All Forum Posts by: Jimmy Silcox

Hello All!

The time is nearing for me to make my first investment purchase.  I'm going to be looking in the Chattanooga, TN area and will need a realtor, property manager and possibly a wholesaler.  Ideally, I'd like to find professionals who are used to dealing with investors or who are investors themselves.  Any recommendations would be greatly appreciated.  Thanks in advance.

Jimmy 

@Carrie Carlton, thanks so much for the info!  This is exactly what I'm looking for.  Copy that on what the city would say, doesn't surprise me. 

@Luka Milicevic, thanks for your response.  If I can get this moving forward I'll keep you posted.

You may think the greatest hurdle is the city, I think its going to be convincing my gf that moving back and forth between the camper and the house will be worth it...haha.

Thanks again for your responses!

Hey @Jon Holdman, thanks for your reply.

I'm actually concerned about power as well.  I doubt I have enough left on my house panel to allow for a 50 amp hookup.  I haven't checked yet, however.  My house is old and the water and sewer lines probably need to be replaced.  I thought when I did that, I could run water and sewer to the pad.  Of course slope would be an issue for the sewer and this might be a show stopper considering where I want to put the pad.  I could always empty the grey and black water tanks into one of those wheeled tanks every so often while I have someone staying in my place. 

Yeah, I'll have to check with zoning.  Here in Nashville it ain't easy getting in there to talk to them but it can be done.

As far as the camper, I lived in it for almost two years before I bought this house in Nashville.  Its a 36' fifth wheel Montana with plenttyyyy of room for me.  I actually miss living in it. 

Anyway, thanks for the insight.  We'll see what zoning and public works has to say.  Much appreciated!

Hello BP!

My plans to buy MFPs are on hold until I can sell my house in MD and use the cash for investment.  In the mean time, I have this great spot in East Nashville, corner lot, secluded street, etc that I'd like to use to create some more income.  Originally, I thought I could use the extra yard space to build a garage/apartment and rent this out but this would cost upwards of $150k and I don't think would be worth losing my good interest rate with a construction loan.  I don't have enough equity for this yet but maybe in the future. 

Anyway, I moved down here to TN in my camper two years ago and the camper is now in storage since I bought the house.  I thought I could leave the camper at a local campground and stay in it while my house is short term leased.  Campground rentals around here are so expensive at around $800 a month not including electric so this would cut back on my income.  So...I had the idea of installing a concrete pad in my back yard, sprucing it up with a privacy fence and maybe a patio and parking my camper there!  I'd have to run power, water and sewer to the camper if I were to do it right but I'd immediately save the $110 a month on storage fees and  could easily go back and forth between my house and camper when I have people staying.  I know it may be a weird idea and I don't even know if Nashville will allow it but I imagine there is someone out there with some insight.  Thanks in advance so much for any tips, thoughts, etc you can offer. 

Jimmy

Good Morning all,

Thanks so much for all of the great info!  I've been reading, researching, analyzing properties, etc for months but talking to actual investors, agents, contractors, etc is what I really needed.  Its comforting to know that I'm not the only one thinking something and that there ARE solutions out there. 

@Ron Dayley, I will definitely see what is up in Clarksville.  Would you have any more info about what is available? 

@Jeffrey Holst, Thanks for turning me on to Chattanooga!  Yes there are properties available there.  Just a quick look and analyzing a couple properties off of realtor.com has shown me that.  I wish it were closer to home but if I need to drive a couple hours for a great deal, I'm willing to do that.  I will need to find a good property manager down there, however.  @Brian Levredge, I'll keep your point in mind as well.  Thanks very much for the info.

@Luke Carl, your East Tennessee properties seem like a dream come true...ha!  What is the downside?  I remember you saying it is a bit more than passive income.  Do you live in Nashville but still manage them ok?  Is

@Avery Carl someone I could talk to regarding these properties?  I can definitely do 15k down to get something like this started.  Do you have any more info on some of the properties you own?  Please PM me if you're able.  Thanks a ton!

@Will G., thanks for the site.  I'll check it out.  The more info the better.

Thanks again everyone!

