All Forum Posts by: Brett Sayers

Thanks Jason. I’ll check it out. 

So.... it’s been a long time coming. Almost a year since I sold my tow “accidental” rentals for some decent profit. I’ve been waiting for some legal matters to clear up before buying my first “true” real estate investment property.

It's a VA foreclosure in Middle Tennessee. I got it under contract for $105k at what I estimate to be $30k under ARV with some renovations to make. Bids will be coming in from contractors next week and we should close in the beginning of May. The goal is to have it renovated and tenanted by June.

I'm still researching rental rates in the area, but for the size and quality I intend on bringing it up to.... I'm looking at $1000-1200/mo rents. Since I'm purchasing with cash, there will be no notes. My numbers say this will get me 5-6% ROI and monthly cash flow of around $500/mo.

I'm planning on refinancing following the BRRRR method, but checking with the banks.... the interest rates and terms are slightly challenging. I'll keep looking, but suggestions for banks that will refinance an investment property on 30yr term with under 6% interest would be appreciated. Worst case....I keep it without a note until I find a bank or private lender.

I’m really excited, and will most likely post actual deal numbers as they come after closing for BP member scrutiny and analysis.

Hey everyone! I’m Brett. I just moved to Nashville at the beginning of this year for a job. I needed a job because it is significantly easier to get financing, and bankroll real estate investing when you have $ coming in. I am not looking for deals, dollars, or anything to work on right now. I’m getting settled in and working through some personal things. I AM however, looking to meet some great people that know things about the market and could help me get my head around Nashville real estate. I’ve been looking for a local investor group to go to on meetup group, but If there are any BP members in the Brentwood / Lenox Village area, I’d like to get together and talk about things. Message me on BP and we can exchange info and ideas.

Hey Jack! I just moved to Nashville and am looking to get into the market. Welcome to BP. We should meet up sometime to talk about the area.

Correct me if I am way off, but here’s my ideas..... If you purchased the place for $140k cash,and it’s worth $300k now, why not do the refi at ~50% and pull out the original $140k. This way you have $0 in the deal, and your cash on cash returns are essential infinite, not 3% not 7% none of that. That would be a conservative best of both worlds approach. The risk is mitigated because of the substantial equity you have built up. Another great idea would be to refi our 75-80% and use all that tax free money to buy yourself more units. I’m no expert by any means, but I have been told and believe leverage is the best tool we have. If you can have 5 $140k properties for the same cash you purchase 1 for that is amazing. It seems that you bought this one smart. So pull that money out, keep the current one cash flowing, and repeat. Again, my noob opinion. If anyone has corrections or advice please let me know.