All Forum Posts by: Travis Henry

Hi Lucy! Based on your reply to a Kansas City-related post, I'm guessing this is where you're looking to purchase. Is it possible to get into a small multi-family with the $75-90k in your area? My thought is if you found a property to house hack and generated enough cash flow from the remaining units, you could support the monthly payments on the inherited house and the mortgage of the multi-family unit. If you have a day job (I'm assuming you do), all you would need is for the cash flow generation to be sufficient to break-even after servicing the monthly mortgage debts as you build equity in the multi-family.

Hi Jacob! I have yet to move on my first property, so take my input with many grains of salt. I'm not sure what you mean by, "I don't really have a whole lot going for me right now." My thinking is, you can always start by educating yourself, either through the BP forums (which you're doing!), podcast, books, other networking, etc.

A short while ago, one of the guests on the BP podcast mentioned that he was so prepared for his first deal (through reading, networking, BP, etc.) that when it came time to pull the trigger, it was such a seamless process and he thought, "wow this isn't so hard after all!" Not saying this is how we all will feel when we decide to do our first deal, but the idea of being so prepared that when it comes time for action, you're 100% ready, I think is a great takeaway.

I'm of the opinion that you should start saving cash while reading everything you can on REI so that when you do have the capital, you're very clear on how you want to deploy it. Good luck!

@Account Closed Congratulations! I'm hoping to purchase my first investment property by the end of the year, so reading about others closing on their first deal in the forums is always motivating! Now that you have your team in place, it's time to search for deal #2 and beyond!

@Brandon Brown I've run several properties using rough rent estimates from realtors and Rentometer, and it sounds like you're right about the downward pressure on rents. I've come across a few SFHs with some potential but many would be hard to justify unless you got a killer deal on the purchase.

@Ben Parrish Wow, thanks so much for the detailed insight. From what it sounds like, the MB ship may have already sailed. Of course, I'm sure there are still opportunities, maybe just a little harder to find in a city growing as fast as Murfreesboro.

Since you're looking outside of MB for your first rental, are you looking at other areas within the state or are you thinking of going beyond Tennessee?

@Luke Naylor Funny you should mention F&M Bank. I'm actually talking to Matt McWhirter at F&M right not about financing a multi-family purchase in Clarksville. He's really awesome; I was just curious to know who the local investors are doing business with.

@Bryce Stclair Great to hear you've had such a positive experience in Clarksville! 

@Luke Naylor Congratulations, and thanks for the insight! Are you working with lenders in Clarksville or in Murfreesboro?

@Braxton Bryan Thanks for the suggestions! I'll definitely look into Portland and Murfreesboro as potential spots. In your opinion, what's the major draw for these areas?

@Jaimyn Chang I don't want to speak on behalf of anyone in the post I was referencing, but I think it had more to do with the fact that it's technically mortgage fraud to use gift funds for an investment property; even with the two months of seasoning, if there's no intention on repaying the funds, then it's still technically a gift. However, my argument would be that at some point, a line would need to be drawn as to when the funds would no longer be considered a gift and become your funds.

I've reached out to several lenders with this question and they all seem to agree that the 60-day seasoning period (two bank statements) is sufficient.

Hello!

I'm a newbie real estate investor based in Honolulu, HI. I want to invest in an up-and-coming market that's a little more affordable than Hawaii, and Tennessee has come up in numerous conversations I've had with family, friends, and investors. I've done some research on the Clarksville-area and am considering doing something there. I like the proximity to Fort Campbell, new LG manufacturing plant, and the fact that APSU is in the city. I have a couple of friends living in Clarksville and they have only good things to say about it. Granted, I know there's "good" and "bad" parts of any city.

I am looking to purchase a small multi-family unit and would be open to other parts of the state, as well.  I'm in the early stages of searching for a property and sifting through potential financing options. I've talked to several lenders and realtors in Clarksville, but am still feeling it out and getting an idea of the types of properties, tenant pool, etc. in the area.

Are there other parts of the state I should be considering? Can anyone recommend potential lenders who are familiar with investors? Realtors? Property managers?

I just realized BP has sub-forums, so I figured I'd put it out there to the Tennessee community! Much thanks in advance!