All Forum Posts by: Spencer Allen
Spencer Allen has started 3 posts and replied 3 times.
Post: Buy 1 Property A Year with Traditional Financing

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I own a townhome I’m currently renting out, have another townhome under contract and will move into that when its finished in the Spring — turning my current townhome into my second rental.
I work full time, love my job, but love being a part-time investor. My goal is to have 10 rentals — buying one a year, moving there for a year, and then a year later, moving out and turning the previously primary home into a rental.
I know that I’ll need 6 months worth of reserves for each property in addition to closing costs and down payments.
That being said and with my strategy in mind, are there other things I need to have on my radar and be aware of when using traditional financing? I know there’s a limit of 10 doors but has anyone experienced push back from lenders as you get closer to 10 properties?
I’m based out of Utah. What lenders have you worked with that have been more investor-friendly and have a willingness to go the extra mile to earn your busineee?
Any insights or experiences would be helpful!
Post: Contractors In Jackson, Tennessee

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Hello there!
I'm looking to get into the Jackson, TN market. I have some family there that is planning to jump in the venture with me. That being said, I'm looking for some reliable contractors to help with a few projects that need some time and attention.
Does anyone have any recommendations?
Post: Buying With Family Members Who Have Different Objectives

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Hello Bigger Pockets Community!
I've come across a situation that I'd love some insights and feedback on.
I have a family member who is looking to start his real estate portfolio. He has some money put aside but with his current income, he couldn't qualify for much. However, with him being a first-time home buyer and with rate as low as they are in our market, there are options.
That being said, I'm currently kicking around the idea of co-signing with him. If I did that, I could bring additional cash to the table as well as significantly increase the property he could live in. On his own, he could qualify for a place with 2-3 bedrooms but with me as his cosigner we could qualify for a 5-6 bedroom place -- obviously much more ideal for a cash flow.
Here's my question -- how do you split this up so it make sense for both of us?
For my family member it's his primary residence. He's simply house hacking. I'd do it too if if I were in his situation. But with him living in one of the rooms, that could cut the income on the property by $400 - $500 / month.
For me it's an investment right out of the gate. My focus is cash flow and appreciation.
Any insights on what's worked for others in the past or possible solutions of splitting cash flow would be helpful.