All Forum Posts by: Mark Fletcher

@Paul Shannon that is great to know. Thanks

@Paul Shannon thanks for the info. Spoke with a local investor that paid 8.5k for a cost seg on a 20 unit complex. Was able to depreciate 192k of his 700k cost basis in year 1. Curious as to how the cost of the cost segregation compares for multiple properties if you don’t mind to share.

Has anyone done a cost segregation on a rental property since the 100% bonus depreciation became allowable in 2018? If so, what percentage of the purchase price were you able to depreciate in year 1? How much did the cost segregation study cost?

Click Link Below For Full Details on this Great Apartment Complex Deal

https://www.elevationpropertyj...

Property is located near: Elizabethton Johnson City Bristol Kingsport Knoxville Morristown Gatlingburg Pigeon Forge Sevierville Chattanooga TN Tennessee Asheville Charlotte Winston-Salem Greensboro NC North Carolina Roanoke VA Virginia

I am seeking another capital partner for fix and flip projects. I currently have a great relationship in place with one partner and plan to continue that longterm. It has gone perfectly. That said, I need more capital to take on more projects. There are plenty of deals and I have plenty of contractors. Contact me if you have an interest in discussing this opportunity further. Just need someone to buy the house and fund the repairs, I will do the rest. 

Just completed this one: https://www.facebook.com/10993...

Mark Fletcher

Elevation Property Group LLC

Mark@elevationpropertyjc.com

Cell: 423-341-7964

Johnson City TN 

I'm in Johnson City. Just bought my first rental back in May. 54k purchase price and 10k repairs. It's a 4/3 1,800 sf near the university. Got it rented out at $1,500 before I started the repairs. If you want to go the SFH route, anything near the college cashflows very solid. For anyting between 3 and 5 bedrooms, I use $375 per bedroom to estimate the rent. Just put a 2nd property under contract that I'm planning to flip. It's a 3/2 1,600 sf at 83k and in way better shape that the other. Both were off market deals. I also do some wholesaling.

Thanks @Matt Hurley & @Kevin Romines. Good advice, particularly checking with the attorney; think that in particular is going to lead to good things. 

@Joe Prillaman are you utilizing any funds from private investors? If so how are you establishing these relationships?

I purchased my first rental 3 weeks ago with only 2k down and owner financed the rest. Trying to figure out how to do that on a 2nd property. Any other low money down techniques you have figured out? Both properties are / will be purchased at 75% or less of Tax Appraisal which is typically much less than ARV so I am in them good.

How are you guys marketing to find private individuals that are simply looking for a good return on their money?

I know of a couple local fix and flip companies that are using money from private individuals to fund their deals. I have friends I could reach out to, but I just really would prefer not to exploit those relationships. I think I’m persistent enough to get it done otherwise. I already have a rental that is an owner finance. I understand the mechanics and have an attorney that is already doing these deal for others. Thanks in advance for any advice.

Pictures: https://www.biggerpockets.com/real-estate-listings...

1206 Shelby Ave Johnson City TN 37604

3 bed / 1 bath 938 SF

Asking: $76,500 (includes assignment fee)

Estimated Rent: $1,000/month

Repairs: $5,000

Property is currently occupied by tenants that will be moving out.

Metal Roof is approximately 5 years old. New compressor installed in the HVAC system approximately 1 year ago. Plumbing updated appoximately 10 years ago; no galvanized piping.

Main repairs needed to prepare for rental appear to be new carpet and paint.

All info deemed reliable but not guaranteed. Buyer to do own due dilgence.

Wholesale Assignment, Terms of Contract:

- Buyer pays closing costs

- $1,000 non-refundable deposit required with assignment of contract

Contact me if interested.

Mark Fletcher

Sell My House Fast Johnson City LLC

Cell: (423) 341-7964

Mark@sellmyhousefastjohnsoncity.com

Near asheville kingsport Jonesborough Elizabethton Greeneville Knoxville bristol