All Forum Posts by: Jacob Gomes

Our partners have developed a strategy to circumvent the current zoning restrictions here in Nashville by facilitating the purchase of an LLC that operates as a short term rental. It allows for automatic transferring of the permit, bookings, and all furnishing. It's a massive win!

We're putting on a webinar to reach investors how to do it.

If you're looking for STR's in Nashville, this is the webinar to attend.

If you own a home that can't be sold as an STR due to its current zoning, this is the webinar to attend.

Please join us on June 25th at 12pm PT to learn more about this strategy!

One of our developer clients is looking to double the number of builds he does in the next 12 months and is looking for investors to help fund a few of them at a 50/50 profit split.

His past builds have all netted 30%+ returns.

Looking for investors in the $1M+ category to help fund 3 builds, sites have already been spotted.

Reach out if this sounds like something in your wheelhouse.

Quote from @Sean Graves:

I am relatively new to real estate investing and currently have one cash flowing property. I currently am stationed in Japan but plan to move to Clarksville. I have heard and done some research on the area and am asking for any insight relating to this area as I am interested.

Is there any area to stay away from?

Are there any known good areas with quality tenants for 3B/2B?

Does anyone know of a solid property manager or real estate agent in the area?

Is there any other information about this area I should be aware of?

Thank you for all responses, I value your time!

 A couple notes for analyzing properties in Clarksville. 

Close to 24 you are, the better due to easy commutability to Nashville. 

Being close to downtown also offers advantages due to the university and growth in that area. 

I've sold a few homes up there to investors so let me know if you'd like any other insight!

Quote from @Account Closed:

I am assessing investing in Middle Tennessee for long term rentals and would love your thoughts on where the hotspots are likely to be over the next couple of years. South of Nashville (Brentwood, Franklin, etc) is pretty much already out of reach for rookie investors so would appreciate any insights from the community

Hey Craig!

I'm really bullish on Clarksville.

It's the 5th biggest city in TN, is continuing to grow, has a decent sized university, and has a steady supply of renters due to to it's proximity to fort Campbell. 

Price point is around half of Nashville's but it's going to continue to grow from all my estimations. 

Sounds like a beautiful place!

How did you only come out an additional $5k out of pocket after the purchase price?

Quote from @Heather Pabon:

We are about to sell a house in San Diego that we purchased in 2011. It’s been a rental since 2013. We are set to make about $700k on it. This is our only investment property. (we do not want to stay in the CA market)

I want to 1031 into a STR and a LTR in Nashville where we now live. Obviously rates and prices are high in Nashville right now. So are rents and the STR market can be lucrative. (I already understand the permitting process so this is not an issue).

Other option presented would be take the money and pay off our primary residence (bought in 2021 $800k with a 2.75% rate) which would free up income that we could save and when rates come down we could purchase then. (Not my idea)

Looking for solid reasons people with more knowledge than I would choose either options. Also looking for a local to Nashville accountant and/or financial expert. 

Thanks for taking time to read and respond! 

 Although paying off your primary residence may be emotionally satisfying, I'd highly advise you take those funds and use them for more investments. 

You can certainly get a greater than 2.75% return on your money. Generally I don't pay off debts that have a interest rate of less than 4%, since I can make more than that by moving it into the market. 

Also, the more properties you get the more tax benefits you receive!

Just my two cents!

Hey Sarah, 

Great strategy but difficult in Nashville due to the strict zoning requirements. 

For the most part, if a property can be airbnbed, then it is being airbnbed. 

There are obvious exceptions but just wanted to set clear expectations!

Have you considered House Hacking? Using OPM?

Hey yall. 

I have an off market lot in Cumberland Heights, looking for builders who may be interested in something like this. 

If you're a builder or know a builder who may be interested please connect. 

Thanks!

Quote from @Travis Biziorek:

Quote from @Jacob Gomes:

I own one property in Memphis and here's my experience so far. 

We bought it for 53k, put $11k of work into it.

It's worth around $90k at this time. 

Got it rented within 2 weeks for $850/mo, raising it slightly to $875/mo this June. 

Tenants got behind on rent over the past few months but they're catching up. 

Overall we've been beyond happy with the investment and plan to do more. 

 Are these typical numbers in Memphis? That rent seems pretty darn low to me.

We could probably get 900 or 925 for this property. Overall rent in Memphis is lower than a lot of major cities, however, prices are also right around there as well. As far as price to rent ratios, go, Memphis is one of the best.

Quote from @Dave Foster:

@Jose Ortiz, The 1031 process has to be managed by an unrelated 3rd party called the qualified intermediary.  By law you have to close your sale with the intermediary as part of the process.  And then you have 45 days to identify your new property and the entire process has to be complete within 180 days.  It's a very rigid process.

1. You cannot take title to your new property before your old property sells.

2. You cannot exchange into property you already

I'll reach out via pm and give you an overview of the process.

What about the reverse 1031 exchange route?

I haven't executed one but I've explored the option with clients.