Hey Lucas thanks for responding!  I know...this market is nuts!  Makes me very weary of even trying to start.  That sounds interesting regarding your investment in the mountains of TN.  Did you start with vacation rentals or did you do something else first?  I might have to look closer into that because generating passive income while I'm on the can is what I'm shooting for!  Ha!  

Yeah I think I'd rather see $200 a month per door if possible but I'm concentrating on multifamily homes as I think these will bring in more cash per month in order to save for the next.  I'm mainly going off of @Brandon Turner book on the subject, Seven Years to Seven Figure Wealth.  It was an eye opener for me and it seems totally doable...in the right market.  I'm not sure Nashville is the right market.  I've been searching further out, Chattanooga, Memphis, etc and have even found some an hour out and I've been analyzing these.  There is cashflow out there!  Just hard to come by.  My brother has been searching up in MD where we grew up and he's found a couple that look REALLY good.  Exciting times!  

Anyways, thanks for the info and the contacts.  Much appreciated! 

Hello All!  I'm a relative newbie to Nashville, TN. (moved down in my camper over a year ago and recently bought a place in East Nashville)  I love it here and plan to stay long term.  I've been researching and learning about real estate for a little less than a year now and I think I've determined what my strategy is going to be.  I'm looking at getting into buying MFH and using the income from each home to save more for the next.  I've done some searching for MFH in my price range around Nashville and about an hour out and have had very limited success.  I know Nashville is a very hot market and prices are high.  I wonder if I should consider starting out in a different market/area?  I'd like to spend less than $150k on my first multi family, cash flow at least $150 per door and obviously buy the home at a price that will enable built in equity.  Where do y'all suggest I look and does this even sound like a good strategy for this area?  Thanks so much for any help you can offer.

Jimmy

Hello @Ben Howard

I recently bought a place in East Nashville that has plenty of room for something like what you did.  I figured I could rent out the apartment above the garage for somewhere along the lines of $1500/month as well.  So, if my monthly costs are covered I could potentially bring in a little bit of passive income.  Anyway, you mentioned contractors were telling you it would cost $50k to build.  Were you talking about only the garage for that number and not the apartment?  I'm being told it would be in the range of $125-150k.  What size is the apartment you had built?  I don't think I could make the numbers work if it cost $150k.  Maybe I'm looking at building something too big.  How's the project coming so far?  Did they require you install sidewalks or do you already have them?  Thanks for any further info you can offer. 

Thanks, all, for the good info!  I plan to head into metro codes in the coming days just to see what I can and can't do.  I know air bnb can be a pain in the *** but I'm willing to give it a try for a little while.  I can always rent full time if I think its too much work.  With Nashville outlawing airbnbs in residential zoned areas, I thought I might have a good opportunity to make some money since my house is zoned industrial.  There might be more demand for cheap housing that way.  Someone I ran into recently thought it might be a smart idea to build a small recording studio as well...something for me to think about.  

I did not know about this requirement to build a sidewalk.  That does sound ridiculous...especially for my street that doesn't have any sidewalks...!??  It would look ridiculous. I'll see what codes says about this.  

Again, thanks very much for the info, this is exactly what I was looking for.  

Hello all! This is my first bigger pockets post but I'm excited to hear what y'all think. Here's the deal:

I recently bought a house in East Nashville with investment in mind. I'm currently living in the house. It is zoned industrial residential. It's a small 1200 SQ ft house on a .3 acre corner lot. The house itself is in good shape but I may do some small things to make it look cooler (already installed 12 recessed lights myself). Here's my question:

I liked the house because of the space available to build. I want to build a garage apartment combo to get the most out of the available space. I'd like to do most of it myself to keep costs down. It seems that all zoning and setback rules will allow this.  I'd like to Airbnb the house and apartment after all is said and done and hopefully generate some good income. My main concern is the fact that the railroad is in very close proximity. I'm afraid that after all the time, effort and money I invest into building, I won't be able to make the money I'd hope to make. Can anyone offer some advice whether general investment risk or offer some similar experiences? Thanks so much in advance.

- Jimmy