All Forum Posts by: Chad P.

We are less than an hour and a half from Nashville. Let me know if you have any questions.  Basically any city connected to Nashville via interstate is growing fast so consider other markets.  Also as David said watch out for AirBNB restrictions in some of the metro neighborhoods.

@Michael Belcher Are you the same Michael Belcher that works at TVA?

Who is hosting classes on this topic?

The good thing about renting is you can figure out where you want to live first.  There might be some areas of some cities you might not like.  I always tell my tenants if you buy from me, you can tear up your lease for free.  I'm in Humphreys County.  What area are you moving to?

I was thinking you could have up to 10 loans.  Mine are all commercial loans through First Bank 5 year term setup as 20 year note, just have to renew, rates now are 5.25%.  What area of TN are you moving to?

You could get a local agent to help.  Maybe install an electronic lock to get them access.

That seems like a good range. Really you just need to figure out your minimum deal standards. I think $200/month is probably my minimum. New HVAC would eat up 2 years of cash flow. Mine range from $185-$445/month in Humphreys County. I will bump the rents on the lower ones to get the cash flow above $200 once these tenants move out. Give us some details about your plan. Downpayments, loan terms, looking for turn-key or something to BRRRR? I'm also a real estate agent/property manager so if I can help just reach out.

It seems like there is growth all over the state, you could probably throw a dart and hit an area with people looking for rentals.  There are lots of new businesses locating to and around TN.  Facebook has a new data center coming to Huntsville, AL.  There are new plants coming to Clarksville, Huntingdon, etc.  I work for TVA, so we get emails about new employers and how many jobs they'll create.  I used to tell people if I had 20 more houses they'd all be full.  After I filled my last one based on the demand that number should probably be 30.  We are in Humphreys County, but anywhere near an interstate should be fine.   Lots can't afford the rent in the bigger cities and choose to commute.

Also, I would watch the USDA Rural Housing resale website and Fannie May for upcoming auctions.  Homepath properties would be good to do live in flips.  Not sure what your current living situation is.  Auction.com listings require all funds in cashier's check on day of the auction.  I've never bought one from them but have from the others.

Lots of great advice in the thread.  We allow pets in some of our rentals.  We do a non-refundable pet fee of $250 up front and then $25/month pet rent.  My personal opinion is that I believe most of the tenants will stay longer because so many landlords don't allow pets we are their only option in the area.  We do restrict certain "dangerous" breeds of dogs.  Lots of people contact us claiming to have service animals but most don't go through filling out the application so it hasn't been an issue.