50k and brrrr them?? Take that money and keep the system going?

I assume I can't use any of the exchange money for the rehab? 

1. Let's say I sell a house for and clear 100k. Can I 1031 Exchange into 4 houses with 20% down? (I just mean the legal side of things. Not asking about the financing side of things). 

2. Can I take the entire 100k and buy one house cash, rehab it, the finance it? 

Area standard is What's left of the current roll and one full back up roll per bathroom. I've had two complaints in the past 2 weeks of not enough TP even though my ad says we provide a "start" and you may need to buy your own. I think some people panic thinking "oh no, the place I buy TP is 6 hours from here I'll have to go in the woods!" Not being smart enough to realize there's toilet paper at every gas station not to mention the 24 hour Walmart and the 5 grocery stores right down the street. Natural solution was to raise it to Current +2. Figure it's only a few cents what's the big deal? What's your policy??

Andy Basler seems to me the hipsters have already taken over south Knoxville. I've been studying the area I think about 2 years too late. I'm not getting too excited about 135k 2 bedrooms. What about these 80k 3br in east Knoxville? Too ghetto? I've never been over there.

Gotta go with @Andrew Wong and my man @John Underwood on this one. I already have the checks written. Just haven't been able to get myself to walk to the mailbox. Wanted to share my story first lol. 

Good riddance. 

@Paul Sandhu yes I know! lol