All Forum Posts by: Jake Donohoe

Hey everyone!

I'm just at my two years of ownership of my first *intentional* investment property. I think this discussion could be relatable to many others looking to break into their first actions!

I bought this property for $172k back in 2020 as a primary residence and estimate I have around $100k of equity at this current moment. Many comps across the street has helped determine this.

This property was never intended to be "home" and now we are looking to find home as the family dynamic is vastly different today and more space is needed. I am in the smokey mountains market of Tennessee and am excited for all the possibilities.

With that being said, I'm looking for the collective minds opinion on how to move forward.

Currently the house needs a little more work probably less than $10k needed to be close to perfect. Obviously, I was not expecting the crazy appreciation this fast and that's why I'm reassessing my plan.

I suspect a "home" is going to cost somewhere in the ball park of $300k. Most conversations have not happened with leners yet as I want to create a better high level idea first going forward.

I would ultimately like to invest in some turn key STR properties in Gatlinburg and similar areas as me and the wife have experience self operating such.

What do you feel is the best way to make the next steps?

- Sell house and take ~$100k cash and purchase home + STR

-BRRR current house and take cash out to help purchase "home" cash flow would be roughly ~$200/mo and delay STR progress.

-Dont refinance current property, rent it and just purchase "home".

Again, this is more informational and more intended to help sculp my goals by considering others options and experiences I may not have thought of.

Thank you all for the never ending wisdom 🧡

Hey all,

Hope everyone is finding a way through the unique challenges of today.

Currently I am in process of studying to aquire my real estate license in Tennessee. Very excited to make a career change and help solve more problems for people.

In your early days what are some fun stories you could share about some of your first few transactions? What was your favorite and dreaded situations?

Excited to learn more about the experience others have had.

Keep killing it!

Welcome! You have come to the right place to learn and network. What made you decide on multifamily as the first strategy?

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $172,000

Contributors:
Tabitha Turner

First property in Tennessee! We will be living in this home while we do some minor rehab and develop our investment strategy going forward. Excited to get to work and learn even harder! It has lots of potential and of course we have that gorgeous mountain view as well. Stay tuned! In a matter of 3 months we tossed the idea around of buying a property to help kick off our investment career to devising plans and strategies and aggressively saving money to pull the trigger. You too can do it

What made you interested in investing in this type of deal?

We needed a place to live once our apartment lease was up, we just got to work and found one way sooner than needed

How did you find this deal and how did you negotiate it?

Our agent sent it to me and was a clear winner compared to the others we had viewed at the time.

How did you finance this deal?

5% down conventional mortgage

How did you add value to the deal?

We will be doing some minor rehab, mostly cosmetic. Some functional obsolescence to correct as well.

What was the outcome?

Stay tuned!

Lessons learned? Challenges?

Having the right people on your team is CRITICAL. Always read the fine print, and if the contract is worded horribly don't be afraid to get a lawyer to review.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

My loan officer and home inspector where both always on point and over delivering. Will for sure use there services in the future.

Happy Monday everyone!

Many examples of creative strategies exist on these forms and I thought it would be interesting to hear about what creative "house Hacking" strategies you have used to gain access to your first few deals using single family homes.

As with any strategy I believe it is important to have multiple exit plans before you go in to protect your money and sanity.

With that being said, what are some experiences you have created by using a single family home as your stepping stone in the investing world?

Our lease is up in November and we are saving aggressively to aquire our first investment property and house Hacking has always been an interesting concept to us.

@Dmitriy Fomichenko

Thank you! Look forward to all the learning.

Thanks for the kind words Craig. I have found all of those resources helpful so far and intend to go deeper everyday!

Investment Info:

Single-family residence fix & flip investment in Middleport.

Purchase price: $74,000
Cash invested: $9,490
Sale price: $85,000

Contributors:
Tabitha Turner

This was never intended to be an investment property, but rather our long term home. As we learned of new opportunities and finished school we where drawn to other areas. We made magic happen and added as much value to the property as we could! Middleport very depressed area with only a few property sales a year so not very many comps or any promise of hope to move this one. We where persistent and found a great realtor in Athens, Ohio (Sandy Radcliff @ LCR Realty) to help push forward.

What made you interested in investing in this type of deal?

Eager to stop paying rent and own a place of our own. Oh and this place had a massive garage!

How did you find this deal and how did you negotiate it?

Many hours of scoping out every listing that was under $100,000 locally.

How did you finance this deal?

We found and pursued this property via Zillow and LCR realty in Athens, Ohio.

How did you add value to the deal?

LOTS of landscaping, most of the value add was removing trash, ugly plants, trees and other horrible previous owner ideas. The garage was about 1300sqft after we removed some walls that served as an office.

What was the outcome?

We created the perfect American white picket fence house on the corner. TOOK ACTION and found people that could help make things happen fast!

Lessons learned? Challenges?

Track all expenses, have a plan, and ask more questions before taking action. Everything is a lesson if you choose to see it.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Husband and wife team Josh and Sandy Radcliff where critical parts of our team making this happen from purchase to sale. We learned a lot about the process via these two great people!

Investment Info:

Single-family residence fix & flip investment in Middleport.

Purchase price: $74,000
Cash invested: $9,490
Sale price: $85,000

Contributors:
Tabitha Turner

First home purchase! This was never intended to be an investment property, but rather our long term home. As we learned of new opportunities and finished school we where drawn to other areas. We made magic happen and added as much value to the property as we could! Middleport very depressed area with only a few property sales a year so not very many comps or any promise of hope to move this one. We where persistent and found a great realtor in Athens, Ohio (Sandy Radcliff @ LCR Realty) to help push forward. We have since moved to a small apartment in Sevierville, Tennessee to pursue more projects in a more tactful manor!

PS Miss this MASSIVE garage.

Here is a link with more photos for your pleasure.
https://photos.app.goo.gl/np8LomRrNYDFzGsj8

What made you interested in investing in this type of deal?

Eager to stop paying rent and own a place of our own. Oh and this place had a massive garage!

How did you find this deal and how did you negotiate it?

Many hours of scoping out every listing that was under $100,000 locally.

How did you finance this deal?

We found and pursued this property via Zillow and LCR realty in Athens, Ohio.

How did you add value to the deal?

LOTS of landscaping, most of the value add was removing trash, ugly plants, trees and other horrible previous owner ideas. The garage was about 1300sqft after we removed some walls that served as an office.

What was the outcome?

We created the perfect American white picket fence house on the corner. TOOK ACTION and found people that could help make things happen fast!

Lessons learned? Challenges?

Track all expenses, have a plan, and ask more questions before taking action. Everything is a lesson if you choose to see it.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Husband and wife team Josh and Sandy Radcliff where critical parts of our team making this happen from purchase to sale. We learned a lot about the process via these two great people!

Hello everyone!!

My name is Jake Donohoe and my family and I have moved to Sevierville, Tennessee within the last year. Currently I travel all over North America servicing industrial machinery. 

Among many other side hustles over the years I have heavily pursued mostly automotive and small home renovation type projects when time allows.

I look forward to helping and interacting with as many people as I can along with honing my own skills and knowledge as it relates to real estate investing.

Please chime in if you are also a Smokey Mountain local!