All Forum Posts by: Chaz Allman

@Troy Yates I have been thinking about this for the past 48 hours myself. So hard to give up that sub 3% rate and refi unless there was a just too much equity to be sitting there. Just my .02

Following to hear others thoughts!

@Daniel Beaulieu, thank you for the advice as well! Interest rates are certainly rising and the housing market is red HOT! certainly a good time to be a lender I'm sure! It makes first time buyers like myself wonder about how high it will climb by the time I can buy. I wouldn't be able to get a reasonable loan until this years taxes are filed since I'm self employed. I will certainly take your advice on the 30 year mortgage when it is time. 

Are you active in the Knoxville market both as a realtor and a lender?

@Christopher B. You are 100% correct about keeping an open mind. Thanks for the advice! My narrow scope is simply due to my lack of knowledge and what my options are here in Knoxville. Those are all excellent ideas! I love the detached garage/ apartment idea. 

I need to do more homework about what's available in our area outside of just the MLS. I do believe the house hack (in all it's various forms) and multi family are the best ways to get started if possible. That seems to be many people's first start as I've listened to the podcast with younger folks on it.

What type of property did you go with first?

@Derek Tellier @Richard Lee Thanks for the responses guys!

Richard, I think the SFH rehab is probably the best route for where we are in life! There is an old saying a friend of mine says, "If momma ain't happy ain't nobody happy". I don't think I could convince momma to live in a 2b 1b with two babies and a dog for long, ha. After I do a few SFH I think the multiplexes will be the route I want to go for buy and hold if they are available. Thanks for the advice!

Derek, have you always lived in the Knoxville area?

Hello BP superstars (and rising stars)! 

First of all, thanks BP for all of the knowledge, great stories, and for the encouragement to be cautiously courageous in real estate! This place gets my blood bumping with excitement every day. So many of you are so stinking smart.

My name is Chaz and I’m 25 years old. I have no hands on experience in real estate. That’s right, zero. In fact, I haven’t even purchased a personal residence (which I know may be a debatable topic). Currently, I am a tenant myself here in Knoxville, TN. I’ve been reading everything I can get my hands on about building wealth and real estate. I am self-employed and I love everything about it. The grind is so much fun and still have much time to spare! Fortunately, I have the liberty of listening to BP podcast all day while I do my work, which only makes it all even better. I couldn’t be more pumped about preparation to get my first deal!

My goal in real estate (like most) is to achieve financial freedom. My long term goal is 20k m/o passive income upon retirement (before age 60) from investment properties. I would love to be able to leave my children with much and enjoy life with them during their childhoods (not just when they are older with my grand kids). That being said, I don’t have much intention on quitting my day job at the moment since it produces great invest-able income at my stage in life. I have a lovely wife, one sweet baby boy, and one more on the way.

This leads me to my first investment question (man I really hope someone answers this because it's eating me) -- I'll be able to invest around $25-30k a year of liquid cash annually starting out. Obviously my options will grow as my knowledge and portfolio grow. My goal will be to buy and hold for passive income (either multi unit or SFH but totally open to opinions on that). Here is my question, would me buying a primary residence be the wisest first investment with a down payment of 20%? I'd likely have another $25-30 cash ready to go again within a year plus a possible home equity line of credit to stack. 

Thanks for much opportunity in advance!

Chaz Allman