All Forum Posts by: Luke Holcomb

@Edwin Fisher, Lets get together again. I was able to talk to @Daniel Lucas. He seems to have a pretty good idea of what he is looking for. There seems to be a surge in people from Chattanooga getting on Bigger Pockets. We should shoot for a meet up again. What do you think? 

@Thomas DeMoss

@Jake Kellerhals

@Jimmy Moncrief

@Daniel Lucas, I just sent you a PM, Give me a buzz if you like. 

Good luck!

@Hadyn Hausler, I am in Chattanooga as well. Feel free to give me a buzz if you would like to get together and talk about RE. Also The local REIA is starting a Real Estate 101 in Jan. It will go over the basics and you'll have the chance to meet a lot of local active investors. PM me your email if you would like info on it.

     @Thomas DeMoss is a great Resource too, he is very active in the Hixson area, although word on the street is that he is starting to consider thinking about pondering going south of the river to find deals ;) 

take care and best of luck,

   -Luke

@Josh Martinez I am in TN as well (I know Edwin... good guy). If you are interested in Chattanooga, Edwin or I could show you around (I am volunteering him w/o permission). Either way, I like your goals. I developed a financial model to look at the what, how, and under what terms RE goals can be realized, If you haven't had someone look at that yet, I'd be glad to share. Good luck in the meantime. 

-Luke

@KANE WHITESIDE I would talk to @Jimmy Moncrief, he is a local portfolio lender and loves making loans. There are other portfolio lenders in town, any small/ local bank will have one. Being self employed is less of an issue as they are not securitizing and selling their loans (this is why you run into strict guidelines with larger banks). The big deal with being self employed is that they are going to look at your past 2-3 years of tax returns. Being a small business owner, they will look smaller than they actually are. But, these guys understand this and are equipped to deal with it. 

happy hunting! 

 -Luke

I would do both. Getting accustomed to marketing for and analyzing deals is one of the best things for a beginner. I would focus on where you are currently to make sure you have a good grasp of the process (Making some extra cash doesn't hurt). I would also start marketing in your future home 2 months or so before the move to make sure there are opportunities at hand when you get there. Local knowledge will be huge too. This may mean that a partner/mentor will be important Good luck!

Most is a place that you can find deals but not a place to rely on finding deals. PM me and I'd love to tell you about where I find deals. The short of it would be: direct mail marketing, wholesalers, the REIA, and property management firms. Good luck and let us know if we can help. BTW- a realtor is economically incentivized in you paying more...

Hey @Sherman Leach, 

Welcome to BP! I do flips and buy and holds in Chattanooga, Would love to meet up if you are interested and have time. If @Edwin Fisher, says you're good, you must be a good guy to know!

-Luke

@Darin M. absolutely! PM me if you'd like to meet up or get on the phone!

@Brent Coombs hahaha! If only it was that easy. It's still risk. If I raise money and buy a property, I'm on the hook for the bottom line, and have to actively manage it (even if that is managing the property manager you still have to escrow funds, make sure everything is going as it should). 

If you are investing in a note, you just make sure the check comes every month and it's written for correct amount. 

You also go through the work of finding a property, doing the due diligence and putting together the deal. We actively market and expect to vet at least 30 deals for every deal we try to close... 

I'm happy with that arrangement, Our investors seem to be happy too.