All Forum Posts by: Tom Shepard

@Josh Braun

I am very happy with TN Best insurance.  I deal with Doug McIntyre, he's one of the brokers/owners.  They shop multiple companies for all types of insurance.  Based out of Spring Hill, but they work all over middle TN

@Mark Douglas

I have also looked in Clarksville, but decided against it.  Lots of prospective tenants, but also lots of turnover.

I would not mess around with this property in the middle of evicting one of their tenants, your rent just went down by 33%!  Sounds like too much trouble unless you can get it for a steal of a price.  I agree there are plenty of opportunities, definitely would talk to a PM up there to get a feel for the market.  Just tell them your situation, that you are in the process of buying and looking for PM, they should be happy to talk to you! 

@Max T.

I agree with many on the lockout.  If its the first time, I would do it and set the expectation that this is a one time "freebie".

I have a different thought on the pets.  If they want to open up the lease, I would do it, but I would ask them to sign a new 12 mo lease with the changes, AND specify that there is only one pet.  Of course they could get a new one and not tell you, but if you do inspections regularly you will hopefully figure it out.

@Mark Douglas

Not that I have found. One of the conventional lenders was willing to get creative by using a property that we owned free and clear and making a portfolio loan to cover both with zero down, but we had to bring an owned property to the table. Everyone I've seen is 20% for OO or 25 % for buy and hold to get a 15-30yr fixed rate. Can get VA or FHA for less down but has to be 4 plex or less and have to live in one unit for a couple years.

@Rhea Jackson

Wow!  What a year you have had!  Congrats on ALL your acquisitions this year!  :)

And welcome to BP.  We also got our first two properties this year...no baby though...too old for that!

Don't miss the podcasts!  Over 150 hours of education, it's like getting a free masters degree in investing!

@Candace Ellison

Also don't forget when working with an independent contractor (who is not incorporated, just a sole proprietor) you will likely need to get their tax info to issue them an 1099 depending on the cost of the project.  Give them a W-9 form to fill out BEFORE the project starts then you send a 1099 to the IRS and copy the independent contractor when complete.  Again this is only for independents not if their company is incorporated, and only if you pay them $600 or more.  Also a reason why you may want to or be asked to pay for the materials directly from the supplier, and just pay them for the labor.  Lots of debate on BP as to weather or not landlords need to do this, but seems to be an agreement that flippers do.   This will also scare off some of the shady ones and may also suddenly turn a $750 bid into a $599 bid!  Funny how that works!  Good luck!

@Luka Milicevic

Hey Luka--

I just listed a townhouse in Smyrna, TN.  Sign went up Saturday, ads posted last night (CL and Postlets) with professional pictures (makes a difference!). So far 10 inquiries...we will see if any are qualified!

Welcome to BP @Robert Moore

And it's sounds like welcome is in order to @Thomas P. @Joseph Gueary and @Bryn Joynes

Welcome guys!  Great community hear as you are finding out.  Ultimate beginners guide is a great start.  Don't miss listening to the podcasts!  150 hours of free real estate investing education!  It's like getting a  free master degree!

Send me a PM if you ever want to get together for coffee some morning and talk REI great to network with fellow BPers and tennesseans!

welcome to BP @Jordan Buie !

Fellow Tennessean here.  We are in Nashville area with investments in Chattanooga, Smyrna and Antioch.  If you are in our area we are always glad to get together for coffee and talk about investing!

has anyone tried B2R financing?  They are a sponsor of the BP podcast frequently and they "say" they base their financing decisions on the deal and not on your personal finances.  Just curious!