All Forum Posts by: Mark Gliebe

@Ken M. and @Dorothy Moore first welcome to Bigger Pockets!  Secondly, what part of town/neighborhood are you looking for this investment?

@William Allen I would be interested to hear your analysis on why you think that is?  What is leading to that increase in motivating sellers?  

@Katherine Hite I work on the distressed property fix/flip side of things and have definitely seen more opportunities at better buying prices on things.  With interest rates still low, how are the move-in ready buyers market?  Also this is the spring selling season, usually people are eager to put their homes on the market now, how is that in your world?  Have you seen any change in that?  Of the last 5 recessions we have had since 1979 real estate values have appreciated 3 out of 5 of those times.  2008 being the biggest drop for obvious reasons.  Other than that though there was a modest down tick in 1991 recession of -1.9% but otherwise home prices appreciated in 1980, 1981 and 2001.  This is not a housing led crisis, and once the dust settles I do not see the same circumstances we had in 2008.  Interested to hear your feedback!

Hey @Rodolfo Diaz welcome to BP and welcome to Nashville!  Where is your job located?Franklin, Brentwood, Spring Hill, Nashville (North, South, East or West)?  How important is location to job vs investment opportunity?  Price point? What kind of house hack do you want to do?  Multi-family, new build, DADU, Basement, In-law?  How much work are you willing to do?  Do you want it already ready to go or would not mind doing the value add yourself or hiring it out?

@Christine Smith look forward to helping you on the investment side of things!

@Christopher Davis - @Steve Frye is 100% correct in all his advice.  "Two family dwelling unit" is not exclusive to an umbilical HPR.  What Steve Frye explained is correct and true, separate entities, but 1 permit because they are on the same lot.  Ownership is not divided into 2 distinct lots.  It is still one lot.  

Think of it this way. HPR is kind of like an HOA w/o the fees. Same property as always, but it has been divided into 2 separate units owned that can be owned by the same individual or separate individuals. They share "common elements" and Limited common elements" similar to an HOA. So the grass, driveway, fences, yard etc. are technically shared. Most builders will separate them making it easy to identify which homeowner takes care and maintains which portion of their pie.

An example would be an HPR-attached that shares the same roofline.  That roof will need to be replaced one day.  It will be hard to replace seamless roof without doing the whole thing.  Most HPRs operate as such depending on their language where each homeowner has to agree to fix, change or repair to those "common elements". It will interesting to see 10-15 years from now when roofs need to be replaced how homeowners will handle that.  Who will pay for it? 

I would go to parcel viewer click on any HPR and look at the HPR docs and their specific language.  Everyone is different, but they essentially operate that way.  It's not a perfect example, but it at least gets your head wrapped around something most people are familiar with.

@Scott Louis I would by direct as opposed to other sources especially getting into the game. You learn so much more by being hands on with your property.  I also would get in the game now.  Everyone thinks this is a repeat of 2008, but its not.  Totally different circumstances driven by different factors.  I am seeing a slight drop in prices, but as you know Nashville inventory is so tight its not affecting that much.  Despite that I am already seeing a drop in prices with the properties that our investors are buying.  Also, I would buy now because if everyone (ibuyers, REITs, New and seasoned investors, etc.) is waiting for a few months to buy, then you will have much greater competition then.  Everyone will want a stab at the market then.  As Warren Buffett says, "when people are selling I'm buying and when people are buying, I'm selling".  Take advantage of it now while buyers are on the sidelines.  You have more to choose from and subsequently more to benefit from.

@Drew Davis I did what @Alex Olson described with my first investment property 8 years ago, except a quadplex it was a triplex with a VA loan. You can absolutely do it and I would recommend you get 2-4 units or at minimum a basement to finish out as a separate area. Good luck!

Hey @Luke Runion I am sorry to hear about that happening to you! One solution is to use a Hard Money Lender and then refinance into a traditional 30 yr mortgage so you don't keep incurring the high fees.  Typically they need good credit score and proof of cash reserves or income, not looking at 2 year employment as a factor.  I just had a 19 yr old recently tell me about a Hard Money lender that he used that had no problem getting approved to buy his first investment property.  Send me a DM and let me know how I can help.

@Samuel Merrick welcome to BP and real estate investing!  I was in a similar situation when I bought my first 2 properties when I had a secure W-2 and then transitioned into the 1099 world.  I actually bought the 2nd of those two properties the last month I had a W-2 for that job at that time.  So yes I definitely know the pressure and feeling that you have.  Since then I have bought land to sit and hold and renovated my triplex.  You can still make investments even without a steady income, you just have to be strategic about it.  It also depends on what your strategy is and what you want to do (hold, flip, etc.).  Look forward to connecting down the road!