All Forum Posts by: Allan Smith

assignment of contract, correct? The deposit is applied to his $21,5k offer. Buyer pays $20k at closing plus whatever his closing costs are per the contract.

It sounds like buyer is either not very experienced or is taking advantage of you by trying to get a couple more dollars.

I definitely would not have given a $500 credit. Also, for future deals, set a minimum wholesale fee standard for yourself. I recommend $5k.

+1 for cozy. They make money on the credit and background check fees.

@Aaron Sjostrand Nashville, TN requires that you have a permit if you do short term rentals. That's probably not going to affect you, but you did ask.

I couldn't find a thread about flooring in this type of rental, sorry if it's redundant. Hoping for some vet landlord input here.

What is the most bang for the buck? I know carpet is cheap, but then I replace it in between each tenant swap. Luxury vinyl plank LVP might be good, but is it over-improving for the area? The rent comps seem to have a mixture of carpet and wood-looking flooring. I can't get a good read on those.

For what it's worth, I'm leaning towards LVP throughout the whole place. Plan B would be carpet on stairs/bedrooms and LVP everywhere else.

Thank you gentlemen! I should be able to get something figured out with this info!

Hey landlords in Nashville or Tennessee (TN)! I've read many articles and poured over the landlord act and I cannot get a definite answer on this dilemma. Any help is much appreciated!

Tenant was on a month to month lease, gave 30 days, and vacated. All rent is current. A likely inoperable truck was left, and a few other small possessions. The TN code is clear on what do to with possessions when tenant abandons property, but this tenant did not abandon. 

What do I do? Can I just have the truck towed away and let them get something in the mail on how to claim it? I'm fairly certain they do not want it. Thanks!!

I'm in the same boat as well. Feels good to hear similar feedback from so many investors.

My family continues to make comments about finding a new job and so on. They think very differently from me and are very risk-adverse.

I just try not to talk about it, except for the success stories as they come along, big or small. They'll come around as you tell them about more and more deals you did and made money.

I used TN Title a couple weeks ago and we are still waiting for them to finish their work. I'm sure Trey is smart, but his team is a circus. It's been very difficult to get anything accomplished and I would advise against giving them a try.

I don't know if they do double closings, but Brokers Escrow has been pretty consistent.

TN Title is a circus, I'd stay away from them. I would gladly pay any title company double what I paid them if I can get thru a closing smoothly. They've dropped the ball on so much, and we are behind schedule because of it. And they don't respond to email.

@Jason Jones You pretty much got it. Key term here is Balance Transfer. Whatever the process is for each credit card, that's what you do. Most of them you just write the BT check out to yourself and deposit it in your checking. Then it's 3% of the amount, plus any interest that accrues, which, should be zero since you'll shoot for a promo period.