All Forum Posts by: Philip Cook

I'm exploring lending on a property in Tazewell, TN, about an hour NE of Knoxville. I'm looking for help with valuing the property, title work and document drafting. If you know anyone that can help in these areas, I would love to connect with them, or if you know of someone who may have these connections.

Best REI Funding and Good Faith Funding are the two hard money lenders I know of in the state. There are plenty of national ones as well. The challenge is that most people don't want to fund a first deal. You will have an advantage with your construction background though. They say, if the deal works the money will come.

Banks and hard money both have their pros, cons, and use cases. 

I'm not sure how it would work if you already have a home equity loan in second position. 

I personally find the networking at the meetings highly beneficial. Often times there are people in those rooms that have money to lend. Partnering with someone local that has experience and resources that you don't has the potential to really get you going. The presentation, learning part is good, but you really need to show up early and stay late talking to people to get the most out of it. That's my opinion anyway. 

I don't know if you're willing to move after your renovation is done. Live in flips are a good way to get going. You can live in it for two of the previous five years and sell it for up to $250k tax free as an individual or $500k as a married couple. You could also get the best rates as owner occupied and move after a year, turning it into a rental. 

If you decide to go the HELOC route, see if you're eligible to be a member at UW Credit Union. They will do 90% LTV on your primary at Prime + 0.25% with no closing costs unless you need an appraisal to get the value where you need it.

If you haven't connected with local investors yet, check out one of the Madison WiscoREIA meetings. 

@Max Servais talk to C4 Insurance out of the Madison area. They understand our industry very well.

@Jordan P. might. 

I would check out the REIAs in the area. WiscoREIA has locations in Kenosha and Madison. I know there is at least one other one in Milwaukee, but I'm not sure the name of it. 

@Ryan Hoganson there are a fair number of us active in Central WI. If you want to meet up in person, WiscoREIA meets at The Bar in Rothschild on the third Monday of the month at 6:30 pm. Feel free to reach out if you'd like to talk more.

Welcome to town! As long as the numbers make sense, it's always a good idea to invest. If you don't mind roommates, house hacking also works. Due to the university, the ordinances are pretty restrictive. In an owner occupied unit, you can have 3 unrelated individuals. Non-ower occupied you're limited to 2.

There are a few of us in town that are here on BP. There is also the Central WI chapter of WiscoREIA that meets at The Bar in Rothschild at 6:30 pm on the third Monday of the month.

Welcome @Jake Theis! I would suggest networking. There is a ton of knowledge here, but meeting local people is great as well. WiscoREIA has a group that meets in Rothschild at The Bar the third Monday of the month and has a Central Wisconsin page on Facebook. There is also an apartment owner association in town if you're looking at Point specifically.