All Forum Posts by: Jared DeValk

Welcome aboard Jay! I am an Real Estate Agent and investor in Davidson County. What areas are you focusing on?

 I did not see the post where you corrected your self, my apologies!

 You are miscalculating the rule. The 2% rule is based off the ratio of monthly income to purchase price. You really were falling under the ~6.83% rule.

Purchase Price: $100,000

Annual Income: $82,000 (82%)

Monthly Income: ~$6,833.33

Monthly Income/  Purchase Price = ~6.83%

I just ordered a new batch of postcard not two days ago... :(

Welcome to BP Jeff! Congrats on your first purchase! Would you mind sharing the details? Buy and hold or flip? The numbers?

@Wayne Woodson I agree with what you're saying as a blanket statement. There are still some deals in those hot areas, but North Nashville is where it's at. I'm excited to see what will happen with the new ADU legislation (accessory dwelling unit) that they passed and how infill developers will be taking advantage of said legislation. I'm still looking for deals Wayne, lol!

@Bill Coleman, there are properties under $50K available in Nashville with great potential for appreciation. I am in negotiations with a seller to buy 12 properties, some currently rented for $650-$750, and they are wanting $35K-$45K per property. You have to be careful with those because some of those are in "warzones", yet some of those are surrounded by new builds selling for $150K-$200K.

@Arlan Potter, your advice was to buy property, not learn the market, not learn from a local investor/realtor, not rent first, you said buy a house. You are older, more fiscally experienced, have more investment knowledge/experience, have a stable job and you are in a totally different area. Idiot was the wrong word and I apologize for that, but your advice was very broad and did not take into account her lack of knowledge and experience or her situation in life.

@Suwratul Abdullah you're right, but I would rather belittle someone for giving useless, cookie cutter advice when real estate is a hyper-local industry. She asked for Nashville advice not some strategy that you can hear on CNBC or read in the WSJ. I apologize for the  harsh words, but we are talking about this woman's life here. I want to make sure that she does take action, but she can still take the loan for $250,000 and keep it in a higher interest bearing account until she is ready to pull the trigger, but telling someone to just buy a house is not a good idea.

 "Me thinks" you're an idiot who does not know the Nashville market, has never lived or invested here and knows very little about RE investing. Just because you googled real estate investing, found BP and signed up, does that make you a seasoned investor? No.

I was born and raised in Middle TN. I live in Nashville proper. I'm an agent/wholesaler. I have worked retail, new construction, leasing, property management and working for investors. I also purchase properties for my own investment strategy in the Nashville area. The problem with Nashville right now is that only those with good marketing, connections and/or negotiations skills are the ones finding the good deals. I do my own marketing and I work with wholesalers. Most wholesalers are going to see your situation and will throw you "deals" that will end up eating your funds away just to get them in rentable condition.

By the way, Arian, how many rentals do you own? If it's two or more, posts the address so we can cross reference it with the tax records...

@Ryan Hobbs  Be careful. I'm not sure of the probate laws in CA, but I had to deal with a similar but different situation in SC. A son inherited the property from his father (it was actually left to him in a will). His uncle who had been out of the picture for quite sometime stepped forward and said that he reconciled with his brother (the son's father) and he deserves to own the property. In SC, a family member can contest a will and, in the majority of cases, is entitled to upto half the value of the real or person property in question. Be sure that's not the same in CA and be sure that he does not have a right to contest the will.

The buyout sounds like a good idea to avoid any headaches.