All Forum Posts by: Coty Dowell

Have you looked into Life Insurance Company lending? You would have to go through a Mortgage Banking firm, but those loans are typically non recourse. 

Hi BP community, I just bought my first SFH and will be renting out the extra rooms. Someone enquired if I take Section 8. I really don't want a Section 8 roommate. Can I legally say no or not respond in Tennessee? Help would be much appreciated. Thanks, Coty Dowell

You will need a rent roll and operating expenses. Try to get the last 3 to 5 years worth of operating expenses to see a trend. A very basic calculation would be: Potential Rental Income - Vacancy - Operating Expenses = NOI NOI / Cap Rate = Value of property Cap Rates are tricky. It depends on location, condition of properties, and the surrounding market. This changes almost daily. Look for similar properties that sold recently and see what cap rate was used. Good luck!

@Jonathan Wooten,

I'm glad to see that another 24 year old is perusing this path.  I just purchased my first house hacking property about a month ago in Chattanooga.  Deals are out there, so don't give up on looking.  PM me and I can connect you with some people that have helped me out.

@Jon Q. Thank you for your insight. I can see how the quality of tenants go down with the more units per building. So if I went with a SFH, would you suggest sticking with the FHA loan with the down payment assistance? Do you have a suggestion for another way to creatively finance a deal, so I do not have to live in it until I reach 20% equity?

@Josh Braun Thank you!  This is very helpful. 

Hi BP community,

I am looking to connect and get some guidance from the BP family here.  I'm a recent college graduate with minimal cash on hand for the moment.  I have a plan, but does anyone have any suggestions on executing my first deal differently?

My plan: I have been actively looking and visiting properties for sale in the Chattanooga, TN area. More specifically, I'm looking for a du-, tri-, or quad-plex. I was thinking of using an FHA loan with a THDA assistance program for the down payment. I will be staying in one unit while renting out the other unit(s). If possible, I will also be renting out the extra bedroom (if there is one) in the unit I will be occupying.

My questions: To learn the ways of land lording, does anyone suggest doing a du-, tri-, or quad-plex over the other? Should I stick with a SFH and house hack the extra bedrooms? Would you suggest the FHA route to financing, or would you go a different route for creative financing?

Any and all help is greatly appreciated!

Coty Dowell

Is this meetup still going on? If so, when and where? I am new to the Chattanooga area and would really like to connect.

Hello BP community.  My name is Coty Dowell.  I am about a year out of college and I am working as an Investment Analyst for a Life Company in their Commercial Mortgage Loan Department.  I wanted to work in this field to learn from the top players in the Real Estate game. 

I am continually trying to learn about different areas of real estate investing.  My main focus right now is Rental Properties.  I am a fan of passive income, but that is probably due to me reading Rich Dad Poor Dad.  I am really interested in the low to no money down while starting out.  House hacking is also an interesting topic that I am going to learn more about in the next few days. 

I look forward to learning from the BP community and I hope I can bring something to the table in the near future.