All Forum Posts by: Rik Hunter
Rik Hunter has started 11 posts and replied 93 times.
Post: Looking for first opportunity in Chatt area
#4 Innovative Strategies ContributorPosted - Real Estate Agent
- Chattanooga, TN
- Posts 94
- Votes 53
Hi, Brian. I've got a duplex for sale that is turn-key in Hixson. I've had it for a decade and lived in it for several years while I fixed it up. Both sides rented—one on a month to month. Feel free to reach out if you're interested.
Post: Anyone in CHA done an ADU this past year?
#4 Innovative Strategies ContributorPosted - Real Estate Agent
- Chattanooga, TN
- Posts 94
- Votes 53
I'm finishing up rehab on a SFH with a large backyard and saw that Chattanooga approved ADUs of up 700 sq. ft beginning in May 2022. I've got room for that, so I'm considering a cash-out refinance on the SFH to get my money out and use it towards building an apartment above a garage ADU. I think it'd be cheaper that getting another property to rehab. Has anyone done this or in the process of it?
Post: Husband and Wife Forming LLC for 1st Rental Property
#4 Innovative Strategies ContributorPosted - Real Estate Agent
- Chattanooga, TN
- Posts 94
- Votes 53
Lots of BP podcast episodes concluding that this sort of corporate veil is easily pierced and that you can use an umbrella insurance policy for greater protection than without it.
There was the OG BP podcast episode this April that walks us through various types of asset protection:
Post: Price Points for Chattanooga Flips
#4 Innovative Strategies ContributorPosted - Real Estate Agent
- Chattanooga, TN
- Posts 94
- Votes 53
Thanks! I have the book and was reading it in prep for tax season, so I'm sure I skipped that section.
Post: Price Points for Chattanooga Flips
#4 Innovative Strategies ContributorPosted - Real Estate Agent
- Chattanooga, TN
- Posts 94
- Votes 53
Quote from @Brian Boyd:
Lots of opportunities in the Chattanooga Market, especially the River to Ridge Opportunity Zone.
First time I'm hearing about Opportunity Zones. Found a 2019 noogatoday story, but it looks outdated. Where can I learn more? I found:
https://www.sedev.org/opportun...
Post: Anyone recently taken out a HEL on investment property?
#4 Innovative Strategies ContributorPosted - Real Estate Agent
- Chattanooga, TN
- Posts 94
- Votes 53
@Dominic Santini, that's what I'm finding, too. On facebook/real estate rookie someone said to check with PenFed.
Post: Anyone recently taken out a HEL on investment property?
#4 Innovative Strategies ContributorPosted - Real Estate Agent
- Chattanooga, TN
- Posts 94
- Votes 53
@Andrew Garcia, thanks! I'll look into the TN situation. I had no idea. Locally, it's only been primary and second homes.
Post: Anyone recently taken out a HEL on investment property?
#4 Innovative Strategies ContributorPosted - Real Estate Agent
- Chattanooga, TN
- Posts 94
- Votes 53
I have got a duplex with a good amount of equity in it, and I'm rehabbing a live-in fix and flip/rent. I'd prefer the home equity loan and let my tenants pay for it (it would still cashflow), and I'd use some of the cash to pay off my rehab (currently on credit cards at 0%). The rest can towards the next property.
Although I've seen some forum posts about this being possible, I haven't seen anyone report getting a HEL on an investment property.
I haven't found a local lender (or even a national lender) who will do anything other than a commercial line of credit with an investment property, or they tell me to do a cash-out refinance.
Post: primary & investment property HELOC & refi/cashout
#4 Innovative Strategies ContributorPosted - Real Estate Agent
- Chattanooga, TN
- Posts 94
- Votes 53
I'd like to do a HEL, but I can't find anyone willing to do one on an investment property.
Post: Book title thoughts: Medium-term rentals (30+ days)
#4 Innovative Strategies ContributorPosted - Real Estate Agent
- Chattanooga, TN
- Posts 94
- Votes 53
Quote from @Nathan Gesner:
Quote from @Kaylee Walterbach:
Hello BP forums—help us choose a book title! This is for the medium-term rental book coming out in November.
We don't have a forum exclusively for medium-term rentals (yet!) so I figured this would be a good place to post this question. For those of you curious to learn more about 30-plus-day rentals and/or traveling nurse housing, which book title/subtitle sounds the most compelling?
1. The Long-Short Rental: A Real Estate Investor’s Guide to Mastering 30-Day Stays
2. 30-Day Stay: A Real Estate Investor’s Guide to Mastering the Medium-Term Rental
Thanks for your input!
Where do people get this idea of "medium-term" rentals? As far as I know, it doesn't actually exist. Short-term rentals are less than 30 days. Long-term rentals are greater than 30 days. A 90-day rental is still a long-term rental.
I had a "Mid-Term" rental, mostly for travel nurses. It's a hybrid because I don't use AirBnB for my long-term rentals. I do many STR things, however. It's more work because (1) it's furnished and (2) it gets cleaned every 30-90 days between tenants. I also call the tenants "guests", and I want good reviews on AirBnB (and FurnishedFinder).