All Forum Posts by: Johnathan Sanders

I just realized that I left out a main bit of the info. I purchased it at first, intending to do a live-in-flip, to take advantage of the uhh... 2 year primary residency thing. So either way, I fully intend to sell it within a few years. It seems like it could wind up being a bit of a waste to do 2 separate rehabs, within a couple years. Yeah, that would have been REALLY helpful info to have stated earlier.

I have a paid off home that I don't know what I should do with. I know each situation is different, and what's best for me may not be what would be best for others. I'm just still on the fence as to which way I should go with my situation.

Main info: House is around 750sq ft, 2br/1ba in Columbia, TN built in the 1990s. I've been living there for 10 years, but I'm presently having to relocate to assist my mother in Hermitage, TN. I've been unemployed since July 2018, with no benefits, so my cash on hand is super low. I'm trying to make a decision between:

1. Sell the house as is (repairs needed [flooring, AC, closet/drywall work, kitchen/bath refresh would be nice])

2. Get some temporary job, and fix the house prior to selling (Not exactly desirable to me, as my mother is high risk on Covid19 and I'd rather not take the chance of going in public more than necessary.) or

3. Do minimal repairs to make rent-ready, and have it at least for now as my first rental.

I've been speaking with a few folks over the last few months, but I just haven't been able to figure out what would make best sense for me. I'm not particularly interested in being in that market, as Nashville is what I truly consider home, but I am not certain that even with sale of this place that I would have enough to begin investing closer to Nashville. I presently have an abundance of time, and a house owned free and clear so it sounds to me like I'm in a decent position to get SOMETHING going but the potential options are endless, and decisions are made more difficult with more choices. Any guidance on suggested direction to head would be greatly appreciated.

I'm glad you posted about this, as I've had my eyes on that property for a few months now. I'm pretty certain we're looking at the same one. The worries mentioned by 

@Andrew Johnson are precisely what have made me leery and not even want to call. When I tried to find rent numbers for the area, they did seem like you couldn't get into a place for under 500, so the rents seemed way under market to me. I figured there has to be SOMETHING wrong going on. Either the location is horrible (which doesn't appear the case at first glance, being right on a main road.) Maybe the the current tenants have some difficult leases (they have different agreements for each unit.) I'm quite curious as to what your research turned up! @David Schwan

I've been listening to the podcast for over a year now and still haven't bought an investment property. In my defense, I've been building my first bit of credit so that I can utilize leverage more effectively. Since I have a credit score now and I have a bit saved up for a down payment I figured it was time to go pro so that I can properly use the calculators and such for more effective presentations to potential lenders. I'm getting my feet wet on analyzing properties now!

I'm aware that this specific poster probably won't be helped, but I'd like to know something. I see these types of posts fairly frequently and never really know what information they are looking for. I live in Columbia, TN and would be happy to help find some information if I knew what to look for and had some guidance of where to find it. Anything that you'd find out online, you could do for yourself anywhere. If you want boots on the ground, that I could help with! Are they looking for general feelings from people at the bar? Are they wondering if people have hopes for the future? Crime statistics are listed online, are they not? Do they want to know how many businesses are closing/opening? I just... I'm at my wits end here.

@Sean Davidson That was incredibly insightful. I can say that the last party I went to had a group of 4 people (me included) speaking about getting into real estate. Two of them are working on getting realtor license. It made me think of what was said on the podcast about "when the cab driver wants to get into real estate."

As for the light rail project, I laughed pretty hard at that one. I grew up mainly in Hermitage right by the Nashville Star line. I always wondered why it was the "star" with only a straight line service. Maybe it's just a reference to the music industry? That's been... what... 15 years now? More?

With healthcare being so huge in the area, I only wonder what may come with WHATEVER they do in Washington. Some of those companies could easily go under (or up?) with modifications to laws. 

Finally, as @Carrie Carlton mentioned, there has been lots of legislation issues surrounding airbnb. The whole NIMBY issue getting thrown around as usual. Why someone doesn't like the idea of there being folks that come in, buy stuff in the area, use our services, and go on about their lives... I'll never know. They decided that they didn't want people to just buy as investments, because they want people engaged in the community. Personally, I've never met someone who DIDN'T care about the area their investment was located but who knows.

It's common for me to see 2 or 3 people on my facebook friend list every month who can't find affordable places to live in and around Nashville these days. Unfortunately, I start looking at housing prices and quickly see that they won't really find the prices they need with property values at their current levels. Never really know what to tell them.

Thanks, @Thomas S. no worries. I don't get into things without proper preparation if I can help it. My emergency funds are building, and at present I'm still trying to get this place cleaned up so that I can begin the repairs for a sale. Being on the road takes up most of my time, but I don't need much money to get by in general. Once I can get started I'll be switching jobs to be off the road.

@Robin 

@Robin Boyer Always good. Hard for me to believe that it's already been 2 months since I made this post but I still haven't been "in it." All in due time, though. Once I get going I'm sure I'll hit the ground running.

Most of the stories I'm seeing are people selling or buying well I don't know about the other newbies but I'm not quite there yet. I am however feeling quite accomplished in my journey so far! I've listened to every podcast, some multiple times. That got me fired up. I've had no credit, and finally applied for my first credit card around my 31st birthday last month! I'm now building credit, I've saved up a 6 month personal finance emergency fund, and I've been putting out feelers for deals. Two people have indicated being willing to discuss owner finance deals. I've also found that an online friend has become a mortgage lender! I had no idea that I could speak with my friends about finances and real estate!

My only house purchase thus far was a cash offer when I was 24. I bought it with intention to fix and flip, but lost interest without friends pushing me, I had no idea about bigger pockets until last year. My plan thus far is to clean up and finish fixing the place. Then I'll either get a heloc or sell it in order to get some extra capitol. I'll be pursuing the potential owner finance deals as well. This stuff is exciting and I'm so glad I've found bigger pockets! Working as an over the road trucker gives me little time to work on this stuff, but that means I just get more creative. 

If this is in the wrong forum, I apologize. I'm often not sure where my progress stuff goes. 

I don't believe I've really seen that on this site thus far. I must admit that I have mainly just spent time listening to the podcasts rather than going through the forums. I certainly understand your criticism. I feel like some of the posts may be taken negatively when they aren't meant to. Everyone has different speech patterns, and some people require more direct criticism in order to get the point. I've seen that on other sites for years. I do recall a quick tip on one of the podcasts saying that you can block people who bother you. I don't know if this would be helpful in your situation, but it's just a thought. I know you're trying to build the community, not to just ignore problems.

That being said, I certainly do agree that building others up is the best strategy, and that's precisely what this site is about! Nice to see someone from Gallatin, I've certainly spent plenty of time there as a kid. 

Well look at this. So many folks in my area interested or already working in this, as I'm trying to get ready for my first venture. Welcome @Allen Harris to BP! I was basically thinking the same in reference to outside state deals. I bought my house here in Columbia back in 2010 because it was just so cheap compared to the Nashville market! I have certainly noticed the growth happening especially in Spring Hill in recent years. Getting that plant back up and running really brought some life back in to the area.

I look forward to meeting with you and the others here in the coming months to discuss the industry in general. At present, I have little to offer (out of state most of the time, and with limited funds) I do enjoy driving though, and am not afraid of helping clean out a hoarder house! Hope to speak with you folks soon.