All Forum Posts by: Chad P.

I'd be interested. I am an hour and a half away in Humphreys County.

Can you get a HELOC on your personal home? Use that for the downpayment and use the cash flow to pay it off.

Hello Andy! I'm from Middle TN.  Our rental market is booming over here because of lack of new construction and Nashville's growth.  Seems high prices in Nashville drive people out to Dickson, etc.  Dickson prices then go up forcing people our way for cheaper rents. Mobile homes for me have been cash cows. They won't appreciate like a house but $300-$400/month cash flow is good enough for me.  Good luck!  Watch for USDA resales and Hud foreclosures.

I'm in TN. I use a HELOC to purchase properties. You could ask your bank about those. First Bank is who I use and they let me go 80-85% of appraised value. If you could get 5% down on next property jump on it. FHA does allow 3.5% down on some programs.

You could check out At Home Realty in Ashland City. They are a HUD dealer. I worked with Michelle Zazworsky and she did great.

Michelle Zazworsky

Associate Broker

At Home Realty

124 North Main Street

Ashland City, TN 37015

For that price I would look at smaller areas surrounding a bigger city like Jackson. You want good tenants who commute to good jobs like P&G, Delta, or others. My brother lives in Jackson, it has its rough areas. I bought a HUD house at auction in Waverly (where I live) for $37,000. We turned it into a 4 bedroom instead of 3. It appraised for $70,000. I'll borrow $55,000 against it to pay off my Line of Credit and have a down payment for an auction I'm going to. My rent is $675/month while my loan at 4.75% for 20 years is $355. Look in the rural areas along I-40. People are moving out of Nashville because of the higher rents. My 1st tenants moved from Dickson because on SS and they could not afford Dickson rents and came to Waverly.

Find the local auction companies and watch their listings. Also watch the HUD homestore, Rural housing, and for bank foreclosures. I like bank or government owned properties. They don't get angry when you make a offer with plenty of room for your profit. I'm in Waverly, TN not to far from Columbia.

Following.  I plan to install new locks on the 2 houses I purchased.  Any locks in good shape I will keep for any new properties until I get new locks installed.  I used to rekey locks myself when I worked at my dad's lumber yard.  I will probably just buy a kit off Amazon and use it to rekey locks after tenants move out.  It wasn't a hard process and took just a couple of minutes.

If you talk to the seller offer more than one option.  Lookup the 3 option letter of intent or message me and I can get you more info.  You either need to control the price or the terms.  Find out if the property has any mortgages or liens on it.  See if they are interested in doing Seller Financing.

I'm just West of Nashville. What kind of help are you looking for?