All Forum Posts by: Brad Sparks

When buying out of state, would you open an account with a local bank/credit union or have a national bank? I'm building a portfolio in TN and feel that having a relationship with a local bank would help in getting deals financed. 

How's the flip going? Any major problems?

@Anthony Dooley Thanks for the reply. 

New to investing and my first property is a triplex in Alamogordo NM that I bought from a friend for $50k(seller finance) who wants out of the real estate business. Past rents were $450 each but she didn't maintain the property. Current rents in the area are $500-$800. I walked the properties and no that they are a to the stub gut so I didn't get an appraisal.This is my learning property so I'm ok with making mistakes. My question is what would you do next: get an appraisal for ARV

get some contractor bids

the Mrs want to wholesale it. Would you start there?

What steps am I missing? I ran the numbers and I'm sure that it will make money whether it's a flip or rental. I'm looking for experience at this point and I have to start somewhere to get it.

Open question: wouldn't depreciating the property for tax purposes erase the $-100? To Jordan: Do you plan on raising rent in a year to make it CF?

Anthony I’m new too and ready to BRRRR my first property soon. I plan on paying cash for the home and then getting a private or hard money loan to rehab. You could partner with someone for your first deal. Again depending on what your goals are.

Antoine

Nice to meet you. We're daily looking at and listening to podcasts and videos to educate ourselves. We're looking to buy in Knoxville and we going to purchase a multi-family and/or single home this month. The first purchase is the hardest but there's only one way to get experience.

Brad and Lori here. I'm from Texas and she's a Cali native. She's had a long career in insurance and I'm a floor tech but with three kids that we adopted (8 year old and twin 3 year olds) we thinking about our and their financial futures. And we're looking back at 2007 and not wanting to make the same mistake of NOT getting into real estate. We own a home with a granny flat but we're looking forward to getting more passive income so that we can spend more time with the kiddos. Looking forward to getting to know the community.