All Forum Posts by: Kyle Myers

@Jerome Depner, @Brett TerBeek my report on the Sevierville, TN area was a 15 page document that included things like # of active listings broken down by # of BRs, occupancy rates by month and # of BRs, annual and monthly revenue by size and percentile, revenue per available room, average daily rates, extra fees owners are charging, % or rentals that have certain amenities, and top 10 AirBNB rentals by # of BRs.  I learned about this from one of the BiggerPockets Podcasts.  

@Joe Kim you make some great point that investors should keep in mind when choosing properties/TK companies.  I recently purchased a TK property from Memphis Turnkey, a very reputable company, and everything so far has been great.  There are plenty of companies out there that will promise a 1.5% or more rent/price ratio, but they are just in it for the quick money.  The reputable places are in it for the long run and count on repeat investors and word of mouth to continue to grow their business. I think @Jonah Hillman  said it best in his post above. TK are great if you/the TK company does them right.  If anyone is interested in TK check out my 3-part blog on my journey into this REI strategy.

@Brett TerBeek spend $50 and get the AirDNA.co (not .com) report of the area.  There's great info that can help you before and after the purchase.  

@Mike D'Arrigo @Alex Craig ,

I just closed with Memphis Turnkey and couldn't be happier.  They've done every step along the way with complete professionalism and integrity.  I was confident I made a good buy until i got the inspection report back, and then became skeptical.  Memphis Turnkey fixed everything on the report and helped me feel at ease with the process. Their agents were very helpful in walking me through the process. The title company they chose to use on the other hand is a different story.  I hope they get more properties on the market soon, but to anyone looking for a company they can trust to invest with, without ever seeing the property, Memphis Turnkey is the turnkey company for you. PM me if you have any more questions or check out my blog that describes the process I went through to get the first one under my belt. https://www.biggerpockets.com/blogs/8313-my-journe...

Looking for locally recommended lenders in the Asheville / Morganton / Lake James, North Carolina area.  More specifically, we're looking for one that does piggy-back, 80/10/10s.  

Thanks, everyone. @Erin Featherstone I think for now I'm going to leave it alone and start becoming creative. Even though I plan on "retiring" at 42,  @Daniel Chang got me thinking about what will most likely happen. I will probably find something I enjoy doing part time in my 40s-50s to supplement my income, but at 60-on I most likely won't have any additional income. The IRA will be a good way to make that gap up.

@Dmitriy Fomichenko It is a Roth sorry.  I know all the rules, looking for what to do in this particular situation.

@Mark Nolan I completely understand your point, but we are looking for our "cash cow" when we are 42 (17 years too early for the IRA) and to get the ball rolling early I'd like to use the cash in my IRA. Does that change your view on things, or is the a never ever thing for you"

Should I say goodbye to my IRA?

Details: I'm currently 30 (no kids) and my wife and I plan on retiring with a decent "pension" at 42. To maintain our standard of living and travel the world like we want, we will need to supplement our income however. I've already started purchasing real estate, but I'm interested in purchasing my next buy and hold REI, and most of my cash is tied up in my IRA. Since we will need extra cash flow when we are 42 and not 59.5, I'm considering cashing out my IRA.

Option 1: Cash it all out and use it all for REI paying taxes and penalties on any gains.

Option 2: Cash out only my contributions to avoid the taxes and fees.

Option 3: Leave it alone/do a self-directed IRA and find money for your goals elsewhere.

BP experts, please let me know your thoughts. 

BP landlord experts I need your advice,

I'm in the process of closing on a turnkey and they've been awesome ensuring everything on the inspection is fixed before we close.  However, the inspector mentioned that he "recommended" installing gutters on the back of the house, and this is the only thing the turnkey company didn't agree with.  Their rationale is that older (built in 1962) houses were designed without gutters so there isn't the big need for them.  Further, the added cost of maintaining them and the risk of making your tenant get on a ladder to maintain them is not worth it.  My concern is erosion of the siding, the lawn, and possibly the foundation. Thoughts?

-Kyle

@Matt Ashton