All Forum Posts by: Wes Harrington

I can say I personally have not looked at much of the migration data, that being said, just today, three moving companies have all told me a similar story.  We happen to be relocating family members to the East Coast with house closing date in 2 weeks!  One full service company said they have been booked solid for the past 5 months with next available in 4 weeks ( not good ).  Second company is a "You pack" type deal, we were told 3 weeks out. They currently have had an average of 7 moving trucks leaving for every 1 truck moving in. Cost of this is also being passed along to the mover. What was going to be a $4000 move is now $6900. The third told us similar story to the second.  Who knows. I know our part of TN has seen an unprecedented influx over the past 1 year.

To second what @Brian Levredge, @Account Closed have said, there are lots of economic engines that have come and continue to come to this area for reasons stated above. We oddly enough moved back from SoCal 3 yrs ago as well bc of the growing infrastructure in the area, affordable housing (when compared to our old backyards - Inland Empire/Orlando), reasonable drive to the MTNs/Beach, ~1-2 hr drive to larger cities/airports, and just frankly the beautiful landscape of the Tennessee valley!  When consider where we are geographically, we are at the center of the southeast triad between the the Nashville, Memphis, and Knoxville markets,...we are the flux capacitor of the South.  The mix of people continues to grow as more out of town businesses/opportunities land here.  The airport here is actively in process for expansion to allow more "single hub" flight connections. VW is building its 2nd massive line here for EV vehicles. Just south of us over the GA border, Commerce GA is cleared for its US based plant to build EV batteries (SK Group, largest Korean battery company for Li-ion's).  Maybe we cant be Silicon valley, but.....EV Valley?!?   EPB (electric power board- electric co) has done a fantastic job with creating one of/if not the best fiber optic networks in the world, the infrastructure for more tech based companies has and continues to be laid here.  Just a few of the reasons we like the area!

@James Rowe, whats up man?! I didnt realize you were looking into REI! So you can ultimately do what you want with family, but I have always found it difficult to approach a family member with a contract. Can it be done, should it be done - yeah, the reality of that implementation has not worked well for us (we did try). For us, my brother in law ended up with us for months longer than we ever wanted for a myriad of reasons. That being said, we did not have him move in with a specific purpose in mind. Would love to hear if you are able to implement this well. Also, would love to connect. We are in Ooltewah. My contact info in on my page.

-Wes

@Matthew Forrest, definitely appreciate the feedback. Its good to hear others thoughts on the matter.  I agree completely about "cheap money" . Another thing for us is, "do we really want others on our property for liability sake as well as with young kids?"   We are going to continue with investment properties and get our cash flow from that instead of the personal home site. Thanks again

So I have been tossing the idea of building a reasonably sized additional dwelling unit (ADU) next to our primary residence for a little while now. The reason for doing so would be multi faceted; largely to house additional family when they come in town, possibly help to speed the pay-down of the overall mortgage (even though we would be taking a HELOC to partially fund the new ADU), and selfishly have been considering a pool with the idea that we could ultimately offset some of the monthly cost from the income generated by the ADU via AirBnB or long term rental.

We have plenty of space on our current land for the building/pool (if it happens). We would be well within what the neighborhood supports both home size of primary with ADU and amenities. No HOA situation. For the sake of numbers, we are looking at a building ~500-700 sqft, built at $120/sqft. ($60-85k). Unit could easily be rented out for $800/mo on LTR, 1.5-1.75x for STR.

We are not dead set on this idea just something we had been tossing around, but our goal is to make a move closer to the goal of quicker home payoff.  I want to know if my thinking has gone as wild as the market!  I am interested in pitfalls of this idea, other associated costs, opportunity costs, etc.

 I welcome all thoughts.

Thanks

$36k on SFR purchase. $6k rehab. Rented out for 9 months 750/mo. Sold 14 months later for $75k. Nothing major, but will take all day long.

Thats fantastic man! We have made leaps over where we were at 3 years ago (without any property), but to say the least, have not purchased a velocity that I know have been capable of. I love hearing details like these.  Should be exciting once the business is sold! Solid work man, best of luck this coming year, cheers!

@Lisa Hoover great points Lisa, we do something very similar with our applications/placement process.  Also, just as an add on to what others have been saying, we usually cluster appointments not only bc of creating urgency and competition, but as a bit of safety aspect.  Cheers

@Jeff Kehl, sending PM regarding Rome property.

@Nathan Gesner fantastic write up man!  I would consider myself an average guy who works hard, hustles, works a full time job, operates a full time family, and started investing in RE mid 2017. Some things went well, some did not.  I feel like just keeping focused on the goal, which for us was acquire 5 properties our first year, is the single easiest and most difficult thing to do especially when stuff is hitting the fan.  

Shiny object syndrome is something that has always plagued me.  We all want to go after whatever it is we believe to be the faster, better, easier route and I can only speak from my experience,........that has not always worked out.  I know what I am good at and I know what I am not.  I know that its an ever learning process and even though we have not reached financial independence, I do believe its a very worthwhile en devour.  

Not to mention its fun!