All Forum Posts by: Allan Smith

If it is rural you will probably need 25% down. And then it's just a matter of going through the usual steps. Get to know your variables like construction cost and values and rent amounts. Then put in The Sweat Equity looking for deals. Make sure the zoning aligns with what you want to do.

Start with house hacking. Reduces your living costs a ton. Will Accelerate whatever you do after that.

I love the sudden beef or rivalry coming out of NOWHERE in this thread 😄 

Best thing you can do really is to get quotes from people. Are you talking about subbing it out to all the different trades yourself? That's a little bit Advanced but that's how I started as well. It doesn't take long to get a feel for what the pricing is on stuff. Like putting in flooring is probably 1.50 to $2 a square foot for labor, and you can start to learn all these rules of thumb for all the trades.

 I would love that too, but at least in my market that only means prices will go up quicker again and the numbers still won't work. I'd just be paying more with a lower interest rate.

What a time to be alive.

Try going to local meetups and say the same thing you did in this post. Local folks will be glad to have your help.

wholesaling is a sales job. Make sure that's what you want. Calling prospects for hours a day and meeting them.

Well. Your local realtor association will likely have data on their website. Redfin also has a division of data, I can only ever find it by googling something like "redfin nashville market trends".

I don't see any advise needed here really. Just go do it! You'll be glad you did later when that wealth snowball is rolling and getting bigger.

Lenders almost never appraise anything. The appraiser does. So I think what you're asking here is how an appraiser would value your property.

if it's five or more units, it is quite likely the appraisal would be based on cash flow and Rental income. If it's a single family home, those are typically valued by similar houses that sold in the area. This one does have a little bit of gray area because it seems to have a bit of a commercial use. 

If you know any appraisers, you could try asking them to get an idea.

Here's the deal.

#1 can't change the past. Need game plan starting from here.

#2 tenants lie. A lot. Especially to new landlords. The tenants can smell weakness, I swear.

#3 the tenant is talking about two sellers ago. Not buying it.  They need to have something in writing to show proof. When they move out, process it like there's no deposit. All they can do is take you to court. And with nothing in writing, the judge will throw it out