All Forum Posts by: Adam Johnson

Yeah @Adam Johnson. If the owner won't budge on the wiring or the possible foundation issues, then maybe a pass is indicated. The only reason to move forward if it is already well under market on price. If it is market value and he won't negotiate on the issues then I would move on.

To rewire a place would probably be in the 15k range but that is hard to say as regional costs vary a lot.

Also, you should be able to take advantage of the FHA 3% down financing if you owner occupy. Check with your lender.

That’s my thoughts on it. It was a nice set up for what I was going to use it for but for the amount of money that would’ve gone into it with no leniency from the owner. I’ve passed on the deal and looking for the next now.

I've considered FHA but I may just go with 5% down conventional depending on the deal since I know FHA can be a bit more harsh with guidelines

0 Votes

Nashville, Tennessee

Quote from @Michael Baum:

I seriously doubt it has aluminum wiring if built in 1945. You are right on the cusp of knob & tube vs 2 pole early Romex. Aluminum wiring really took off in the mid 60's.

If it has never been touched, you will need to do a full rewire of the house IMHO. 100 amp panel per side or ?

Dumping money isn't always a problem if you get the credit for the costs during negotiations.

Did you check to see if STR's are even legal in your area? Nashville has a lot of restrictions.

https://www.nashville.gov/depa...

I’m not sure I’ll move forward with it as the owner isn’t partial to negotiating much about the issue.

I did check codes before doing anything and because it would have been owner occupied, permitting would’ve been a breeze.

0 Votes

Nashville, Tennessee

Hello all!

First post and first investment so please go easy on me! haha

I'm 23 and looking at an older home in Nashville that is an older (1945) duplex. My plan is to live in one unit and use the other unit as an STR. The home has some older wiring and came back with a lot a things on the inspection such as small cracks in the block and stone at the foundation.

I'm buying this as both a primary residence and a STR so I don't want to end up in something that I'm way in over my head and end up having to dump a ton of money into.
Should these things be a concern for being allowed to STR this property or could I be over reacting to these matters?

1 Vote

Nashville, Tennessee

All Forum Posts by: Adam Johnson

Adam Johnson has started 1 posts and replied 3 times.

Post: Older dupex as Owner-Occupied STR

Post: Older dupex as Owner-Occupied STR

Post: Older dupex as Owner-Occupied STR