All Forum Posts by: Kenny Pyatt

My Grandmother recently passed away and the house passed to my mother and her sisters.  The home is located in St. Charles, MO.  It was built in 1959 and hasn't had any major updates (original kitchen, bathrooms, siding, electrical).  Grandma was also a mild hoarder (basement and one bedroom).  I'm looking for a realtor that would be willing to walk the house and give advice on what updates we should do before the home is sold.  I have experience renting and flipping but I know nothing about Missouri Real Estate.  We need an agent to assist us through the process.

We are in town today and tomorrow so it would be awesome if there was someone that could meet us at the home.

Thanks in advance,

Kenny

Is the rule that I have to license if I do more than 5 loans or is that the rule if I do just a single loan?

I searched for this on the forums and saw a ton of older discussions but didn't see anything specific to Tennessee.  I have a very close friend that has been flipping houses.  I recently sold some property and have some cash.  He's asked if I'd be interested in giving him a short term private money loan on one of his flips.  I'd love to help my friend and make a little money but I'm lost in Google search results that are close-to-but-not-exactly my situation.  I don't want to break the law but it's pretty complicated so I'm coming to the experts of BP.

Can an unaccredited investor originate a loan with their own money on a residential property (under 5 units) that is vacant and will remain "non-owner" occupied during the entire loan term while the house is rehabed/flipped in the state of Tennessee?

I'd hire an attorney to draft everything up contract wise but I'm looking to see if it's even worth my time to do so.  Thanks in advance.

@Victor Jernigan  Unfortunately, I can't but I will do my best to be there in October.

@Robert Smith

Thanks Robert!  I responded to your PM.

@Mykael Williamson

Thanks for reaching out.

Nashville is a hot market right now. I've just finished selling off my SFH rentals. The last one had a full price offer + closing costs within 4 hours of listing. Great times.

I'm not exclusively looking in Knoxville but it is my current top choice.  It's about a two-hour drive from my house.  It looks like there are a lot of smaller multi-family properties along the I-40 corridor that would fit my price range/return targets.  It's not a fast growing area but it is a steady growth area.  My goal is to do a few smaller deals (5 to 20 units) to learn the good, bad and ugly of multi-family before I start accepting money from friends and family.

@Leo K.

I've made a spreadsheet with 20 property managers in the area.  Planning to go to Knoxville at the end of September/early October to meet with my top 5.  I've whittled the list down to 10 so far.

I'm new to the BP forums but it looks like you can send me a PM and we could work out a time to connect.

@Ryan Duffy

I live in Franklin, PM me and let's see if we can connect.

from Nashville, Tennessee

My name is Kenny Pyatt.  My background is in technology (first as a programmer and now as manager) and my wife's background is in finance and accounting.  She has worked for a few different local/regional property management companies in their accounting departments.  

We've invested in a few single family rentals to learn the ropes and get our start.  We are now at the point we'd like to move into small multi-family.  We live in Nashville, TN but are looking to invest in the Knoxville, TN market.  

Our goal is to do our first small multi-family deal.

I found BP a few years ago but didn't really get focused until we were financially ready to take this next step.  I've listened to all of the Podcasts over the last 9 months or so.

Really excited to be here and get more active in the forums.