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All Forum Posts by: Allen Chaney

Allen Chaney has started 4 posts and replied 34 times.

Post: I am ready to take a leap of faith.

Allen ChaneyPosted
  • Investor
  • Tuscumbia, AL
  • Posts 40
  • Votes 16

I lucked out in that I had a family member that was able to loan me a little bit of money to get started. I picked up a house for $10k cash, rehabbed it for $7k and we're looking to sell it for $35k. Have 2 investors coming to look at it Monday. When it sells, we're planning to buy one for $45k, financed with hard money, do $12-15k of rehab and sell it for $110k. I'm planning to scale up a few flips, then buy and hold for sustained income. 

Post: Bank recommendations near Muscle Shoals, AL?

Allen ChaneyPosted
  • Investor
  • Tuscumbia, AL
  • Posts 40
  • Votes 16

Yes, but they're wanting a pristine debt to income ratio. I can qualify for an owner occupied loan, but I can't get anyone to finance rental property.

Post: Bank recommendations near Muscle Shoals, AL?

Allen ChaneyPosted
  • Investor
  • Tuscumbia, AL
  • Posts 40
  • Votes 16
I'm working around the Muscle Shoals area, about an hour west of Huntsville, AL. We have 2 rentals so far, both free and clear. We can't seem to find any banks willing to leverage that equity. They all want to base loans heavily on my income and credit and tell me that my debt to income is too high and they can't do anything. Any suggestions?

Post: I am ready to take a leap of faith.

Allen ChaneyPosted
  • Investor
  • Tuscumbia, AL
  • Posts 40
  • Votes 16

Welcome to the community! I'm working in the Muscle Shoals / Tuscumbia area right now, but I am trying to get into the Huntsville market soon. I don't know anything about getting a license, but maybe there's something else I can help with in the future. 

Post: Need Line of Credit on a Rental in Alabama

Allen ChaneyPosted
  • Investor
  • Tuscumbia, AL
  • Posts 40
  • Votes 16

We use Listerhill Credit union in muscle shoals. Ask for Jeremy and he should be able to help you out. 

Post: First Deal Help Huntsville Alabama

Allen ChaneyPosted
  • Investor
  • Tuscumbia, AL
  • Posts 40
  • Votes 16

I'm new myself, but I'd say make sure you can sell it. Talk to a realtor and see if they think it will be easy to sell. Don't price it too high if you decide to list it. I know of some people fixing and selling at retail to investors as turnkey rentals in Huntsville, but I don't know about how successful that is. Also be sure you know what repairs are required before signing a contract, or leave yourself an inspection clause in the contract. If you come across any deals with a little more margin on them that you want to wholesale, let me know. I have a high budget for flipping but haven't found any big ticket deals yet. 

Post: AlaREIA - Learn Real Estate Investing in Huntsville

Allen ChaneyPosted
  • Investor
  • Tuscumbia, AL
  • Posts 40
  • Votes 16

I'm out of town this week or I'd attend. Is this a one time meet or something you plan to do regularly?

Post: When can I start tracking expenses to write them off?

Allen ChaneyPosted
  • Investor
  • Tuscumbia, AL
  • Posts 40
  • Votes 16

I'd first recommend consulting a cpa. Our cpa tells us to track everything and you can sort it out later. It should be deductible if you're making the trip for business (scouting the market) 

Post: quick deed tax question

Allen ChaneyPosted
  • Investor
  • Tuscumbia, AL
  • Posts 40
  • Votes 16
If I buy a house for flip in my name, then quick deed it to my llc before I sell it (the llc is still being filed with the state atm), can I count the purchase cost as an expense for the llc so that my net profit doesn't show the entire sale price?

Post: New-ish member in Birmingham, AL

Allen ChaneyPosted
  • Investor
  • Tuscumbia, AL
  • Posts 40
  • Votes 16

Welcome to the community BTW, it has been an invaluable tool for us.