All Forum Posts by: Ken Dillard

I just listened to Podcast #358 Which mentions BRRRR as one of the 6 strategies for RE in todays hot markets and describes why it is deemed a lesser risk. The general idea was if you are refinancing at 70-80% of the ARV to get your money back out, you are in a good position if the market turns. (Listen to that episode for full details).

A couple of other notes:

1- With any exit strategy you should have 1-2 back up plans.

2- With a BRRRR or most investment plans you have to make sure you buy right and estimate your rehab and ARV well.

You mention being in Nashville; FLIPs are hard to compete for here.

Probably the best advice I can give is take a step back and define what real estate investment strategy you will have - flips, single family, multifamily, price points, short term rentals, etc.; this will point you into a more specific path and focus.  The area around Ijams has been hot, Oak Ridge and Maryville can be good, Pigeon Forge and Gatlinburg for short term rentals, and lots of other options.

As far as neighborhood stats on crime and appreciation, etc I have found Neighborhood Scout gives a good overview:

https://www.neighborhoodscout....

Also, @Derek Tellier hosts a local meet up where you will find a lot of good people sharing inforamtion.

Hope that helps

Ken

Take a look at MemphisInvest.com   @Chris Clothier is well known in the area.  They do a lot of turnkey but has good resources and a good team that can answer questions about the market.

I read through this thread a couple of times and I would like to suggest you take a step back and ask yourself Why.  I saw the note about quitting your job.  But not sure trading 1 job for another is what you are looking for (although 1 may allow more freedom to not have to be in the Library every day).  Is the goal to start a rental management company or is the goal to quit your job?  My guess is there is some underlying "WHY" to the comment I want to quit my job.  Travel more, freedom from 8-5 hours, aging parents to care for, ...  Start with figuring out what life you want.

When you match your "Why" to a path of freedom, you may find starting and running your own company does not get you there.

Call Jeff at Advanatge Air and get a quote.  I have used him as well as many of my friends.  No BS quote and a good guy.

Nice Job.  Is it till true that in Nashville there are no (currently) issues with AirBnB rentals for owner occupied homes like you are doing?  Versus having to go through the permitting process for non-owner occupied?

Thanks

@Devan Mcclish handles property management throughout the area.  Look him up; BP Podcast guest and knowledgeable.

@Derek Tellier hosts a RE meet up that floats from Knoxville, Maryville, and Sevierville.  I have attended and some good networking and people who can share advice.

Also, for your chosen direction / markets, you can set up alerts and get notified when BP is discussing "Knoxville" for example.

I am in Middle TN but in the Knoxville area regularly with rentals and family there.  Happy to catch up and share info.

Ken

I am sure @lucas carl can give some options.  I know a family who has been in the real estate / cabin / cleaning / maintenance business in Gatlinburg and Pigeon Forge area for decades.  Message me and I will pass along some contact info.

You are correct about active REIAs in Nashville and Knoxville areas, but I have not seen anything pop up for Cookeville. I did a quick, basic search on BP for Cookeville, TN and several new members popped up along with others asking about a REIA. So there may be an opportunity to host one and be the guy that helps other connect. I have been looking for connections / partners outside of the immediate Nashville TN area. So if you are interested, I can help plan a meet up if you do not find one exists.