All Forum Posts by: Kennith Osborne

@Reggie Rearden

If the problem tenant has threatened another tenant with a gun ask the police to go in with you for your own protection.

Additionally if something illegal is in the room the cop can take care of it on the spot and testify at the next eviction hearing.

All the HOAs are trying to stop a bill that would prevent them from enacting rules against rental properties.

Tennessee bill SB1429 amendment:

http://www.capitol.tn.gov/Bill...

If this passes you would no longer have to worry about removing tenets because of an HOA and losing an investment property.

I am hoping to get started in real estate by possibly buying tax liens in Tennessee.

I would like advice on the risks/rewards of doing so in Tennessee.

Any knowledge you can share would be appreciated.

Thanks

Thanks for sharing. I have been looking into this for awhile and almost bought my first vacation rental in March but found out the retaining walls need to be replaced.

Stories like yours encourage me to keep looking.

@Joel Baker I passed on the cabin after finding out it needed 2 retaining walls. These would of cost between $20,000 to $30,000 each. That would of taken my entire gross for two years and left a bad taste to say the least. I am still hoping to invest in vacation rentals or home rentals in the future. 

I highly recommend

http://www.anniemaloney.com/

Annie and her husband are very helpful. They hooked me up with a loan agent and insurance agent that are familiar with vacation rentals. Their website list the gross income for year one and year two of each property. 

Do you have any properties yet?

@Luke Carl You know you just basically admitted she is right about everything ;) 

But hey this is the kind of information I need so I appreciate it.

I will check out the forum.

Thanks

@Jeff Piscioniere I do not mind writing the checks. I use to do books for several companies. I just like for customers to see their money is going to the state not the owner. My agent says I can expect about 13% for state, local and bed taxes. She recommended talking to a CPA for exact numbers.

After talking with you might Real Estate agent and you I am going to forgo the management company.

@Avery Carl thank you so much! It helps being able to talk with someone in the area in the same business as I try to get started. I will PM you and your husband later on.

@Luke Carl thank you as well. 

I have been looking at the income estimates and expenses on the property to see how it is going to work out. The cabin has not been stained since at least 2004. My realtor says it can cost between $3k- $5 to have it done. Not sure about the how much down time it will take to have it stained.

How much can I expect for credit card expenses?

Thanks everyone for your help.

@Andrew Johnson

The current owner is managing the property on his own with VRBO.com.

I am considering doing the same to keep the management fees and payoff the property quicker. While they offer the ability to add cleaning fees I have not seen the ability to add taxes and fees collected by the state and local government. 

VRMO is about the only company I have found so far that does projections on rental properties. If you know of another company that does feel free to let me know.

Thanks for everyone's help/