All Forum Posts by: Matthew Glover

Count me in on the next one! Looking forward to it.

@Luka Milicevic

Thanks for your additional insight! 

I met with a potential builder yesterday. They can do $95/sq. foot plus a $50,000 builder fee. Also, to your point, I am weighing my options and one of them is to build and live in the other side for at least 2 years. This would then avoid capital gains taxes and also would have a nice bit of equity built up.

If we move forward, we are definitely going to hire surveyor to look at flood zone. Would love to be able to completely pull out of flood zone according to city and FEMA maps.

@Devan Mcclish Thank you!

Would it make a big enough difference if I told you I have my realtor license? 

Also I already own the $264,000 side of the home?

Lastly, I could potentially partner with the builder I have in mind for this deal. I could see if they would be interested in purchasing the other side ($300,000) and then we go into the deal together. My only risk would then be the $264,000 side. 

Does that sweeten the deal at all from your perspective??

Thanks @Sean Davidson @Roger Poulin @Bryan Wallace

Per Roger's suggestion, I researched the FEMA map versus the topography. While doing this I ran across a comparison of the old FEMA map verus new proposed FEMA map. It looks like my home has pretty much been moved out of the flood zone. Am I reading this correctly? If so, this is really good news right?

Please see the attached diagram I made. My half of the zero-lot-line home is labeled with a gold star. The side I am thinking about buying is labeled with a "red star" haha. Thanks for your input!

Thank you Sean and Roger! This is very helpful information.

To answer a couple of your questions...

Yes, the home is an attached zero-lot-line home. It sits on a 20,000 acre lot in Green Hills. A new build (3,000 sq. ft.) on the same street flew off the market at $750,000 last month so I think I could get at least that.

However, the information both of you have provided is disheartening. Thought I was on to something! Glad I asked!

Quick question, if I check the flood maps closely and see that the home is not very deep in the zone then is there an option to bring additional dirt and rock in to build the lot up so it is above the flood zone? I'm not talking about building the home up on blocks just simply bringing in dirt etc. to increase elevation?

Hey BP Community, need your advice!

I own half of a zero-lot-line home in Nashville. My neighbor, who owns the other half of the zero-lot-line home wants to sell. 

The home is located in a very nice area of Nashville on a great street. They have been tearing down homes on this street for the past 4 years and building homes that range from $700,000 to $1,000,000.

Details:

-My side of the home cost me $264,000. The other side would cost me $300,000 to purchase. 

-The home is in a flood zone.

My question is two folded.

1. Should I purchase the other side of the zero-lot-line in order to tear down the whole home and build 2 brand new homes that could be priced at a minimum of $700,000 individually?

2. How risky is building 2 new homes in a flood zone?

Any advice will help! Thanks! 

Matt

Interested! I am a realtor in Nashville. Happy to help.

Tommy, I'm a real estate agent in Nashville. I have a buyer who wants a short term rental. Where is this unit located? Thanks.

Welcome Donta!

I'm a new realtor right here in Nashville. Got my eyes open for a great investment deal! I'd like to be added to your email list, Micah. I'll message my email address. Thanks! Have a nice weekend everyone.

Josh, I'm also from Nashville and I have lived here all my life. New to real estate but recently passed the real estate affiliate exam in order to learn more. Goal is to purchase a rental by 2017. Why areas in Nashville are you thinking would be wise to invest in? I'm having trouble deciding since it seems like it's shifting from one are to the next quickly. Thanks.