All Forum Posts by: Ben Thomas

I would highly recommend looking at Clarksville or Murfreesboro. Both are around 45 minutes away from Nashville, populations are around 150,000, and have some good multifamily opportunities along with student housing opportunities.

I would recommend waiting at least a year to invest in the market. I am also a college student and it takes some time to gauge your market in terms of the demand, average rents, and finding the right area to invest. My college is growing at a ridiculous rate which has created a shortage in student housing and consequently has make rents go up. My recommendation would be to gauge the market over your freshman year then potentially purchase a property that you could live in while renting out rooms to friends that you meet over the course of that year. Also speak with local RE companies to see if you can get hands on experience with them and learn from individuals who know the market well. Best of luck in your investing!

@Mark Gallagher I may not have clarified my idea but it was to actually sell the property to him in order to avoid the waiting period to refinance. That way we could pull our equity out immediately after we are done with the renovation and apply it to our next investment. I am aware of the due on sale clause when transferring to an LLC.

@Account Closed Thank you for the feedback. I am aware of the due on sale clause and I've been told that some smaller banks will work with you and overlook that once you create a good relationship with them. It seems that purchasing the properties throught the LLC after we reach the mortgage limit will be the best route to go.

Hello everyone! I had this idea a while ago but I'm wondering if it would be plausible. If I purchased a home that needed renovating and did the BRRR strategy, would I be able to sell that to my business partner or vice versa then transfer it into an LLC? If possible this could allow us to rapidly increase our portfolio when we are ready to invest. I'm not sure if there would be any legal implications for doing so and I assume capital gains taxes would apply unless we do a 1031 exchange. I appreciate any feedback I can get on this! I am currently in Springfield, Illinois but I plan to invest in the Nashville area.

@David Dachtera Thank you for your help David! I appreciate your help!

 Thank you for the advice Troy! What quality of properties are you buying for all cash? It seems that for a lot of these cheaper properties there seems to be more issues that arise from very cheap properties opposed to a higher end rental. I would love to hear how much work has to be put into those foreclosures after you purchase them too.

Thank you for your input David! How many properties should I have in each LLC? I have seen both extremes where an individual has all their properties in one LLC and where one has an LLC for every individual property. From my research it seems like the 5-10 property per LLC is the average for most investors.

Hello everyone! I was wondering if some experienced investors could weigh in on how they expanded past 10 properties? I know the first 4 are much easier to finance and then 5-10 have a much stricter set of guidelines in order to qualify for financing. Thank you for your input!

Hello everyone!

My friend and I are looking to invest in a rental property in our hometown. We are both 19 and have the money for the downpayment and would have one of our parents cosign the loan (They have near perfect credit. The property (Condo, 12 units total) is listed at $38,500 and we think that we can get it for around $35,000. Market rent is around $600-$700 for similar 2 bed 1.5 baths in the area. We also calculated an almost 50% cash on cash return. Does this look like a good buy or should we be very careful about HOA fees and other expenses? I would love to hear any advice!