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All Forum Posts by: Tommy Parker

Tommy Parker has started 3 posts and replied 258 times.

Post: Favorite paint colors for rentals?

Tommy ParkerPosted
  • Property Manager
  • Charlotte, NC
  • Posts 269
  • Votes 133

Neutral colors. 

- Off white

- Grey

- Tan

Post: What's your WHY?

Tommy ParkerPosted
  • Property Manager
  • Charlotte, NC
  • Posts 269
  • Votes 133

Love this question! Hearing everyone's answers is always motivating. Main throughline, Financial Freedom. 

For me, I wanted to create generational wealth for my family. I really hated the 9-5 lifestyle and couldn't imagine being held to that way of life (nothing wrong with others who are in that situation btw). The freedom and learning that I constantly get from doing this have given me hope every day that I get up. 

Post: Property Management/Manager Recommendations ?

Tommy ParkerPosted
  • Property Manager
  • Charlotte, NC
  • Posts 269
  • Votes 133

I would use a property management software that would fairly fit your size. I go with Innago which is free to use and easy to use. I've had my fair share of issues with property management companies. Best of luck! 

Post: Feedback on RentRedi

Tommy ParkerPosted
  • Property Manager
  • Charlotte, NC
  • Posts 269
  • Votes 133

Haven't had much experience with RentRedi but I heard that it was free through Bigger pockets. I've used Innago which is free and have had nothing but a great experience. Sometimes I've had issues but as every software there are hiccups.

Post: Rental Accounting Question

Tommy ParkerPosted
  • Property Manager
  • Charlotte, NC
  • Posts 269
  • Votes 133

So I use Innago for my management needs and link it with Quickbooks for accounting. This works great for me!

Post: Buying My First Rental Property

Tommy ParkerPosted
  • Property Manager
  • Charlotte, NC
  • Posts 269
  • Votes 133

Like others mentioned, no wrong way. I find that house hacking is the best way to go about this. You will be on the property and will be able to handle any things that go on in the property. Best of luck!

Post: What side hustles have you done?

Tommy ParkerPosted
  • Property Manager
  • Charlotte, NC
  • Posts 269
  • Votes 133

Outside of real estate, my other passion is graphic design! I design logos, booklets, and some merch for some colleagues, and although it's not consistent income it's helpful on top of my 9-5. 

Post: Use your own Life Insurance Policy to invest in real estate?

Tommy ParkerPosted
  • Property Manager
  • Charlotte, NC
  • Posts 269
  • Votes 133

No don't do it. Please run the numbers first before considering. I've heard people do it and it go well but feels risky to me. 

Post: Paying off rentals

Tommy ParkerPosted
  • Property Manager
  • Charlotte, NC
  • Posts 269
  • Votes 133
Quote from @James York:

Who is an advocate for paying off their rentals and just enjoying the cash flow? I’m fully aware of the down sides of this, but thinking it could be a better fit for what I want out of life.  I’ve also recently spoken with a very successful commercial investor who doesn’t carry any debt because of his experiences during the great financial crisis. Looking for feedback from people who have done it or are working toward it. I know this slows growth, eliminated leverage and all that, this is an alternative idea that is equally valuable to the investor looking for a more passive income. 


 It definitely depends on your situation. For me, the main thing right now is leveraging the debt I have. Best of luck!

Post: What sites do you all use for your listings?

Tommy ParkerPosted
  • Property Manager
  • Charlotte, NC
  • Posts 269
  • Votes 133

I use Zillow!