All Forum Posts by: Kyle Nieman

Hello,

I am looking to sell my condo in Icon (preferred no agent deal) and wanted to see if there was any interest within the BP community? See link below and feel free to txt me with any questions at 440-320-6299.  $550k

600 12th Ave S Apt 1502, Nashville· 1beds · 1.5baths

https://apps.realtor.com/mUAZ/xpd4thwh

Hello,

I am looking to sell my condo in Icon (preferred no agent deal) and wanted to see if there was any interest within the BP community? See link below and feel free to txt me with any questions at 440-320-6299

600 12th Ave S Apt 1502, Nashville· 1beds · 1.5baths

https://apps.realtor.com/mUAZ/xpd4thwh

Hello BP Community,

My name is Kyle Nieman and I am very interested in connecting with folks within the community/Nashville area to discuss personal experiences (good or bad), real estate investing advice (Long term rental/Commercial Real Estate) and strategy etc. 

Background - I attended The Ohio State University where I got my business degree in Marketing. I moved to Nashville a little over 6 years ago (Downtown, Edgehill, Melrose) to take an opportunity with my company and could see it being a forever city. I own(ed) a couple condos in the city and want to expand my real estate portfolio as I do not see the growth of the city slowing down at all. I really would like to connect with experienced folks almost as mentor to help give me insight in questions I have throughout my real estate journey. I am very passionate about real estate and see it as an avenue to create income outside of the corporate world.

Feel free to contact me on the forum, email, LinkedIn etc. I would love to start chatting with other professionals in the community/in the area to learn as much as possible!

Thanks!

Hello,

I have another questions for the forum.  What is the best way to get tenants?  If you hire a property management company, what % do they typically take?  I just want to cover all bases when I run a Worst Case Scenario model on a home I am looking to purchase.  I want to make sure if needed, I could find tenants in 1-2 months, so that I am not stuck with a hefty mortgage if all goes wrong with my current tenants.  Any insight is helpful.

Thank you,

Michael, I missed your response.  Thank you for the insight as I believe I am more leaning towards living in the home and renting out the other 2 BR to my buddies.  If I can close for the right price and what I have been running my models on; I would essentially be paying a smart portion of my mortgage (after I collect from roommates) which is WAY cheaper than my rent in downtown Nashville at my apartment.  

I believe I am then in a great situation to either save some money month to month from my current situation to invest in other things OR replace what I am paying for my apartment and just contribute that amount to more equity in my home since I can live comfortable now spending the same amount on my apartment rent each month.  (This is a little confusing so sorry if it does not make sense).

Thank you all for the quick responses.  I believe I have crunched numbers until I am blue in the face.  I guess it truly comes down to if I live with my roommmates in a home closer to downtown (which I would enjoy as well); I would have more control of the tenants as they are my college roommates and long time friends.  From a liability standpoint it truly does seem easier to roll with my roommates being my tenants.  I feel with purchasing a little bit cheaper of a home and renting out to tenants that are not my friends, the margin of profit may be a little bit larger.  Is it worth the couple extra hundred bucks?

Only other thing I was thinking is I would probably cut my roommates some slack on rent compared to having 2-3 tenants in a home where I do not live, farther away from downtown allowing me to align my pricing more with the market.  I am not saying I’m giving away my rent free to my roommates, but I will give them incentive to living with me for a couple years because I am benefiting from the equity in the home we would all be living in.

Hello,

I am newer to real estate investing and would like some feedback on a current situation I am stuck in.  I am really getting close to purchasing a home in the next 7-9 months, but do not know the best way to approach where.  I currently live in an 3br apartment close to downtown and cannot stand paying my rent each month knowing I am not building any equity.  I have a steady income and have been able to save some money for a down payment.  Where I am stuck is below on two different options:

I could buy a nice home in a decent up and coming area (Germantown, Sylvia park etc.) after our apartment lease is up and my 2 apartments roommates would be my tenants for at least the first year (maybe longer).  I would pay the mortgage and essentially they would be my tenants.  

OR

I could look for a much cheaper home in an area like Nolensville, Mt. Juliet, Brentwood, Franklin etc. and rent it out to random tenants who would essentially pay my mortgage and I would gain a profit off them.  This would help pay my apartment rent, so I could stay close to downtown.  This scenario keeps me close to downtown in a nice apartment with amenities while also gaining a profit/having a home.  I do have fear in not being able to find a tenant, but I believe that is because I am new to this.

Any input in a what would be the safer strategy to take on for my first home purchase? Pros and Cons to each scenario?  I am open to grabbing a coffer or meeting up to further discuss as well.

Thank you,