All Forum Posts by: Josh Garner

You might look into Rock Point Property Management (Phil and Wanda). I've had great success with them for several years now.

I use Rock Point Property Management (Phil and Wanda) and have been very pleased for several years now.

Hi Kevin! Did you end up landing a property in your target range? I have a property I'm considering selling that could be a good fit.

What's the best way/calculator to analyze my existing properties so I can determine which ones are performing the best? Needs to include variables such as refinancing, etc. I'm a BP Pro Member so I have access to calculators. Thanks!

Much appreciated Dave!

Hey BP! I bought a property this year that I was planning to hold for 3-5 years, but after improving it, I may sell earlier than anticipated. I'll be 1031 exchanging the property into a new purchase (likely after owning it for 1 year, maybe less). In the meantime, I'll be using a cost-seg to accelerate the depreciation and have a big write-off in year one (2021).

Question: Since I'll be using a 1031 and deferring the taxes owed on the gains (+ depreciation recapture), is there any point in holding it for 1 year+ vs less than 1 year (as I assume that the tax implications would be different)?

Thank you!

Ditto what everyone else said :) Feel free to reach out if you need any insight from the mortgage world. I live in Bend and own a number of units on the East Coast. 541-480-5525

For the local meetup, we are trying to revive the group and hopefully there can be something more concrete (monthly meeting location, times, etc) announced this summer.

Thanks! Yep, just acquired. I’m hoping renovations will take me through the end of this year, and market rents on all units by the end of next year.

Investment Info:

Large multi-family (5+ units) buy & hold investment in Hixson.

Purchase price: $770,000
Cash invested: $160,000

12 total units (4+8 in 2 separate buildings). Commercial loan through Brian Presson at Bancorp South. 20% down 20 year am. 3.75%. Value-add - first 2 months improving the paint/decking/driveway/gutters/drainage/etc. Seeking to improve rents from $600/month each to approx $800/month each.

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

Opportunity for value-add. Improve units + grounds and bring rents up to market.

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

Emailed my property management company every month (for 18 months) on the same day with the same message......"Hey guys, just a friendly reminder - if you know of anyone who's selling, bring it to me first....." The deal wasn't perfect, but after 1.5 years of the same message, they actually brought me a property.

How did you finance this deal?

Commercial loan with Brian Presson at Bancorp South. 20% down 20 year am 3.75%. 2nd deal that I've done with him (5-unit purchased in 2020) - great guy who gets it done!

How did you add value to the deal?

Tree removal, gutter installation, drainage improvement, exterior paint, decking improvements + stain, driveway improvement, etc

What was the outcome?

I'll let you know :)

Lessons learned? Challenges?

This deal is the result of good relationships formed and value added over the course of 2 years.

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

Jeremiah Reynolds - Berkshire Hathaway

Check out Pam Beck with Geneva Financial. She's great to work with, understands investors and super responsive! She can do loans in TN, GA (and maybe other states?)