All Forum Posts by: Justin Beasley

Not many murders, but we have several suicides each year in the Smokies. Don't want to go into many details but you learn what to look for...single individual renting a large cabin, their overall demeanor, etc. Have heard some pretty heartbreaking stories. 

Get it in front of as many eyes as possible! The MLS is a big part of doing that and getting it listed on all the major sites people use to look for property. Find an agent that specializes in real estate investing. Don't look for the cheapest agent either find one that has a proven track record and they will be worth the money. It doesn't matter what you go under contract at...it matters what number you go to closing at. A good agent will get you to closing at the best possible number.

Agree with everything @Nathan Gesner said. Rules exist for a reason. In my experience typically people who break the rules play victim once they have to deal with the consequences. Avoid stuff like this...there are a lot of markets you can make money in.

Find value where you are at or a place close by. Perfect your processes and then branch out from there! It is not about finding the perfect place...its about finding value and you can find that just about anywhere!

Hey Cathy! There are a few places where 950K for a 4/4 is normal but most that I see are still going higher than that. So, if you are thinking about selling at 950K....if your place is in a decent location and condition you might get more:) 

I get wanting to pay less taxes, but it sounds to me like you are on the right track. Tax strategy is certainly part of the process to become better RE investors but I am more concerned with finding great value, increasing cash flow, and mitigating risk. Also, on the tax side....with the increase in cost to purchase a STR in a vacation market I have met a number of people who are doing cost seg studies to accelerate their depreciation and plan to 1031 exchange their properties in 5 years or so.

Small investor is a relative term:) You can purchase STR's in Sevierville, PF, and Gatlinburg for anywhere between 300K and 2 Mil+.

If you are wondering if your property will cash flow with having to pay the current prices...that will depend on a number of factors; the property itself, how many owners days you will spend in it, how you do as a manager, etc...

It is certainly possible to purchase a property at the current rates, stay in that property 3-4 times a year and still make some money.

65K on your first flip is pretty good. Right now the market is still giving you equity and since you have a little experience now with flips I would keep taking the equity as long as you can. 

One thing to keep in mind. When a lease is in place you can refinance using the income after 6 months. Since there is no lease with a STR you will need to show the income on your tax return before being able to use it in a refinance.

The fastest way to build wealth is to control your expenses & liabilities. From the little info I have my encouragement to you would be to pay down your liabilities & become extremely disciplined in your personal finances in order to give yourself more capital. If you are not willing to do that with your own money then there is little to no reason for an investor/lender to trust you with their money. Not trying to keep you from your dreams...just trying to help you prepare to do what it takes to achieve them.