All Forum Posts by: Brandt Miller

We hired an attorney to sue him. Ended up getting a default judgement against him but he, of course, has ignored everything and not repaid a cent. This all took place a few years ago…

Dennis, I’m happy to connect and help out with your efforts. Brad, I’ve had the exact same thoughts. We have not been able to collect. Teshaw has ignored every attempt we have made to collect. Has anyone filed a FIFA to get a lien on his properties?

I lost money to Teshaw as well. We took legal action and got a legal judgement against him. Did you all ever connect via conference call to discuss? 

Finding that in Nashville now is like finding a diamond. There are 1%'s to be found but very hard to get much higher. 

Can you send us a PM with your phone number or something?

Where is it at specifically?

As stated above already, it depends on the person. Are you going to network and speak to as many people as you can while you are there? Are you ready and willing to take action should you meet someone that you might could do business with?  If those answers are yes then go.  If you feel you still need a lot more education before actually purchasing something then you can get that in other forms for much cheaper. Also, if a thousand dollars is a material amount in your budget for investing then no it probably doesn't make sense at this time. 

I personally think these types of things can be very helpful and inspiring to a person that is READY & WILLING to take ACTION and get the most out of the conference. 

1) I think you should read up a bit more on the BRRRR concept as I don't quite understand how you are trying to use it in this situation. In a nutshell, it states you buy a property, rehab it and then use the new equity created as the down payment when you refinance this have little to not money out of pocket in the deal.

2) I would speak with a lender as I am not sure about this but IMO if you go ahead and split the lot and it has an appraised value of around 100k, that gives you more "equity" if you were to get a HELOC on the combined property. For example, it would show you own your house valued around 400k with about 200k in equity as well as you own a lot valued around 100k that is free and clear giving you an additional 100k in equity. Whether lenders will loan against lot values I have no idea but to me it seems to make you look better on paper.

That said, it seems like you could leave everything alone currently and still have enough equity in your home to use as a down payment on a rental. So if you truly want to stay put and not build then that is the direction that I would go. Hope this helps. 

Both would have to pay. 

HELOC should be easy. The bank will get a new appraisal and then allow you to draw the difference between what you owe and 75% LTV. Agree with Jeffrey, make sure you are 100% sure the new purchase can be a STR. Those permits are much harder to get these days.