All Forum Posts by: Quincy Hall

@Quincy Hall Thanks everyone for your input and honesty opinions. I talked with the wife and we are going to buy them out. We already run and operate a 1bed 1 bath in the same area and we've been knocking it out the park without Evolve's assistance. We are going to drop Evolve after we buy them out and manage it ourselves.

Sometimes fear and uncertainty 😨 can make you miss out on a good thing.

@Jarrod Kohl Thanks for the info. If we decide to buy his half we will cut expenses by managing the property ourselves. We currently use Evolve and they take 10% just for using their platform. But the thought of this economic down turn is frightening for new comers.

Hello,

I currently share an STR with a buddy of mine. We purchased the property back in October 2021. It is located in Ellijay, Ga. Since then we have grossed 47k and it is currently booked all of June and July to make an additional 9k. With all of the recession talk going on my buddy wants to sell because he feels like people are going to stop traveling (HIGH GAS),and I was on the bandwagon too for awhile. However, my wife thinks we should keep it and just buy him out and continue operating. Your input please.

@George Blower Thanks, I know about the 401k loan plan that my employer provides because I used it before. I had to re-pay myself 5.75% interest with 5yr term. I used it to purchase a AC at my primary residence years ago. But the information you shared with me is valued.

Thanks

@Taylor L. I really appreciate the input. I didnt have a warm and fuzzy feeling about removing my 401k to invest with.

I recently had an investor tell me that i should deplete my 401k in order to purchase a property free and clear. He said that if i was to make that move i would need to be sure that realestate is what i want to use to retire with since i would be spending my retirement savings. He said that I could use realestate as a retirement plan or use my 401k and trust the stock market. Advice Please!!

@Cartus Aikens I been looking at the property tax auction also. The starting bid of a property is the amount of taxes owed. I know here in TN that once you win a property the prior owner has a year to pay the taxes. Therefore you can not rehab or rebuild on that property until the year is up. Another advantage of this is that if the old owner decides to pay the taxes and reclaim their property they have to repay you the price you paid for it plus 1% intrest for each month from the time you purchased it.

@Jim Meloche. I agree, I am in Chattanooga and I can't get an investment rate no better than 4.5. Maybe I should check out some of these online banks even though I would perfer to stay local.

@David Barnett

The whole Covit 19 scare has me a little gun shy on purchasing my second property. I am worried that I will not be able to find a good tenant who will not be affected by this crisis.

@Stephen Solano Does anyone use cash app for rent collections? My wife suggested that we use it but I wasn’t sure if that would be a good way to collect rent.