All Forum Posts by: Andrew Mykletun

Hi Katherine,

Thank you for your response!  Appreciate it.

Best regards,

Andrew

Hi Katherine.  

Thank you for the email.  I am looking to rent a property for a long term.  What are you thoughts on the Sylvan Park area for long term rental and appreciation?  Could you also provide me articles / information about the rental increase of $300 and regulations of Airbnbs, please?  Did this just happen?  If you have the contractor's information and you recommend him then please send it over.  Thank you!

@Luke Carl Thank you for your reply.  

A few clarification questions just so I fully understand your viewpoint.  

I am not buying for cashflow.  If property is cashflow neutral with all expenses included, I am ok with that as appreciation is what I am looking for.  Cashflow allows me to stay in the game.

Any thoughts on my question on appreciation and "A strong tenant population with responsible tenants (class A) who rent long term? Can I expect class A tenants and if so in what areas? I have been looking at various areas including Green Hill, Melrose and Sylvan Park?" 

Texas question - property taxes are too high to rentals are too much negative cashflow.  To that point, how do know how property taxes work in Nashville?  The last time they got reassessed I heard was back before the financial crisis, which sounds strange.   Do they get re-assessed yearly?

Thanks!

-Andrew

Fellow BP members,

I am looking at the Nashville, TN market as I am looking to buy a single family detached townhouse and/or a non-townhouse property as a long term investment to rent it out.  I am seeking advise as I do not live in Nashville to understand better if Nashville has:

1) A good rental market?

2) A strong tenant population with responsible tenants (class A) who rent long term?  Can I expect class A tenants and if so in what areas?  I have been looking at various areas including Green Hill, Melrose and Sylvan Park?

3) A strong appreciation potential?

I am also looking for:

1) An excellent property management company that doesn't charge fees to find tenants

2) A few excellent contractors / handymen

If you have any inputs, thoughts or recommendations then please share them.  Appreciate it!

Thank you,

Andrew

@Chris Potter,

Thanks for sending your message Chris and I apologize for not replying to your email before, but I was out on vacation and just got back.  I have looked at the Houston and Austin market and I was not happy with the numbers and the high property tax rate.  There are some areas that could good for investment rentals, but I have decided not to pursue them at this time.

Congratulations on building five homes! Are these in Saint George or other parts of Utah? I am surprised your GRM is only 0.6% given my research. I would be interested in hearing more about your Saint George / Utah experience and I would be happy to share my Texas real estate research with you as well along with real estate investments I have made if of interest. Would you be available for a quick call? If yes, please proposed a time and we can set something up.

Best regards,

Andrew 

@Justin Morgan Thank you Justin!

@Ryan Lee - Thank you for your useful input Ryan.  I agree with both you and @Justin Morgan that appreciation is speculative and that one should not plan on it.  I do think though that it is an important factor to actually get a return on your ones investment and that there are market that have more potential appreciation than others, which is the bottom line I am trying to uncover along with how stable the tenant population in terms of turnover frequency is in St. George.  Stable rent like you said is important.

@Justin Morgan - Thank you for taking the time to provide your input Justin!  This is good to know.  

I have to admit that the not so strong employment market is a bit alarming.  I am surprised regarding the appreciation in the past as there doesn't seem to be much business activity to support it, unless I am mistaken.  This also makes me think with respect to the type tenant population that would rent single family houses.  

Do you happen to have any of the reading material you were referring to that talks about that St. George will keep growing?  Do you know if bigger businesses are moving to St. George given the growth potential and also which ones?  Any other reasons apart from the ones you mentioned above that would point to the direction of continued appreciation such as supply and demand of inventory of houses?

Thank you,

Andrew

@Ryan Lee Thank you for your response.  I will have a look at the url you sent me.  I am basically trying to figure out if the past growth will continue or slow down.  If you come across any other information that could be of use then please send it over.

Thank you,

Andrew

Fellow BP members,

I am trying to get a sense of the future appreciation possibilities in Saint George, Utah for single family homes and also to get a sense of how solid the renter/tenant population is in this area.  If you have any inputs or thoughts then please share them.  Appreciate it.

Thank you,

Andrew