All Forum Posts by: Doug DeVore

@cheryl foster

do you mind if I ask which Chattanooga attorney you used?  I'm in the area and looking for a decent one to handle a few of my deals.  Thank you!

Kelly, I did not get a chance to chat with you tonight, but once again you did a great job!  Thank you for doing this.  

@Phillip Ballard Sorry man.  I just saw your response.  Yes.  I am going to expand here just because it's a different market and I want to try something else. 

I will more than likely sell one of my locations, but I am not in a hurry as they are making great money.  BTW.  They are as far away from Chicago as you can get and still be in the state of Illinois.  My wife and I still manage them, but we are able to do it from TN.  I've deployed a lot of technology and training in order to pull that off.  

@Phillip Ballard I'm in the process of escaping from Illinois this month and moving to the Chatt area.  I currently own vacation rentals in Illinois and plan on expanding in Tennessee.

@Amit P. is spot on.  That meetup is fantastic.

I am new to the area, but looking to buy vacation rentals in the area.

Can't make it this time @Kelly Rastatter, but I will next month!  We have a house under contract in the Jasper area and will be moving shortly!  Any vacation rental\AirBnb people in the area please hit me up!

Any in the group going to the Nashville Conference?  

Thank you for the advise guys.  I am going to call my banker in the next few days and see what we can come up with.  

I'm afraid my local/hometown bank won't be willing to do that big of loc and I may have to go with a regional bank.  

Thanks again!  

Hello all - first time poster.  Been lurking for a bit and have even been to a meetup.

I have a property with $400k-$500k in equity and have paid cash for another property that I rehabbed and rented.  I was planning on pulling a mortgage on that property to get my cash back ($100k).  However, a property next to me (with more acreage) just came up for sale and I would like to buy it ($100k).  Im trying to figure out the best way to buy it while keeping me in a good position.  We would like to buy a house and move to Tennessee in the next month and I am worried about having all these different mortgages will make me look to a new lender (they are commercial).  My local lender has no problem giving me cash as we have a relationship however, he will not loan anything out of state.

I have the cash to buy the property outright, but then I will be tapped out.  

Here is my question- Is it better to pull $200k out of the property with $400k-$500k in equity or only pull $100k out of it and another $100k out of the other house I paid cash for?

Again, I want to be in a "slam dunk" position to buy a house for my family this month.

Thanks, 

Doug

My bride and I are relocating to the area within the next 6 months from Illinois.  Currently we own and operate 10 cabin rentals in the Shawnee National Forest.  Looking to connect with other like minded investors in the area and start building out my network.  By trade\degree I am a computer guy, but I have personally built a majority of our cabins as I enjoy that type of work.  My wife is a geologist by degree\trade but runs our daily operations and keeps the DeVore house and our 3 kids running smoothly.  We are going to try like mad to make this meeting.