All Forum Posts by: Julius Smith

@Sara Muir This looks like a solid deal! Can I ask how you're getting such fantastic loan terms? 4 residential units plus a 5th (commercial) tenant on the 1st floor and you're still able to get a 30-year amortization at 5% interest with only 20% down? Is this rate fixed over the life of the loan? If so, I've been dealing with the wrong banks/lenders! 

Hi Ray,

Thanks for responding.  I already have a MDHA contract for a section 8 tenant. Tenant moved in a few months ago. I was just hoping to chat with someone in the Nashville, TN area to go over a few questions that i have. 

Hey everyone,

Is there anyone in the Nashville, TN area on these forums that is versed in the ins and outs of section 8 (MDHA) rentals? If so, i would greatly appreciate a conversation with you. I have my first section 8 tenant currently and have some questions about my duties after year 1 and what all my contract might require that i may not be aware of. Please message me directly if you are able to help. 

Thanks!!

@Jeff Kehl thanks so much for the feedback and glad I could accidentally get you to find a new resource for properties! I'm going to start the 7 day trial and see how it goes. 

Does anyone use and/or have an opinion about RealtyTracs for finding foreclosures, REO's, etc.? After the 1st free 7-day trial, it's $50 per month. Not too cheap, but if it's a great resource then it may be worth the money.

Hi all, I'm currently looking at a property as a flip. The most significant issue i found from my first walkthrough was structural. See below for a pic where you can see a crack in the foundation wall. House appears to bear on a concrete stem wall (as shown). Also, the house is on a concrete slab rather than elevated/crawl space. What you can't see from the picture is that to the left of that crack (about 12 LF) you can see where the house has sunk a few inches. Furthermore, when you're inside the house you can feel under the floor where the slab has cracked and is raised up approx 1 inch. In total, i'd say that the affected area is about 12' x 10'. Curious what your thoughts are and how much should be budgeted to remedy an issue like this? I'm not necessarily afraid of this issue as long as i include adequate dollars in my rehab estimate and the resulting purchase price still makes sense. 

Thank you all for your input. Unless the seller is willing to negotiate a much lower cash offer for this property, looks like i'll be moving onto the next one. I'll keep everyone posted if something changes! 

Hey everyone,

I'm pretty new to bigger pockets and RE investing in general, so hello to all! Have a question. I was in the process of writing an offer on a vacant property and my realtor just called me saying we couldn't do the deal anymore due to the following:

This past weekend we walked the property with the seller. During that day, he was cleaning out the house from the last renters, and he ended up pulling out several things including the kitchen cabinets. My realtor is telling me that this now makes the property "uninhabitable" and i can no longer get a loan for this deal (I'm unable to do a cash offer). 

First, is this true? And second, do any of you have experience with this and what have you done in circumstances like this? I'd rather not deal with a hybrid or construction-type loan. Really only because i haven't looked into that at all and not sure what that would entail

You're help is greatly appreciated! Thanks! 

That's awesome! Just curious, how did you find the deal?

Thanks everyone for showing some love. Luka Milicevic absolutely I'd be happy to get together sometime Aaron Anderson well I was looking at some smaller commercial in Murfreesboro for a bit. But as of late have been looking all over Nashville which has included North Nashville, south and southeast Nashville. I have been hearing good things about Columbia too though and would certainly be interested in hearing about it. Feel free to PM me. I'd love to chat and/or get together sometime.