All Forum Posts by: Roger Poulin

Are you talking about an engineering company? Site study, review of zoning, survey, can be anywhere from $2,000 to $5,000. Depending on the situation, an experienced builder can do a couple web searches, and visit the site and give you a good idea of what can be done in an hour or two.

What kind of counsellor did you find?

General meeting Monday night of Real estate Investors of Nashville. REINTN.ORG 

Welcome, I live in Hermitage and my day job is in Lebanon. We should have coffee sometime.

Real Estate Investors of Nashville (REIN) is the biggest. The main meeting is the second Monday each month at the 50 forward center, near the fair grounds. They also have many small groups that focus on a geographic area (Williamson Co., Murfreesboro, etc.) or by investment topic (land lording, notes, etc.). The Deals, Deals, Deals meeting is good also. 

You can make a good deal just about anywhere with the right strategy. Knoxville and Memphis are strong rental markets, but appreciation may be modest. Many parts of Nashville have good appreciation, but finding a strong rental property with cash flow is challenging, but can be done. Chattanooga can go either way depending on the part of town. Smaller towns have fewer buyers, so buying with value can be done more easily. 

Prices in TN are much lower than equivalent property in CA. Also purchasing is much easier and straight forward here than CA. Nobody submits a resume or essay with an offer. You send an offer (or a contract), along with proof of funds or credit letter, and you are done. Many offers expire in 2 or 3 days, so sellers have to make a decision quickly. If you are getting a bank loan, you can close in about 30 days. Cash buyers can get it done in 4 or 5 days if needed.

Just don't pay the frauds "Corporate Records Service" on Harding Pike that tell you you have to do your corporate minutes. They send you what looks like an official bill, but it is not. It is a $200 scam.

If your going to open a bank account in the LLC's name you will need a FEIN. If you are using the LLC to protect you in the event of a law suit from a tenant, or whoever, you need to transacting the business through a separate account or the plaintiff will be able to "pierce the corporate veil".

The Army Corp of Engineers own most (or maybe all) of the water front near Nashville. Percy Priest , you can't have a private dock and there is severe limitation on removal of trees and brush. Old Hickory Lake the restrictions  are more relaxed, dock permits are very hard to get and expensive. Depending on were it is, a dock permit isworth more than its weight in gold.

CRSData should be able to tell you what the market price is for the neighborhood. You will want to pay considerably less than that.You also need to look at the trend for that town, up vs. down. If the only factory in town has closed up, and everyone is leaving, don't buy at any price.

Consider your exit plan, if you are wholesaling/wholetailing, you need to know if there are buyers in the market, so look at the inventory qty. and compare it to the average sales per month. you will want that to be less than 6 months.  you can also look at the avg. days on market.  If you are planning to hold it, are there renter in the market? How will you manage the property? Is there a reliable management company in the area? If you are going to rehab, can you find good contractors?

Once you answer those questions satisfactorily, get in your car and go make sure the house is in decent condition.