All Forum Posts by: Jared Smith

@Elizabeth Colegrove 

I actually had your podcast recommened by another friend and BP member on Friday. I really get where you are coming from in your discussion.

The thing that resonates with me is the Class A neighborhoods. The home we have now in Lakeland, TN (near Millington) is definitely Class A and there is a large volume of transients that move through the naval base, FEDEX and other like jobs that our neighborhood of 400+ homes hardly ever has ever rental openings, but there are often multiple homes for sale.

We think if we can maintain the right type of tenant we will be fine. Since we did $0 we are assuming risk of the loan amount, but can afford to take a small cash flow margin while someone else pays our principle down.

We are working toward A similar plan as you as I plan to retire from the Navy at 42-45 years old in 7-10 years. This is really our jumping point to determine if we want to carry multiple rentals or just keep it to the one we have in Alexandria, VA. Let the journey begin...

@David Krulac 

I agree with that. we really wanted to rent here in TN, but ended up buying this home b/c we could get a mortgage for $200-300/month less than the what the rentals we're going for in the neighborhood we wanted. Along with the tax advantages it has worked out well so far.

We may be moving to San Diego next so I am excited to see what opportunities are ahead.

@David Krulac yes. The house is in one of the best and most preferred neighborhoods in Lakeland, TN. The Lakeland elementary school is actually in the development and it is either a 9 or 10 on Greatschools.com.  Rentals go fast in the neighborhood (many homes rent out to officers from Millington on 2-3 year tours) and the school district is being refined to build a new middle/high school not far from our home (breaking off from a much larger system). The area shows many signs of being on the up and up.

We would be renting it out for ~$2450

Steve B. the thing here is that b/c we used the VA loan we didn't put any money down on this property. If we sell we would payback the loan in full and maybe have a bit leftover as cash out.

Hello everyone,

We are currently living on the outskirts of Memphis, TN in a great, up and coming area. We purchased a home in 2013 for around $400k at 3.5% with $0 down and no PMI with a VA loan. Now we are getting ready to move with the Navy and are trying to decide to sell or rent the property. We would be able to net about $200-$250/month. this would be our second rental property.

Thoughts? 

Thanks,

Jared