All Forum Posts by: Randy Dickerhoff

Hello Everyone. 

So I am new to this investing idea. However I have spent as much time and effort that I have learning, reading, and ingesting everything that I can. I am a small business owner in the Nashville area. I am an owner operator and a father of a 6 month old and almost 2 year old. As you can imagine I am a busy person. 

I currently own a 3 bed 2 bath home in Mt. Juliet TN about 20-25 minutes outside Nashville. I am about 5 minutes from great shopping and all that the area has to offer.  As this area is growing super fast, I am considering using this home as my first rental. So I will give some details and some analysis I have to this point. Any input would be great!

amount owed on loan-$185k-(FHA)I have done some light rehab to update andI am considering putting 20k in and refinancing to conventional 30 year to lower the payments. House is worth 245k now. 

The home sits on .83 acres (Big yard!)(thoughts?) the schools less than 1 mile down the road are some of the best in nashville in fact they got a 10 out of 10 rate last year.  

Numbers 

home value

20k down

loan amount 165k conventional 4.5%                            Rent-$1600

PMI-$45 Cash Flow-$237

Insurance-$50                                                                      ($397 self manage)

vacancy-5%

repairs-5%

cap ex-7%

management-10%(being my first i would self manage)

If this is a good deal. Where would I go? How would I be able to finance my next home to take my family to? 

Thanks guys 

*house hack*

so I ran some numbers on my current residence. Using the BiggerPockets calculator and checked with rentometer to see what rents are like in my area. looks like I will cash flow right around $50 a month for my current home as a rental. However, if I decide to self manage it I could make a right around $200 a month. is this a good idea to use as a rental? Or is there not enough skin in the game? since the market has grown here I do have some equity in the home based on the value of homes going up. Would I be better off house acting a different place?

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well thanks for the feedback. who should i contact for zoning? Also how would I go about figuring what amount I can rent it for?

the home that i live in currently, sits on almost an acre. I am considering putting a tiny house rental on the lot. thoughts? I do not know where to get started at all. how to i even go about getting it approved? Thanks.

So I have yet to begin my real estate investing journey. my wife and 2 young boys under 2 have a single family home 25 minutes from nashville. the home is a 3 bedroom 2 bath. it sits on .86 acres so it's a rather large lot. I thought about using it as a rental. My current thought is to put a tiny home or the like on the property and renting it. Any thoughts on this? also, if I do this how to i go about finding out if I am zoned for this????

Thank you @Beth L. for the advice. I am excited to look into the information given. 

Hello BP'ers ,

I currently own a single family home in Mount Juliet TN, 25 minutes outside Nashville. Nashville is booming and houses are selling quickly. I want to find a way to start into real estate investing. Would renting my current home that my family lives in be a good idea? 

We live in a 3bed 2 bath home. Roughly 1300 sq ft. Purchase price was 190k and has went up in value to about 215k in two short years. Almost 1 acre lot. 

Also, how would I take care of my family to get them into a new/possible temporary home effectively for investing. 

thanks 

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