All Forum Posts by: Harris Miller

Hi guys working with my client over a property they have under contract in Nashville (LaVergne Area) that is a 3 BR/ 2 BA (1,500 sq ft) with an attached 1/1 (600 sq ft) apartment (not separately metered). Purchase price is 235k with a potential ARV 500k. Rental rates are approximately $1800 for the 3/2 and $1100 for the 1/1. Property needs a full rehab and my client is trying to decide whether or not renting it or flipping it makes more sense. If this were your property what would you do? Appreciate any feedback on the route my client should take!

1 Vote

Nashville, Tennessee

Quote from @Al Smith:

I am in Nashville tn an have a question on eviction filing an late rent.I have a tenant who is on a 1 yr lease with it set up to pay every 2 weeks.She again is late, last Oct i gave a 14day pay or quit so this is the 2nd , actually 3rd , time shes not paid.I gave a 7day notice to pay or quit on due date .What will i need to do if on the 7th day[ also day the 2nd payment is due] she only pays that past due an not both past an current? Do you have to give another grace period as with 1st missed payment?

An if i accept the 1st of 2 will that prevent any eviction filings ..

If i wish to file eviction will i have to wait till next mo if she pays the late Jan payment, after the warningletter. ,though 2nd is not yet paid an the grace period hasnt passed on 2nd payment.I know accepting partial payments can prevent eviction but wasnt sure if its the same on byweekly payments.

Also oct late fee unpaid..

Any information is appreciated.

Hey Al, not sure I'll be a ton of help but getting in contact with a lawyer is going to be your best bet for the most accurate information on what to do. May want to change your leases to paying monthly instead of bi weekly as well so you wont ever have to run into the situation of not knowing if you can evict because she paid her first payment for a month. Again don't know the most about this but hope I helped a little.

0 Votes

Nashville, Tennessee

Quote from @Allie Robertson:

Quote from @Richard F.:

Aloha,

Was it made clear at all stages of the transaction that all adults that would be occupying needed to provide their info with the application, and sign the Rental Agreement? Does the agreement address "guests" that stay more than X days are prohibited/must sign onto the agreement? If either of these were addressed in the agreement, send/deliver a notice of violation per local law and the terms of the agreement.

The lease states “ Tenant shall not allow any other person, other than Tenant’s immediate family or transient relatives and friends who are guests of Tenant, to use or occupy the Premises without first obtaining Landlord’s written consent to such use.”

It doesn’t really state how many days- it’s pretty vague. Thank you for the response!

Hey Allie, I would start putting wording in the contracts that state how long a guest can stay before they are a tenant (like Patricia said but not sure the # of days for TN). Places I have lived in the past have these statements and while usually it was not strictly enforced, they would make sure I knew this signing the lease in case I were to have someone stay too long and also had the affect of myself making sure I didn't break this rule even while I knew it wouldn't be enforced strictly. I know I recycled some info that people already said but hope my input helps!

0 Votes

Nashville, Tennessee

Quote from @Jacob Gomes:

Quote from @Tom Shallcross:

When looking at macro-level data like this, it's also important to not make blanket statements (except that our legislation is awful :).

Chicago has a larger population than Denver, Nashville, Minneapolis, and Salt Lake combined. That does not make it a better or worse place to invest, but I bring it up to show that it's such a large and diverse city. We literally have hundreds of different pockets. We have some neighborhoods that have been demolished over the past decade and others where home prices have tripled. Historically it's been one of the most segregated cities (which is obviously not a good thing) and this has lead to block-by-block changes where you basically need boots on the grounds if you are going to invest here.

If you are looking to syndicate a deal, yea it's gonna be very challenging here for numerous reasons. But if you're looking to househack, 25% of our inventory stock is 2-4 unit brick buildings that would cost over seven figures a pop to build em like that today, and the nuances of our RTLO legislation do not apply to these owner-occupied buildings.

I'll also add that when starting out, here is a value to investing in your backyard; regardless of where you call home. You can embrace all the face-to-face meet-ups, get to know brokers on a personal level, learn the area firsthand, and get your feet wet close to the action. From there you can then choose to scale or pivot to another market with your learnings.

A very good thing to note here is the number of multi-families between different cities. In my opinion, TN is overall a better place to invest due to the more landlord friendly nature of our state.

However Nashville has very few small multi-families available so finding those asset types to invest in/house hack in is a bit more difficult. However an airbnb in Nashville is a hugely attractive asset class.

To add a little to this, with aribnbs in Nashville you just need to pay attention to zoning as there are actually many places around Nashville that will not allow airbnbs but overall Jacob is very right.

