All Forum Posts by: Wendy Fate

We are newbies, but serious REIs looking to connect with a RE agent who can help us find deals in Northeast Tennesee, mainly the Tri-Cities area, Johnson City, Kingsport, Elizabethton, Bristol and Blountville.

We are searching for value add MF properties, from a duplex to 20 unit properties to begin.  Open to MHPs, as well.

We would also love referrals for a good local RE accountant and RE attorney.  We have some money of our own, but also appreciate referrals for local lenders, either bankers/investors, possibly even hard money.

Would like to connect if you attend any good meetups or REIAs nearby.

Thank you so much!

Wendy and Joe Fate

PS: (Is this the best way to connect? I sent a few PMs to locals, but wondered if this would work better.)

I know many of you are fans of Robert Kiyosaki, author of Rich Dad Poor Dad.  If you listen to his Rich Dad Radio Show, many of his recent guests are calling for a huge crash, "bigger than we have ever seen".  Kiyosaki himself said he pulled all of his investments out of the stock market a year ago in anticipation of this next huge crash.  Like us, he only buys low and sells high, or buys low and holds property for the long term.  What he is not doing is buying now when the market is high.  He is waiting to swoop in and buy up all of the real estate he can when the market crashes, like he did in 08-09.

We are still looking for deals and will buy now if we find a deep discount, but we pulled everything we had out of the market, as well.  We are holding onto it, in case they are right.  We hope to be in a good position to buy up rental properties when prices crash.  

Some of his advisors say this could happen as early as the end of 2016 or 2017, but most agree it will happen in the next year or two.  

We are just working hard to educate ourselves, build partnerships with brokers, RE attorneys, RE accountants, investors, etc.  We drive for dollars, talk to Realtors, study neighborhoods and watch the market.  And of course, read all that we can, including BP and their podcasts.

Our first REI deal!

Can anyone help us understand these numbers better? We used the BRRRR calculator, but to be honest, I don't know what to shoot for with some of them. I am not sure what would be a good deal, other than the 2% rule and the 50% rule. I am not even sure that the numbers I put in are exactly accurate. I had the basic hard data (property details and taxes), but had to guess on vacancy and financing options, etc. I have watched videos on BP, read articles to educate myself but still feel like I don't know how to analyze a deal.

The realtor says the owner would be willing to finance some or all, but we would pay for the rehab and refi in a year.  We do the rehab ourselves (this is what we currently do as a business, for other people).  We will do the property management, as well.

Thank you so much to anyone able to give input.

Wendy and Joe Fate

          Below is a link to our BP analysis report on this duplex in downtown Johnson City, TN:

Duplex downtown

My husband and I are just getting started in REI. We own our own business but would like to build a portfolio of properties and start collecting passive income. Right now we are only making money when we are working. We are in the commercial and residential maintenance, repair and remodeling business, but we would rather sub the work out and focus on finding REI deals.