All Forum Posts by: Spencer Tillman

I live in Chattanooga and am looking to explore refinancing my VA home loan with an IRRRL. We have a pretty high rate right now and would like to understand what my options are to reduce that, if at all.

Any and all recommendations are appreciated!

Hey Jared, I'd recommend Richard Sailors at Benchmark Home loans on Dayton Blvd. He's still serving and he's a lender specializing in VA. 423-991-8004 is his office number. He's good people.

Have a great one!

Spencer

0 Votes

Chattanooga, Tennessee

@Corbin H.

Sounds rough... maybe these tips will be useful!

Nonprofit Assistance

Research nonprofit organizations that offer financial assistance or grants for necessary home repairs. Local community organizations might also provide emergency funds.

Government Programs

Look into local government programs or grants designed to help property owners with essential infrastructure repairs. Some municipalities offer funds for emergency repairs.

Home Repair Loan Programs

Look into specific loans for home repairs offered by various lenders. These might have better terms than a general personal loan.

Negotiate with the Plumbing Company

Even if the plumbing company doesn’t initially offer a payment plan, try negotiating for a discount for cash payment or ask if they can provide any flexibility.

Good luck!

2 Votes

Tacoma, Washington

@Elijah Skinner

I agree with what others have said.... hack where you live.

BUT if you want to spread your wings a bit then I'd recommend at least take a quick peek at the Chattanooga TN market. We were recently voted "The Best Place to Live in Tennessee" by US News and World Report. Google "chattanooga tn city data rocket homes" for some stats on our housing market. Good cost of living, outdoor living, blah blah, you get the idea.

Best of luck sir!

Spencer

2 Votes

Quote from @Vivien H.:

Hi there,

I am currently looking for an investor friendly real estate agent in the Chattanooga area, who can help finding the property that fits best for me and my strategy. Recommendations are appreciated.

Thanks,
Vivien

Hi Vivien,

My team can help with whatever needs you may have. I'll send you a message with more details on us in case you are still interviewing local agents.

All the best,

Spencer

1 Vote

Chattanooga, Tennessee

Quote from @Robin Hopkins:

Hey everyone,

I'm working on getting my team together in the Chattanooga, TN area and am looking for a lender. I've done a couple successful BRRRR's in Florida but the seasoning period with the lender I was using there was 6 months. This obviously isn't ideal when trying to scale, what types of lenders should I try to connect with to get a shorter seasoning period?

Thanks in advance

Hey Robin,

I'll send you some lender names from the Chattanooga area to connect with that our team uses/recommends. Hope it helps! If you need anything else, feel free to reach out.

All the best,

Spencer

1 Vote

Chattanooga, Tennessee

Quote from @Jeff White:

I stumbled into my 1st deal when my parents' neighbors decided to move and preferred to sell off market. My primary house became my 1st rental and thankfully is a great, cash flowing single family 3/2.

But now I'm stuck! I'm in a fairly rural area (1 hr+ from Nashville or Chattanooga) and somewhat new here as well. I haven't really heard about investing in the area, haven't found any local realtors or lenders that are "investor friendly," and I'm not sure I have enough equity (or cash) to finance a brrrr (or similar project).

Any thoughts or observations would be welcome.

Thanks in advance to everyone on the bp forum. What a great community!

Jeff

Hi Jeff,

I'm slightly biased, but I believe the Chattanooga area is fantastic for investing. I've been here since early the 2000s and don't think I'll ever leave. If you'd like to make a connection with an "investor friendly realtor" then feel free to message anytime! Links in my bio or reach out thru BP.

All the best,

Spencer

1 Vote

Chattanooga, Tennessee

Quote from @Spencer Ruble:

Quote from @Spencer Tillman:

Quote from @Spencer Ruble:

Hey Spencer (great name!)

Renting this one vs selling and buying multiple rentals? Personally, I'd recommend multiple properties, but that all depends on your long term goals. Although if you are potentially moving in the next 3-6 months then that might not be the wisest strategy.

I'd agree with @Josh Bowser about renting for now and revisit this again in a year if you don't need the cash for ATL home.

Feel free to reach out if you want to discuss options.

Good luck with whatever decision you make!

Spencer

Hey Spencer! Great name indeed! Thank you for the advice.

I need to learn more about tax implications but since we would have been in the house for two years I think renting for 1-2 years and then making a decision is the move. Would be able to exit and avoid capital gains if I understand correctly.

Also, seems like houses are sitting on the market a little longer than they have right now in my area. Ton of new build neighborhoods going in which have increased supply.

I would definitely speak to a tax pro before finalizing any plans. A 1031 exchange (45 days to find another property, 180 days to close) might something to think about.

If I was in your shoes:

1. Rent it for a year. Look for multiple rentals to 1031 exchange into. More time to think. 45 days can sneak up on you.

2. Sell now and 1031 into ATL property. If not interested in building a portfolio.

3. Rent and hold forever.

I'm sure there are more. Rate drops are still supposedly coming this year also.

IIRC external links are a no-no in the forum so I'll message you a current Chatt market report so you can gauge numbers yourself.

Good luck!

Spencer

2 Votes

Chattanooga, Tennessee

Quote from @Spencer Ruble:

Hey Spencer (great name!)

I'd agree with @Josh Bowser about renting for now and revisit this again in a year if you don't need the cash for ATL home.

Feel free to reach out if you want to discuss options.

Good luck with whatever decision you make!

Spencer

0 Votes

Chattanooga, Tennessee

Hi Kasey,

I asked someone wiser than me and oversimplified their answer... Hopefully I didn't misquote them.

LLC: Liability protection and potential tax benefits. Higher interest rates.

Conventional: Easier qualification and interest rates. Less protection.

Personally, I'd reach out to a local attorney or cpa that specializes in RE for guidance. While the general principles regarding LLC ownership, asset protection, and taxation may apply universally, specific legal requirements, regulations, and tax implications can differ from state to state.

Good luck!

Spencer

1 Vote

Just my $.02

1. Market research - landlord friendly states, economic fluctuations, rental demand, risks, which investing strategy

2. Build a team for that market - realtor, lender, contractor, and property manager (realtor should have systems/vendors in place to make this happen)

3. Cash reserves - 'stuff happens'

Good luck!

Spencer

1 Vote

Los Angeles County, California

All Forum Posts by: Spencer Tillman

Spencer Tillman has started 2 posts and replied 27 times.

Post: Looking for lender in the area

Post: How to fund massive unexpected repair

Post: Best state for house hacking if you could move anywhere?

Post: Looking for an investor friendly real estate agent in CHA

Post: Shorter Seasoning Period?

Post: How do I get to my 2nd door?

Post: To Sell or to Rent

Post: To Sell or to Rent

Post: First Investment Property LLC vs Conventional Loan

Post: Is it all about the money?