All Forum Posts by: Jacob Simpson

Welcome to the area @Joey Wilson! This is a great area to live and practice REI! Hope to meet up soon!

@Kerry Rocha, you might want to reach out to Ross Paller at LaRossa Construction. He may have a crew that can help with this as well as other subs. I'll send you a DM.

Hey @Kp W.! I'm also in the Chatt/Clev area as well. My partner and I are just finishing up a flip on the north end of Cleveland. Good to know you!

 Todd, thanks for the feedback. Absolutely right on the 40K plug. My partner is going out to assess the property in the next day or two, so we should have a much better number to work with.

Thanks, Casey! I squeezed the Prop Mgmt in at the bottom when I was trying to calculate my expenses, Cap Rates, etc. 

I have used the free tools a few times. I might run this one through the tool and see if it comes back close to this. Thanks for the feedback!

So I readily admit to being a spreadsheet jockey. I would greatly appreciate the community's help in two area:

1. What am I missing in my analysis? I'm budgeting $40K to convert the interior space into two 2BR/1BA units.

2. Does this layout work/flow well? What am I missing, or what doesn't make sense?

@Jonathan Mulkey, you may end up having to eat the Safety Deposit and partial month's rent if you didn't negotiate those as part of the purchase agreement. You can ask for them, but you may not have much a leg to stand on, legally.

@Katie Greenman, I agree with what @Peter Mckernan said: Do both! I am in the process of setting up Directed Roth IRAs that will allow me to use my Roth IRA funds for real estate transactions. Buy & hold, fix & flip, promissory notes, tax lien purchases, etc can all be done by a custodian at your direction, as long as you follow the rules. Because it is an IRA you won't be able to use the profits (without tax penalties) until you reach 59 1/2 years of age, but you can roll profits over into more transactions and grow the ball bigger and bigger!

For what it's worth, I went with Equity Trust. I can get you contact info if desired. Just DM me.

@Damaso Bautista, I'm in the Chattanooga area and just had lunch with one of the owners of Hawthorne Properties and LaRossa Construction. I was impressed with their approach. Message me and I can give you their contact information.

Thanks for sharing, @Brian Moore! I'm looking at a BRRRR in Chatt as well! Hope this one works out well for you and you keep investing in SE Tennessee!