All Forum Posts by: Joshua Steven Ferrell

Looking for recommendations on an attorney that specializes in landlord representation in Nashville/Davidson County.  Anyone have any positive or negative experiences/recs?

Hey all - looking for advice!  

We have 2 fully furnished properties in Nashville, TN that we try and do corporate rentals with... We use AirBnB, Zillow, trulia, redfin, and furnished finder today and it has worked pretty well for us.  Not a lot of vacancy, but of course there is always some...

Are there any other places I should be listing my property for rent to try and acquire corporate rentals?  Anybody have advice on how to find businesses that are coming to town that need a monthly rental for their workforce?  I'm trying to be more proactive and less reactive.

Hello all,

I have a situation where I rented out a a furnished rental unit to a new tenant for 3 months.  We signed a lease and the term length is from August 1, 2022 to October 31, 2022.  

I collected a security deposit and the tenant paid me 100% of the rent upfront in exchange for a 10% discount for his stay.  Now he is wanting to leave at the end of this month and be refunded for months 2 and 3.  He signed a lease with us while he was looking for a house to buy and he found one quicker then he originally thought he would.  Therefore, he want to get out of the lease.

In my lease, the language I have written for termination is "Any notice to terminate this tenancy must comply with the applicable legislation of the State of Tennessee (the "Act")."   I have been using a generic template from www.lawdepot.com and i'm sure this is not the best language for my lease, but I am still learning.  

I want to be fair, but sometimes our house doesn't rent very quickly because it is a monthly furnished rental.   I have listed the property back online and I am trying to find a renter but haven't had any luck yet.

Can anyone point me to the actual laws that describe what I'm legally obligated to do as the landlord?  Does anyone have any advice on how to handle this situation?  

Hello all,

What is the fairest way to partner with someone with the following situation? Two friends want to purchase a rental property together. Both have capital to invest, but one person is going to take on 100% of the landlord duties. The other partner will just be a financial investor. Neither of us are sure how to structure the LLC or what this should look like. We want to make sure it's fair because we don't want to hurt a friendship over it, so we really want to have this buttoned up before making a purchase.

Does anybody have any recommendations on a structure that could work for this situation?  

Hello all,

Curious who else has had to purchase a new HVAC for a rental property this year? I have quotes all the way from $8,850 - $13,250. The house is a 4bd/2ba 2,300 square foot. These quotes are for a Goodman Split Heat Pump System - 3 Ton 14 SEER and a Ruud Split Heat Pump System - 3 Ton Up To 14 SEER. Are these costs on par with what people are paying these days?

I bought this rental in 2017 and my inspector recommend a new HVAC at that time as this one was obsolete. So it's 5 years later and definitely time.

These quotes are from Hiller and from other local companies here in Nashville, TN.

Hello all,

Curious who else has had to purchase a new HVAC for a rental property this year?  I have quotes all the way from $8,850 - $13,250.  The house is a 4bd/2ba 2,300 square foot.  These quotes are for a Goodman Split Heat Pump System - 3 Ton 14 SEER and a Ruud Split Heat Pump System - 3 Ton Up To 14 SEER.  Are these costs on par with what people are paying these days?

I bought this rental in 2017 and my inspector recommend a new HVAC at that time as this one was obsolete.  So it's 5 years later and definitely time. 

These quotes are from Hiller and from other local companies here in Nashville, TN.  

@Jaron Walling These were all houses that my wife and I have lived in as our primary homes and then we ended up moving.  So the opportunity really just presented itself naturally.  Now i'm looking to actually go find a deal that will be a rental property from the getgo.

Hey everybody, 

I was hoping to get some advice from some of you seasoned veterans here.  My portfolio is made up of 3 rental properties and i'm ready to get my 4th.  I am strictly residential real estate right now.  So I don't have a bonified strategy or niche yet, but my gut tells me to keep doing just common residential real estate for now because it's what I know and what has been successful for me thus far..  My question is this... how can I find the best value?  How do I find the best deals?  How do I know if it's a great deal?  What am I measuring to benchmark how good of a deal a certain opportunity is?  

I mean, I am open to buying a peace of property anywhere in the south eastern United States if it's something that's going to be a great investment.  My other 3 houses have worked out wonderful and all are generating great profits, but there was no science to it other then it felt right.  I am trying to be more calculated from here on out!  Does anyone have tips for me?  Any and all advice is appreciated.  Thank you!!

Hey David,

So i recently looked into this. I wanted to use the equity I have in this house to buy a primary residence for my family in Memphis. I couldn't find anybody who would let me do that. Chase, where my mortgage is housed wasn't doing HELOC's at the time, and none of the local banks on Nashville or Memphis would let me do it because it was a RE investment being used to fund a primary residence. I ended up using cash, but would have rather leveraged this RE property to do it.

That being said, It sounded like, from my conversations, it would be possible to do a HELOC to buy another property should I need to. I'm hoping this is an option I can pursue one day.

Hey Jamie,  dumb question - but what type of company would I hire to come assess what the smell is and why it's happening?  

And to add to this Jamie, I recently was looking at taking equity out of this home to buy a primary house for my family and couldn't find a company that would let me take out a line of credit on a real estate investment property to buy a primary home.  Was I just talking to the wrong people?  I ended up making my own primary house purchase with cash without selling or taking our equity on any of my investment houses, but I am intrigued by the idea of using equity in this RE investment to get another RE down the road if I needed.  Are the rules different here?  Would it be different if I were looking to take a home equity line of credit on this RE investment to buy another investment?  Was I only unsuccessful because I was inquiring about using a RE house to buy a primary house?  

I apologize if these are elementary questions, I just don't know!  Thanks for your advice!