All Forum Posts by: Bonnie Rhodes

@Manish V. I graduated from Auburn University in December 2019 - so spoken by someone who was a college renter recently, I agree with you. We signed our leases 10 months in advanced. It sounds crazy, but to get the best rates and ensure that you got to live where you wanted, that is how it went. I am not sure if the leasing structure has changed due to COVID, but it was nearly impossible to break the lease under normal circumstances. 

My friends and classmates who are still in college are all at school right now. I don't know anyone who has broken their lease or is planning on NOT signing a lease for the upcoming school year. Granted, Alabama is extremely lenient on COVID rules in general. 

@Darius Ogloza - I do agree with you. That is the same for the area I am in (Nashville, TN). There are areas where if you cross certain roads, the appreciation and value drastically change. With that I would try to get someone boots on the ground in the area or find someone who at least knows the area well. 

If you are not in the area or are out-of-state, suggestion of a source outside of BiggerPockets - find a REI Facebook group for the specific area and ask the members about the neighborhoods/streets you are looking at specifically. See who regularly comments on threads in the group/qualify their knowledge and pick their brain.

@Jeremiah Fennell I am hoping this thread grows - I would be interested to see how/why other markets are hot. 

I am in the Nashville market - to name a few (and definitely not all) of the reasons why it is hot:

- HIGH demand for investment properties currently in many areas inside of Nashville city AND surrounding cities/counties, especially as the cost of living increases within Metro Nashville - resulting in low inventory

- Businesses continue to move to and develop in Nashville (Amazon Operations Center of Excellence in 2021, Asurion expanding, Germantown & North Nashville being further developed, riverfront development, multiple hotels, etc.) 

- Zillow panelists (made up of economists and RE experts) analyzed that Nashville was the only market that was NOT predicted to fall in home value in 2020 / there is continued appreciation for the housing market

- Nashville's 3-year net population growth is 5.56% (source: https://outandaboutnashville.c...)

- Opportunity zones within the city are investors friendly for capital gains purposes

Again, these are a few of the reasons that Nashville's market is hot, and does not encompass all of the reasons that it is hot right now.

@Rada Vassileva Not in any particular order of relevance.. but I would look up growth of the city (in terms of population and in terms of economic growth), diversity of the jobs coming to the city and what the current industries are to get a better picture of potential buyers/renters, appreciation of houses in the city if you are looking to BRRRR, average rent rates in the cities you are looking at, etc.

Best of luck to you!

@Dustin Sanders Congrats on your home purchase & taking the step of house hacking! Check with your local zoning laws/codes to make sure that you have the right permits obtained, or that you can get a permit for your house. Where is your house at?

In Nashville (where I am located), there are strict rules on OO versus NOO permits in Davidson County, depending on the residential zoning. Here, you MUST obtain a short-term rental permit to operate. Definitely check with your metro codes.

@Willie Marquez Thanks for shedding light on your tips/criteria for new home buyers! It is so important for investors to remember the quote you stated above, "You can always change the condition of the home, but you can't change the location."

@Luke Carl what is your biggest risk in telling them? I agree that it would be nice to let them have the earliest opportunity.

My thoughts.. it gives them time to consider looking for another place if they wish to break lease due to change, although it sounds like they probably wouldn’t from your post.

Since you had success in the first one, you might have success in this one also! It might even give them confidence to tell them that your first tenants purchased.

@Mindy Jensen Great thread and topic. 

Outside of real estate.. I love spending time with my family in my hometown of Jasper, Alabama, hiking, baking (cinnamon rolls are my specialty), cooking, spending time at the lake, during fall I love watching college football (Auburn University alum - war eagle!), & basically anything outside. 

@Yonah Weiss coming across this post 9 months after it was originally posted, but this slideshow is great (coming from someone who is looking to grow their BP presence). Thanks for sharing! 

@Jaedan Stanislaus Bigger Pockets podcast is a gold mine of investing information. There is no bad episode to start listening to in the podcast, but #301 about the long-distance BRRRR method is a great podcast that goes in depth about BRRRR.

I would join the REI group and Facebook groups about investing in the areas that you are looking in. This is an easy way to make contacts in the area, see what is for sale, and also to see what market prices are where you are looking. Research market rent rates in different areas of town, research expenses, research financing, etc, etc.. Anything you can research will help you when you actually begin to invest.

Best of luck to you!