All Forum Posts by: Chris Eaker

50/50 is what I was thinking too. But I like your term "renting" their portfolio. Much to think about. Thanks!

@David Thompson Thanks for the tip. I agree it would be smart to partner. What is a sensible split in ownership in a situation like you describe? 

@David Moore I would certainly think so, so I guess I just need to ask for it.

@David Moore

You are right. In fact, I'm focusing my direct mail letter on the seller financing aspect saying something like "I may be able to provide you with monthly income without the headache of tenants." I will be mailing those out within the next couple of weeks. But I guess what I'm wondering is if I do need to get the loan, then where will the rest come from? Maybe my concerns are unfounded, but right now, they are still concerns, and haven't been road tested. :) 

Hello BP, my wife and I live in Knoxville, TN, and currently have 5 rentals consisting of a mix of SFHs, condos, and a duplex. All cash flow very well as we bought them right. We want to break into the small apartment market (up to 30 units). I feel like I have the knowledge to find the deals and analyze them (after much self-education and research). My biggest block (be it mental or actual) is in funding the deals. Of course, seller-financing would be preferable, but I feel certain we could get an 80% loan with a local bank we currently have a good relationship with. But the remaining equity is where I'm getting hung up. We do not have the cash for the up to 20% down we will need. A realtor and mortgage broker we have a relationship with both say they know people who are looking to invest as a partner, but they're saying I will still need to bring some money. Is finding a partner who's willing to put up the 20% down really feasible? How do I get past this hurdle? 

That rent range is totally doable in Knoxville. I have a SFH in Bearden that rents at $1250. I had no trouble renting it. I also have a condo in Fort Sanders that rents at $1725. That's a different market, but the rent is high.

Matt Sheridan, thank you for the additional information. How are you finding these properties?

Matt Sheridan, can you give some more details of your 10-year plan? Like how many you plan to buy each year, when you plan to sell any, if at all? Thanks.

James Vermillion, I'm curious about how you did the cabinet resurfacing. Did you use that Rustoleum Cabinet Transformations kit? How did it work out for you?

Welcome! I'm new here, too. Just trying to absorb all the great info.

More people means more wear and tear. So I'd get more rent or at least more security deposit from him. If there are going to be pets, definitely get more rent for each pet.