All Forum Posts by: Allison Littman

I am currently trying to close on a church in Nashville (residential R6-A zoning) and convert it into my primary residence. Two separate property appraisers (at the direction of the lender) were sent out to appraise, and neither was willing to appraise it as a "residence", and thus financing fell through (conventional primary loan). At this time, I am having to pay all cash in order to close.

Purchase price is approximately $600k. Since I'm taking such a cash hit, I asked the sellers agent if they would be able to designate some portion of the sale price ($200k?) as a "donation" (translating to the benefit of taking a deduction for 2025). They are amenable. My agent is saying that we are unable to split the contract that way (or reduce the purchase price), so I'm trying to figure out options. My tax professional is stating that I would need an appraisal to show the lot/structure are valued at $400k if I try to claim $200k as a donation.

Looking for any creative input on how something like this could be structured.

Hi Barb, did you ever pull the trigger on any short-term rentals in the Louisville/Bardstown area? Curious, as I am looking to do the same!

Hi BP-ers,

I work for a high-volume builder outside of Nashville, TN (Franklin/College Grove/Arrington). We build approx. 20 homes per year, and are working to establish relationships with reputable nearby vendors.

Specifically, we are having difficulty finding the following trades:

- Exterior siding installers

- Brick installers 

- Plumbers

- Framers

Would love to share resources with someone else building similar product ($1M to $3M range) for subcontractor pool, pricing expectations (e.g. $/1000-brick for install, $/SF for framing, etc), etc. specific to this region. Also happy to share names of some of the more successful subcontractor relationships we've established thus far.

Thanks in advance.

Thanks, @Allan SmithTrue, the more I think about it, the more I would love to build from the ground up. My fears: 

1) Lots in the area I'm targeting might require tear-down of an existing home, which I don't have any experience in/know how to estimate costs 

2) Many lot purchases may only be financially viable when you know you are building two houses in the place of one (HPR scenario)... which I most likely wouldn't want to take on

3) Competition/MLS. I rarely see any lots hit the market in these prime locations, and I have no network with anyone getting into land deals (at this time, anyway)

I don't think these are all insurmountable, but I should def spend a little more time thinking about them.

LOVE the idea about the cover letters and blasting offers. I think I need to select some proxy finishes and price them all out, and boil those down to a per-SF price that I'll have to pay post-drywall stage. This would make it easy to work backwards and be able to shoot out sensible offers and feel good about them.

Much appreciated Allan!

Hey Nashville area,

I recently moved back to middle TN from the San Francisco area. I already own a rental property in North Nashville (single family home 3bd/2ba) that I'm renting out, but I am currently looking for a primary residence in west Nashville (Croley Wood, Charlotte Park, or even Nations) based on proximity to my office in Belle Meade.

Obviously, I have missed the boat in these areas and prices are inflated. However, I do not expect prices to decrease in the next 2 years, so I would like to purchase in spite of the market being so hot. If I can find an HPR (tall-and-skinny) 3BD/2BA, I plan on renting out 1 or 2 of the bedrooms, so my mortgage will still be significantly less than renting. I am targeting a new build based on its marketability if I decide to go the AirBnB route, although otherwise I am not opposed to an older ranch.

I work as a Project Manager for a custom (very high end) builder in the area, so I have a relatively strong network of subs for work I need to put into a property. 

Finally, to my question: If I consider my access to subs one of my purchasing advantages, will a spec HPR builder in the area consider selling off just 1 of their 2 homes on a lot before completion? I would like to purchase after drywall is done and build-out finishes myself.

The HPRs on the market in these areas (and there are quite a few right now) tend to list only one on the MLS and the other one sits until the first sells. It seems like a builder could be motivated to get one off their books and focus energy on marketing and selling the remaining one once construction is complete. I'm not looking for a smoking deal (not going to happen in these areas/markets), just a way to get creative to save a marginal amount of money and install finishings I actually like.

Any thoughts? I know very little about the HPR strategy, margins, carrying costs, etc. Any creative ideas are very much welcome. 

Thanks everyone, exactly what I was thinking! Much appreciated.

Hi everyone, finally in the middle of my first deal, SFH to use as a rental in Nashville, TN (hooray!)

In addition to the general home inspection, would you recommend also paying $450+ for mold testing? Or would you wait to see if the home inspection results indicate there may be mold issues to warrant this additional testing? Home was built in 1949. No musty water smells or visible mold to indicate there are mold problems; however, because this will be a rental, I do want to make sure it is healthy for inhabitants. Thanks in advance.

Agreed, love the trailer park idea, Vonn. This reminds me of the Airstream Village in Las Vegas started by Tony Hsieh (Zappos CEO). I love the idea of owning an RV park with most (if not all) spaces dedicated to semi-permanent type tiny houses, shipping container homes, airstreams, etc. These are stellar performers on AirBnB-type platforms, simply because they're a novelty.

Further, I think there's huge value add if you can provide amenities (fire pits, running/hiking trails, volleyball courts, etc). The trailer-park route also seems like the most straightforward way to get around complicated zoning issues, though. Let us know how you end up finding success!!

Same! Making some improvements in my Santa Rosa Beach condo, but still learning the area and making connections. Starting small, with painting and countertops. I will keep you in the loop if I find anyone we like.

Hi Melanie,

I just purchased a rental condo in Santa Rosa Beach, FL, so not too far from there ($279k). I closed in May and already have the property completely booked through mid-August. As you might expect, HOA fees and insurance are fairly hefty and I'm pretty uneasy about how difficult it might be to rent in the off-season, but we are grossing almost $10k from renters in those first 2.5 months. We should keep the conversation going - I'd be happy to continue to share with you as things progress.