All Forum Posts by: Derek Robinson

Thanks for the feed back. I ended up finding a small office in downtown Asheville for $115/month plus $20 for internet.  I decided against the home office, mainly for distractions.  I'm excited to see how productive I can be in my own private space, but worried about going stir crazy.  Luckily I'm near plenty of restaurants and coffee shops to escape now and then.

Anyone ever fund any deals through 'connectedinvestors.com'?  Seems like an interesting concept, but I can't find many reviews about it online.  Thanks!

Since this post I've purchased three properties; two single family and a small apartment building. All are in good shape. I'm 83k invested right now with over $1,000 in monthly income with very conservative figures (10% capex, 10vac, 10 manag., 10 maint). I can still get mortgages on them to BRRRR all three (get my initial investment back) and still cashflow.

I inherited tenants with all of them.  They are long term and keep the places nice.  I can bump rent now, but will wait until current tenants decided to move out.

For me, the cashflow is the strategy, but long term appreciation would be nice if the city every takes off.

I guess I'm mingling 'deductible' and 'depreciated'.  Either way, keep up with it and get a good accountant.  I've done my own taxes for years and in the last two hired a CPA, wish I'd done it sooner.

Yes, it is deductible. You can even deduct miles driven to the property from TN!

I'm in Asheville, NC and prices here have gone crazy.  I've just started investing in Spartanburg.  It really takes having boots on the ground to find good areas.  One area could be full of drug dealers and one street over will be well kept homes with blue collar workers.  The cheaper houses (20k-50k) are all in rougher neighborhoods.  

A lot of investors are investing in 100k plus homes outside the city limits and areas closer to Greenville.

I've had success in finding great deals, tenant occupied homes in the 20's.  Long term tenants paying 550 to 650 in decent areas.  After very conservative numbers, I can make over $200 per door without a mortgage or around $100 per door with a mortgage.  Not a get rich quick by any means, but I have some cashflow and instant equity.  My 20k purchases appraise for around 50k.  It's a cool market so it would take 6 months or more to sell at 50k.  I'm also banking on appreciation as the city has dumped a ton on resources into revitalizing the downtown, a lot of corporations have moved offices to downtown, and some major corporations of manufacturing in the area and are growing.

Let me know what other questions you have!

I'm curious to see how other investors handle work space. I'm pretty frugal and currently have a desk set up in the back of a buddies furniture store for free. He's going out of business so I need another option.  I could finish out a room in my basement, but worry about the distractions from my 3yr old and wife.  Other options being renting a traditional office in town for $200-$300/month.

Thanks!

Welcome! I'm in Asheville but have started buy and hold (BRRRR) in Spartanburg this year. Two under contract on one purchase since January. Holler at me if you want to talk Spartanburg sometime!

I would definitely try credit unions.  I financed three properties through one that would take a signed lease as proof of rental income on properties I've owned less than a year.  Another small credit union by me has a small local board that makes decisions to finance loans and the loan officer went above and beyond to push my refi through.  My only income is through buy and hold and my tax returns show negative income!

Following!  I'm in Asheville, NC and prices have gotten way out of reach for me so I've been investing in Spartanburg.  The city has put a lot of money in to revitalize the downtown and a lot of corporate offices have moved their headquarters downtown.  Crime rates are still extremely high but they are much lower than 5 years ago before revitalization efforts.

I'm BRRRRing properties right now (but most don't need much rehab).  You can find great deals, great tenants, and still cashflow positive after pulling your initial investment out.  For me, cashflow is the short term strategy and appreciation will just be a plus (I can't image why it wouldn't appreciate!)