All Forum Posts by: Bryan Kipke

Pros are townhomes are generally less expensive and need less work to maintain. I say this because usually the exterior is taken care of by the HOA. Make sure you get a copy of the HOA agreement and see what is covered. I find properties that are just under the 2% rule quite often.

However the cons are the HOA. These can be expensive and really cut into your bottom line. If you can get your renter to pay it that is great. With our Townhouse we work it into the monthly rent calculations and pay it ourselves. Not paying an HOA can cause a lean on the home.

@Wayne Woodson I have been focusing on Donelson, Mt Juliet, and Hendersonville. I see the middle class being pushed out of East Nashville, and the other areas you mentioned and landing there. 

Oh an one more update the property is not on the Tennessee registry of contaminated properties.  I will be sure to call and confirm if it ever comes to that and get all the information.

Thank you for the help y'all.  The owners are in jail so it might be hard to move on it anyway.  I will keep you posted if they even reply to my inquiry.  I will probably pass on it unless I get it at some ridiculous price.

@Aaron Keckley  I have my license joined a team of Realtors while developing my Investing Business also.  So I can't really tell you that it is better or worse but I have already noticed something.  My Realtor team is interested in buying and selling real estate and not in investing.  I think it would be better to join a team that works closely with investors.  However I have been looking for that group for a year and have not found any.  I find several Realtors who work with investors but they do it individually and are not looking to hire anyone.

You can open an IRA account with Equity Trust and then use the IRA to invest in Real Estate. There are a few rules to be aware of but they are really good at showing you how to do it and all the tax benefits available.

If you need that 65K to make money for you to pay bills it will not work because all profits must be put right back into the IRA. However if you want it to grow it would be a great option.

Thanks you @Michael Quarles I have been building my own spreadsheet that quickly has become bigger and bigger and more complicated.  I think your spreadsheet will help me refine mine and make it a little more manageable.

I have a very interesting situation developing and I am wondering what I should do next.

I have had my eye on a home that has been vacant for just over a year.  The lawn is being mowed but clearly there is no one living there.  I found the owners information on the Tax System but there is no phone number and their home address is listed as the house address. 

This morning I did a Google Search on their names and found out in May of 2009 the people who own the home were arrested for cooking Meth in the house.  Damn.

Should I run or should I keep pursuing the house.

As a side note it has a great covered patio and I was considering moving my family into the house for a year or two until we can upgrade.  

I am just stopped in my tracks at this point.

Thank you @Michael Smith for the info.  I am looking at a few Home Path homes to move into for a year then keep as a rental.  Do you see any flags that I should be aware of before I pull the trigger?

@Travis West do you know if a house like this must be gutted and cleaned or are there other ways to take care of the mold problem?

I just looked at a house where the upstairs needed a lip stick flip (paint, carpet, new appliances, kitchen and baths probably could saved as I was planning on renting it), but the basement was totally destroyed.  Big huge walk out basement but lots of water damage and noticeable mold in two of the 5 rooms.  Would the whole house need to be treated to do it right or would only the basement need to be treated?