All Forum Posts by: James Murphey

Some great insight on BRRRRing.  I really appreciate it.  I am in the process of building up funds, analyzing deals, reading books, networking, and hoping to start BRRRRing Summer of 2020 along with a house hack.  I have been running numbers on deals for practice, but estimating rehab cost is difficult for me.  I am looking forward to J.Scott's updated book on estimating rehab cost, and it is on my reading list.  Would it be possible for some of you to give a rough estimate on this house?  The house would appraise for around 95k when all fixed up, it would also rent around 1000 a month.  Given a rough estimate on rehab cost, what would you offer on this house to come close to the 70 percent rule?  What are some pitfalls to avoid on this property? I know this is a difficult exercise given the limited amount of information on the listing, but I believe  it is still beneficial to newbies like me.   

It seems like a good problem to have.  I have to agree with Nathan G.  I recently read Retire Early With Real Estate, and it gave many great examples of different strategies to early retirement/finical freedom like the buy 3 sell 2 hold 1 strategy, debt snowball strategy, and many more.   Chad Carson lays out so many great ideas and tells stories of many people who have implemented theses strategies.  

Great success story! It is amazing how when we open up to people and ideas it can change our lives. I am from the Johnson City area originally, and am moving back in Summer 2020 if not sooner. I plan house hacking, and want to pursue the BRRRR Strategy. @Felisha McCurry I would like to invest in Johnson City!  Maybe we can connect in the future.  I would really appreciate hearing you and your husbands expert opinion on pursuing the BRRRR Strategy in the Tri-Cities Area. 

I am in the same boat.  I currently live in Oahu.   It seems most of that money is development, and sales.  I am currently building capital to move to my family to Tennessee where I can use this money to house hack and invest.  If you obtain your real estate license here you can also use it at some of the resorts here to sell time shares.   I have a friend who is super successful in that market.  Just another 2 cents. If you obtain your license there are jobs you can apply for, but I am pretty sure if you get a job selling time shares you can not use your license to also sell homes on the side.  

Thanks for the advice.  That is true not to go with the grain all the time.  I will look into those other options.  

@Matt Castle  thanks for the info.  All of the landlords I know are in deep credit card debt, and have to constantly take out HELOCs to keep their heads above water.  I know investing in Johnson City can work, but I need to becareful.  

Thanks for your time and info

Hello Constance

I am new to the community, and am currently looking to buy some rental property in Johnson City, TN.  I use to live there, and my mother owns several rental properties.  It seems easy to find rental properties on Zillow that will cash flow properly, but most are 2 - 3 bedroom single units or condos.  It makes me nervous that the people who would rent out those units would just opt to buy a house or rent a house.  What is your opinion on good rental investment properties in Johnson City Area?  What are the specific challenges for the Tri-cities area? It seems to me the key spot is to invest in properties around 100k or less.  If you spend more it seems difficult to find someone willing to rent out a duplex or condo for around 1k a month.  What is your opinion?

Thanks