All Forum Posts by: Jamie Parker

you can tear it down, but if it's zoned R10,  (RS means single only),  R10 has to be 10k sqft or more to build two. If it is under 10k sqft then you can only build one. Same goes for R6 (6000 sqft) and R8 and so on. 

If you are under 10k on a R10, you could try at rezoning but the process is lengthy and can take several months before you can start new construction. 

North Nashville is a hot area the 37208 many investors that I know are looking at the zip code in particular. Once you cross the river from 37207 to 37218 there is a noticeable difference and buyers excitement. On trinity lane in the 37207 area code, the area overlooking the city has a great availability to be redeveloped as you mentioned. Back to the topic, if your are buying to hold, as I am looking to do the same, buying by neighborhood within the zip seems to be the focus I noticed others used that works. 

I guess what I'm saying is that north is great but depending on zip code you end product could change some for tear down or rental rates. 

They are interested in cash flow potential as the subject property is free and clear. They are simply moving from this property to a new one. The subject property would be a good place to rent, maybe renovate in the future, not a double build lot (due to the triangular shape).

I do understand what you are saying. I don't want to over pay just to buy something. I listened to @Brandon Turner boom about investing with little or no money down, and though this could be a opportunity to take some action on newly acquired information. 

I will keep my marketing going to keep the leads flowing. 

@Mitch Messer thanks for the information. I have had rehabbers and flippers say that a price is to high for them but this deal would work for a landlord. That lead me to thinking, How would I know if the margins are better for landlords? I understand the numbers for the builders and rehabbers enough to get close. Thanks for that information, now I can look at deals more accurately for the purpose of renting. This helps a lot, thanks again. 

Chris Wooten how do you approach investing being active duty? In currently active duty myself and have been wanting to find ways to become effective and efficient? @stephen sorry to be so vague. I was wondering are you looking at all parts of Nashville and Memphis or any parts I particular.

Stephen Stepp what areas around Nashville are you interested in?

I received a call from a seller that is interested in selling their property. The seller has recently closed on a new home and are motivated to sell. They also are interested in listing the property if it does not sell within the next month. The subject property is free and clear. As a wholesaler I am interested in picking up 1 or 2 rentals this year. How ever I am early in my investing career and do not currently have the capital to buy the property cash.

2/1 

82x100 lot

R6 Zoning

in a new construction part of town. 

The question is:

1: Lease option the property and sublet the lease option to renter(s) over a period of time with the option to buy in 3-7 years. 

Pros: The seller makes an income on the property. I make an income on the property and gain experience as a landlord. Eventually sell the property to a lease option renter making the difference on the appreciation of the property in the market. 

Cons: I have not rented a property and have no experience. Typical cons of rental properties as I do not have any money saved but have an income paying job. A capital expense(roof A/c, etc.) could effect my ability to properly manage the property and cover major expenses. Not being able to find a renter to buy the property during the lease option period. 

2. Subject to, same as Lease Option but longer terms to pay off purchase price. 

Cons: More risk because of length to also not able to put down huge down pay to get terms low enough to influence cash flow. 

3. Buy cash, In a cash situation I will wholesale to a builder. 

Cons: Not being able to partake in the income flow of a rental property situation. 

Last Question: 

Based on lot size and zoning this property should by purchased around 150k-200k if the builder has a plan for the odd shaped lot. Flat lots in the same area are 50x150 are selling for 180-230 in the area. 

Subject to/Lease Option as a rental what would the price range be. (commonly Landlords can pay more). 

Any help would be beneficial.  I walk the property next week and plan to present an offer. I thought it best to not negotiate before at least taking a look at the property. 

Thanks 

@Brent Warren @Daniel Highsmith is are you guys interested in all of summer/Robertson  county near towns? 

I am a wholesaler in the area. I would be interested in having a sit down chat about real estate.

on the legal side of things i was under the impression that if all your holdings in an LLC could be taken. The benefit is if you hold 10 properties and divided them into 5 LLCs. 2 per entity. If one entity was sued then you would be able to protect the other 8 versus potentially losing all of them if you held them in your own name or in 1 LLC.