All Forum Posts by: Christy Osterkamp

Looking for specific advice from owners who have turned a portion of their own home into STR.

We added a private entrance/exit, turned 1/2 bath into shower full bath, added a closet and a kitchenette, so our entire lower floor is a fully private 2 room/1 bath STR, including laundry.

Any issues arising from sharing a home with travelers?  We’ve already approved with the city.

Thanks!

We chose to renew with Fund and Grow for another year, and have been happy with their service.  We monitor all personal and business credit cards closely and they have helped us build up our credit score and fund opportunities.  Just watch for those expiring zero percent intro rates!  Some are as long as 18 months, but do expire so watch closely.  Keep usage under 30% on personal, and 40% on business cards for best credit ratings.  

I won't share the fees with you because I don't want to influence you from at least consulting with them and getting the information.  I personally think the fees paid for themselves.

Jonathan Girard:  Sorry I didn't respond, I need to figure how to get notifications better.  After almost a full year with Fund and Grow, they were able to facilitate over $160,000 in zero percent intro credit cards, including personal and one 

of our LLCs. We already had our LLC's in place, and I probably wouldn't have felt comfortable with them creating the entity for us, as they were created by Garret Sutton's organization whom I trust implicitly.

The second round brought new cards, but no raising of credit limits on the first round.  I am considering whether to renew for another year, but overall I am very happy with their service.  Also, their relationship with Kaydem Credit which we paid for separately at a fair price, helped us raise our FICO scores from below 720 to now 750-788.  Well worth the price.

Hope that helps!

Christy Osterkamp

Hi Jason!

Please beware of deals in Jackson MS that are "too good to pass up". I own SFR's which rent for about $750 for a 3/2, and here are my recommendations:

1.  Refer to Rentrange or Rentometer for rental approximations

2.  It's impossible to do too much due diligence.  Crime rates, sewer inspections, electrical inspections, plumbing inspections, foundation inspections.  

3.  Try to connect with a local real estate office in that area for their insight.  They are the boots on the ground.  David Sugg at eXp comes to mind. 

I haven't been involved in commercial, and you didn't say how many units were in your large multifamily.  I would like to hear if you move forward with this, and how it goes.  

I will be in Jackson the first week of August, so if you would like any eyes on the ground, I would be happy to help.  I may even have some recommendations from local investors.

Best of luck!

Christy Osterkamp

It is my understanding that Jessie was in a car accident around April 1st.  Pretty serious.  Haven't heard any updates, but there hasn't been any communication except an apology for being unavailable.  She is a top notch CPA, and understands real estate investors quite well, so we hope to hear good news soon on a recovery.

Hello Fellow BP'ers,

As a fairly new Tennessee LLC, we received a "final notice" from Tennessee Department of Revenue requesting $646 for Franchise and Excise taxes and late fees.

When I called the Dept of Revenue, I was told the amount was an estimate based upon the lack of filing, so I should register online, and file the form, then they would tell me what I really owed.

The form is 8 pages, and is so complex that it should require a CPA to decifer it.  However, I did an internet search and found that there is an exemption for FAMILY OWNED, NON CORPORATE Entities (otherwise known as FONCE), that we could apply for.  The form to request exemption is four pages long!

We are still waiting to find out if the exemption makes it unnecessary to file the 8 page form.

Does anyone have any experience with this?  I considered myself an informed investor, then something like this comes along and makes my head swim.

Thanks for sharing your knowledge and experience!

@Carlito Johnson do you have contacts you use for rehab work? This building needs all interiors done and most likely a roof as well. Thanks

Anyone like investing in the Jackson Mississippi area? I have an opportunity to purchase a property near Jackson State University that’s empty and ready for rehab. But no comps as it is a multi family. Would love to talk to you if you are a fellow investor in the Jackson area.

Hi guys,

Can someone tell me what the % of reserves Fannie Mae requires for 9 properties? I know the first couple are at 2%, the next three are 4%, and 6-10 are 6%.  My question is.....once you hit #6, are you required to show 6% reserves for ALL the properties, or still only on #6-10?

Thanks for clarifying!  

Hello! I am hoping to connect with some turnkey providers in North Kentucky near the Indiana or Ohio border. Thanks in advance!