0 Votes

Quote from @Steffen Cushing:

new to the bigger pockets community. I purchased my second short term rental in 2021 in the Gatlinburg area, initially when i purchased numbers looked great and property started renting out immediately and was consistent for all of 2021. 2022 i started to get overwhelmed with guest comments or complaints and ended up putting it with a property management company. Shorter version, I ended up getting frustrated so I listed the property for sale. Its been 4 months and no bites. My question would be for the group, would you suggest dropping the price and get rid of the property? use the profit and cash for a different investment strategy, Or my other thought would be to go in, rehab it, spruce it up and take over management again. Personally think if the property was fixed up and modernized, it would limit complaints and issues, but not sure. Any advise would be appreciated.

Hey Steffen, if you are thinking about rehabbing the property I would also suggest going on your local mls (if you have access) and do some digging about how much other flippers spent on a square foot basis to determine the amount you should spend for your area. Also if you do take that route and do a little digging try and look for the properties that have closed recently because those properties should give the best guide for rehabbing your property and how much you should spend!

0 Votes

Nashville, Tennessee

Quote from @Jack Lin:

I live in nyc it is really expensive to buy rental unit here. I have 50k and want to get my first rental unit , should I do this in another state?

Hey Jack, you already do live in a great market. Thought I would just give a little info on Nashville where I am based. Nashville single family home prices have only dropped about 4% from the highs of 2021 according to realtor data in Tennessee compared to places like Dallas or Atlanta which have dropped around 13% and 9% according to those cities realtors data. Hope I was of some use.

0 Votes

New York City, New York

Quote from @Armel Bemmo:

I want to purchase a SFH (single family home) for short term rental, I am hesitating between Nashville and Orlando.

Which market is better for cash-flow (cash on cash return) , house affordability and/or appreciation?

I already have a SFH for long term rental in Orlando.

Thank you.

Hey Armel, hope your holidays went well! Went it comes to STRs in Nashville there are certain laws and zoning restrictions you need to be careful about when buying a home for a STR as there are lots of areas in Nash that are not zoned to allow for non owner occupied STRs. Long story short just make sure you are aware of zoning in Nash!

1 Vote

Quote from @Glenn Bates:

Tennessee

Hey I agree with Nathan, this isn't making much sense to me. I know there are certain zoning laws that don't allow for STRs, Airbnbs, and Vacation rentals in Tenn and Nashville unless the owner is also living in the property. He may be talking about that in terms of restructuring because it is just much harder to get STRs set up because the property has to be zoned right.

0 Votes

Quote from @Skylar Jennings:

Hey BP Team! My husband and I will soon be moving from Oahu, Hawaii to Cookeville, TN (in between Nashville and Knoxville) and are looking for any/all recommendations for Team Members in the Middle Tennessee area. This will be our first property that we intend to house hack but we are looking to build a Team as our next move would be in the STR realm within the 2023 year. Thanks to BP, we have been connected with one lender, but would love to hear any recommendations for additional lenders, investor friendly RE agents, contractors and RE tax professionals.

Additional details: We intend to house hack a multi-family but are open to a single family if the numbers work. Our current max budget is around $350k depending on the loan type. Thank you!

Hey Skylar you and your husband will love Tennessee. House hacking is great in the middle Tennessee market but just make sure when y'all start to build a portfolio (if thats the route y'all are going) to make sure you find properties with the right zoning as lots of areas around Nashville only allow short-term rentals if you are also living in the property! Just have to be careful about zoning and the laws around short-term rentals and Airbnbs to make sure you find a property that is zoned right to allow for STRs and Airbnbs without having to live in it!

0 Votes

Nashville, Tennessee

Quote from @Robin Simon:

Quote from @Wesley A Showalter:

Hey, just wanted to get some input on the midwest real estate market. I'm specifically looking in Columbus, Ohio to buy my first house hack and was wondering if I should wait to pull the trigger. Any advice would be great!

I really don't think there will be a "housing crash" let alone in the Midwest market - the areas that are most likely to experience significant declines (if not crashes) are the areas that had huge runups in the last couple of years (Idaho, Arizona, Tennessee etc), Midwest prices haven't really come up that much in comparison and are thus less likely to have any significant fall ahead in my view

Hey Robin what areas in Tennessee are you seeing that are going to have a significant decline? I work here in Nashville and compared to other markets Nashville hasn't fallen to the same extent. From the highs of 2021 Nashville prices have only dropped 4% while other cities like Atlanta and Dallas have dropped by 9% and 13%. Looking forward to hearing what you have to say

1 Vote

Columbus, Ohio

All Forum Posts by: Harris Miller

Harris Miller has started 2 posts and replied 14 times.

Post: Feedback for a property

Post: Byweekly non pay/info

Post: Tenant signed lease and someone else moved in

Post: Chicago net migration trends and investor outlook

Post: new to bigger pockets, and have a question to sell or hold an STR

Post: where to invest for first time rental unit invester?

Post: Short term rental orlando versus Nashville

Post: Trying to become a STR manager

Post: Hawaii to Tennessee, RE Rookies Buying First Investment Property

Post: Midwest Housing Cash