All Forum Posts by: John Crimmins

I’m looking at the Smokies now. Haves walked about 15 properties so far. 3-5 of these are all 20%+ Coc, 30%+ total return. I’m looking for the <500k price point though.

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Quote from @Leora Merrell:

My husband is a GC but we are doing our own projects. Sorry, it’s rough to get anyone out there. I’m semi-local (an hour away) and can’t even get someone to show up to help fix my road.
I don’t mean to be a Negative Nelly at all but it’s dang near impossible right now to find help. If we come across someone, I’ll post it. :)

No worries. I have someone who can help you with your road if you want to DM me for their contact.

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Knoxville, Tennessee

Quote from @Leslie Anne Morris:

The only company I have experience working with is Richardson Construction out in Townsend. They've done a roof for me and are my builder for my Wears Valley cabin. Can't speak to the build yet as it has barely gotten underway, but they did a great job on the roof and stuck to their bid and timeframe.

Thanks for the rec Leslie! I’ll give them a call and let them know you sent me.

1 Vote

Knoxville, Tennessee

Quote from @Leslie Anne Morris:

Quote from @John Crimmins:

Quote from @Michael Baum:

Hey @John Crimmins, so an SBA loan is for a operating business. You need to occupy the property at least 51% of the time.

Here are some good info - https://www.sbalenders.com/sba...

That's not a problem - and operating it as an STR is cleared with my lender. Thank you for the link!

I am curious if you'll share your lender. I am always looking to add to my lender line up for myself and clients.

I’d be happy to Leslie. Shoot me a DM and I’ll send you his contact!

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Quote from @Nathan Gesner:

Quote from @John Crimmins:

If I understand correctly, you want to borrow more so you can use your cash to borrow somewhere else? I don't know your numbers and can't say for sure, but I would avoid borrowing more than 80% on a property.

Or invest somewhere else.

Why avoid borrowing >80% on a property?

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Quote from @Nathan Gesner:

Quote from @John Crimmins:

Hey all, I'm considering an STR (my first) that requires a significant amount of rehab. About 100k. I'm wondering if I can fund 50-100k of this by using an SBA loan. Anyone ever done this before? Is it even possible?

Make certain the numbers work, then find someone to partner with that can put up the funds. You don't want to over-leverage yourself.

The numbers work well or I wouldn't even consider it. Let's also assume I have the funds but would rather use the cash elsewhere. Wondering if this is still possible? How long does it take to get funded?

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Quote from @Michael Baum:

Hey @John Crimmins, so an SBA loan is for a operating business. You need to occupy the property at least 51% of the time.

Here are some good info - https://www.sbalenders.com/sba...

That's not a problem - and operating it as an STR is cleared with my lender. Thank you for the link!

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Hi all, looking for recommendations for a good GC that delivers on time and on/under budget. Doing 50k+ in rehab and "cabinization" of a property in between PF/Gatlinburg. Please send your best!

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Knoxville, Tennessee

My alternative is using FHA 203(k) financing, which sounds great too.

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All Forum Posts by: John Crimmins

John Crimmins has started 14 posts and replied 55 times.

Post: Do people like losing money in the Smoky Mountains?

Post: Looking for General Contractor Rec's - Pigeon Forge/Gatlinburg

Post: Looking for General Contractor Rec's - Pigeon Forge/Gatlinburg

Post: Anyone used SBA Loans for setting up an STR?

Post: Anyone used SBA Loans for setting up an STR?

Post: Anyone used SBA Loans for setting up an STR?

Post: Anyone used SBA Loans for setting up an STR?

Post: Looking for General Contractor Rec's - Pigeon Forge/Gatlinburg

Post: Anyone used SBA Loans for setting up an STR?

Post: Anyone used SBA Loans for setting up an STR?