All Forum Posts by: Rik Hunter

@Raul Mena There's really no need for an LLC at this time, but landlord insurance and/or an umbrella insurance policy may be a good idea to give you extra protection because of those other people living in your home.

My experience was buying duplex and living in one unit and rehabbing the entire building. It was cash-flowing from the start, even with the rent from just one unit. That's probably much harder to find today unless it needs lots of work like mine did. So, a tri- or quadplex is also a good idea. You still wouldn't need a LLC here, either.

Hi, Brian. I've got a duplex for sale that is turn-key in Hixson. I've had it for a decade and lived in it for several years while I fixed it up. Both sides rented—one on a month to month. Feel free to reach out if you're interested. 

I'm finishing up rehab on a SFH with a large backyard and saw that Chattanooga approved ADUs of up 700 sq. ft beginning in May 2022. I've got room for that, so I'm considering a cash-out refinance on the SFH to get my money out and use it towards building an apartment above a garage ADU. I think it'd be cheaper that getting another property to rehab. Has anyone done this or in the process of it?

Lots of BP podcast episodes concluding that this sort of corporate veil is easily pierced and that you can use an umbrella insurance policy for greater protection than without it. 

There was the OG BP podcast episode this April that walks us through various types of asset protection: 

Thanks! I have the book and was reading it in prep for tax season, so I'm sure I skipped that section. 

 First time I'm hearing about Opportunity Zones. Found a 2019 noogatoday story, but it looks outdated. Where can I learn more? I found:

https://www.sedev.org/opportun...

https://opportunitydb.com/fund...

https://noogatoday.6amcity.com...

@Dominic Santini, that's what I'm finding, too. On facebook/real estate rookie someone said to check with PenFed.

@Andrew Garcia, thanks! I'll look into the TN situation. I had no idea. Locally, it's only been primary and second homes.

I have got a duplex with a good amount of equity in it, and I'm rehabbing a live-in fix and flip/rent. I'd prefer the home equity loan and let my tenants pay for it (it would still cashflow), and I'd use some of the cash to pay off my rehab (currently on credit cards at 0%). The rest can towards the next property. 

Although I've seen some forum posts about this being possible, I haven't seen anyone report getting a HEL on an investment property. 

I haven't found a local lender (or even a national lender) who will do anything other than a commercial line of credit with an investment property, or they tell me to do a cash-out refinance.

I'd like to do a HEL, but I can't find anyone willing to do one on an investment property.