All Forum Posts by: Amber Krueger

I use Venmo. My cleaner requests payment based on time spent/supplies that needed to be restocked. I will have paid her over $600 this year and claim this as write off. The area where my rental is located is pretty rural, and as other have said, good help is hard to come by! I'm not sure whether she claims this on her taxes or not. Is any of that my responsibility?

 I checked out the market for myself and that is absolutely what I found. Tough to find numbers that look good. 

I'm heading to the Gatlinburg/Pigeon Forge/ Sevierville area next week and am going to look at short term rentals while I'm there. I've listened to Avery Carl and reached out to a realtor with the Short Term Shop to set up some showings. I'm wondering if the market is saturated or if there is anything coming down the pipeline that would make it difficult to rent short term. I have a STR in Upper Michigan that is going well. Something in TN would be much higher risk in the possibility of an economic down turn due to the price point and mortgage payment. I look forward to getting down there and learning more! Any advice/experience is appreciated!

You CAN find deals on the MLS. Those are the deals I tend to see... :) Good Luck with the rest of yours!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $164,000
Cash invested: $8,000

mudding and drywalling, opened up kitchen, bathroom remodel, floors, paint, roof, landscaping, updated garage (insulation, heat, paint, redo face with cedar and stain)

The home has 1 bathroom. The shower doubled as a dishwasher and the office doubled as a kitchen for some time!

What made you interested in investing in this type of deal?

I was ready for the next project and loved the neighborhood. I knew I would enjoy living there once it was complete and that resale would also be great.

How did you find this deal and how did you negotiate it?

MLS! It sat on the market because it was an ugly house in January

How did you finance this deal?

FHA

How did you add value to the deal?

full remodel

What was the outcome?

I have a great place to live, rent out, and/or pull equity out of for my next deal! I could also sell and take advantage of the fact that I don't pay capital gains due to it being my primary residence for 2 years.

Lessons learned? Challenges?

Hire out mudding and drywalling

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Ben Anton and Rachel Whaley with Keller Willams Madison

That's amazing! Where did you post the ad?

@Wendy Busa I have similar experience with the 50% rule. I think the the current market makes it more difficult to hit ideal numbers. I've had to be more creative and have also adjusted my expectations. I know many people are holding their money and saving right now. That being said, I enjoy talking with others about real estate and would meet up and run some numbers with you.

@Felicia Gossett continue to work on raising your credit and shop around for lenders. Smaller local banks are sometimes more flexible.

Hi there! 

Isn't equity beautiful?! I used the equity in my first place (on a Heloc) for a down payment for my second place. The advantage of moving was that I could put less than 20% down. Getting a loan was somewhat challenging due to my W2 income, but I was able to get a lease on my first place to help me qualify. I don't know what your lending situation is, but I might try to rethink "how can I get a loan?". Good luck! 

@Joshua Filkill @Chela O'Conner