All Forum Posts by: Cody Campbell

Tennessee is one of the fastest growing states in the country. I am offering a 6-plex of townhomes for sale before I begin to offer them individually.

Located 2 hours from Nashville, Knoxville, and Chattanooga in Livingston, TN.

275k/unit. (1.65 M) for the building) Each townhome is 1400 sq/ft, 3 bed/2.5 bath with 1 car garage and 2 car driveway for parking. 9ft ceilings, white cabinets and granite countertops. Rent in the areas for new 3 bed is $2000+/mo. Market has very little available rentals. I currently have 34 rentals in the area and are full with calls coming in each day with needs for rentals. 

OFFER is for the building of 6 before I offer them up individually for sale. Estimated completion June 2023

Feel free to contact me with any questions

@Bao Tran I use small community banks for all of my lending. 

@Necho Williams

I was able to use some lines of credit and hard money lends to pull this off. 

@Matt McConkey yes, it was crazy...now every time I see one vine on a house I want to go over and rip it off. Nature had taken over and I had to fight to get the house back. Here is the before and with the vines off...we still didn’t get all the little hairs of the vines off so we went with a dark color to hide what we couldn’t get. 

@Darius Ogloza Livingston is the main town of the county, lots of farming in the county and some manufacturing near by. We have 2 vocational schools and a very small regional hospital.

@Kim Ferchau I had several lines of credit and one hard money lend. Both houses were complete within 6 months and then refinanced. I left 20% in and pulled all the cash out to pay everything back and a little extra.  So no money down on this deal. 

@Eric Johnson

Yes, this is a very generalized example, this is exactly how I do my BRRRR's and with working with local, community banks you tend to have a lot more flexibility once you build a working relationship with them.

I know my example doesn’t work for every scenario, but this is what I do and have done multiple times (5 this year) and had success with houses in this price range with local community banks. 

The key to this specific method is keeping the property out of the banks hands until your ready to put it on a note and pull your money back out. Hoping to get all your investment back out and sitting there with a “no money in it” investment. Allowing you to do it over and over again. 

Your relationship with these small community banks can be your biggest asset, they could even guide you at times on the best way to finance properties. 

Hey @Eric Johnson

Technically the entire thing is a cash out refi, the key to this is to keep it out of the banks hands until your ready to put it on a long term note. There’s no seasoning period if you do it this way, and you are able to do deals with no money down.

hope this clarifies

@Victor Hogan

This is what I would do...you have a 160k budget to buy, rehab, and refinance. This will allow you to do what you want. Start talking with local banks about putting your future houses on notes with them.

Example: you use your cash and line

Buy: 60k house

Rehab: 20k

Total in: 80k

Appraisal needed: 100k

You walk in the bank after you have bought and rehabbed. They appraise the house and put it on a note. This is where you need to know what house values are in your area. With 80k all in you need an appraisal of 100k. 

Bank keeps 20% (20k) for their equity share and then stroke you a check for 80k paying you everything back...this allows you to do it again. 

hope this helps

I would look for a bank in the same area of the property. I like smaller banks, more personable and they like lending on things in their area. Give a couple a call and ask what is needed and now your off to the races.