All Forum Posts by: Ryan Cummings

Hey everyone,

I've been consuming BP content (podcast, audio books, the forum, etc.) for the better part of 5 or 6 years. Between job transitions, grad school, money tied up in other business ventures, and the rising interest rates, my real estate investing pursuits were pushed to the side. I'm finally in a place where I am ready to get the ball rolling. 

I'm in Nashville but looking at more price-accessible markets, like Memphis. We have a good amount of equity in our home and currently have a $140k HELOC on it with a local bank. I'm wanting to get started by putting our HELOC to work - either doing a BRRRR or a flip. For my first property, is that too much of a headache? I'd love to have a mentor who could partner with me and show me the ropes. Last thing I'd want to do is rush into a property, miss red flags, and end up getting in a bad situation.

Is a rehab in a C class neighborhood (which is what it would likely be) a bad idea for my first property? Most of the stuff I'm looking at are SFH in the $75-100k range with $10-$30k worth of rehab. I do have a contact or two with some investor/agents in Memphis and get sent properties and can refer contractors and such. But I'd love to hear what others would do in my situation.

 Thanks Luka, I'll have a chat with First Citizens Bank and see what options are available to me. 

 Thanks for the advice Reid, I'll definitely look into the rate/term refi option!

I just moved to Nashville a couple months ago and am looking to get started in my investment journey. We have a sizeable amount of equity in our home and I'm looking at setting up a HELOC to have easy access to funds to acquire some distressed properties and do the BRRRR strategy - so ideally I would be able to pay off any borrowed HELOC funds within 6 months or less.

Any recommendations for where to go to find the best terms/service for this investment strategy?

I'm wanting to invest in a vacation rental near Orlando with some family members, likely in Kissimmee or Davenport. Do any of you have recommendations of realtors who have an in-depth knowledge and experience in the Orlando STR market?

Any recommendations for a contractor in Memphis? I'm in contact with someone whose mother passed away a couple months ago, she is inheriting her mother's home that is now facing foreclosure in a few weeks. I'm not in the Memphis market and I'm wanting to connect a contractor with her to go walk the property and quote rehab costs. 

Any suggestions? Feel free to PM me, thanks!

Thanks @Mike Shemp, that's some good information. I appreciate it!

That's awesome! How did you find this property?

Thanks for the responses everyone! Very helpful to hear your personal experiences and insights. 

I've been looking at short term rentals in a few different markets. Not quite ready to pull the trigger, but will be in the next 5 or 6 months. I was initially interested in buying a 1bd/1ba condo near downtown Nashville, but as I ran the numbers it didn't look like avg nightly rates justify the investment. It looks like serious cash flow is made once you get up near or above the $300/night ballpark, meaning it requires around a 3bd/3ba or bigger type of property. 

Is my conclusion correct? What are your different criteria for a property when looking at an STR investment?