All Forum Posts by: Kelly Rastatter

Would BRRR rehab and rent strategy still be considered passive income?

Check out Mark Kohler for legal advice on your entity structure. He has a team that can handle every state. 

Why Nashville and surrounding? Do you have ties here?

I agree with @Mallie Messri on the tax side. On the landlord side, check into the eviction process. Although I mostly invest in TN so far, GA is more landlord-friendly. 

Welcome! It's a great idea to start with episode 1 of the podcast here and work your way forward. In the earlier episodes, they aren't as podcast savvy but they are also learning so they ask a lot of great questions of the guests. House hacking isn't for everyone. I wish I had started that way but once you own your house and have a family, it's harder to go back to semi apartment style living. If I could do it over, that's where I'd start. I didn't though. What's your goal? Flips, rentals, commercial, retail, warehousing, wholesaling? Where to start definitely needs to align with your end goals. Networking in our area is absolutely necessary for success, in my opinion. Congrats on being debt free and moving into the next phase of wealth building!

Welcome! I'll be posting the next meetup for July if we don't end up back in quarantine like Memphis! We do chat on zoom every Monday. Let me know if there's anything I can help with in the meantime.

There's a few more things to consider but one is that you will also have costs associated with closing the new loan AND you will need to pay the difference between what you have financed currently (100% - principal paydown) and what you are able to refinance (not 100%). How long ago did you purchase? I would not forfeit that down payment assistance forgiveness unless I had to.

I have to agree with the others here. I will not invest in that area because of high crime and gang activity. I am not an agent, just another local investor so I can be completely honest. I would stay away from Avondale and Bushtown at all costs. There may be a day for that area in the future but it isn't any time soon in my opinion. Let me know if I can help in any way.

February Investor Happy Hour Meetup for Chattanooga is posted!

https://www.biggerpockets.com/forums/521/topics/808933-february-chattanooga-investors-happy-hour

*Announcing the February Chattanooga Investors Happy Hour!

***We regularly have 30-40 people show up but they do not typically RSVP here. They are all on FB instead. See you there!

Thursday, February 27th, from 5PM - 9PM- we'll meet at Puckett's located at 2 W Aquarium Way in Chattanooga. Kelly will be there at 5:00 pm to meet folks.

As always, this event is a casual, relaxed, no sales and no agenda - it's simply a gathering of area investors. This event has been a lot of fun and extremely helpful - looking forward to seeing everyone again and meeting some new folks!

Where: Ask for the Private room.

Parking: They have free parking on the street after 6 and paid lots right outside the building. Use Park Me Lot Search

Note: Normally, this event is normally every 4th Thursday of the month

We have the event listed on FB also

**To continue to have this meetup with no charge, please always tip your server (even if you don't partake from the menu).
See you there!

Congrats and welcome to Chattanooga!

From the projects you listed, you will probably be closer to $30k than $20k assuming you can find a great but inexpensive contractor. There are some HML that will fund the rehab if you are funding the initial purchase or they will fund the whole thing. You may also be able to get no interest for several months using Home Depot and Lowe's cards but that generally won't cover labor.

How are you funding the initial purchase? Are you planning a refinance after the rehab?