All Forum Posts by: Ryan Stahr

@Brian V. How serious are you all looking? I have 2 properties under contract and 4 in my current portfolio in Chatt I'd be willing to sell you. A couple turn key, a couple projects. your choosing. 

Doing analysis by zip code in Nashville would be too broad. You need to be more neighborhood specific. I also would pay attention to our Metro Council vote slated for January 16th. They are likely going to kill any new investor/non-owner occupant permits for STR's.

@Victoria C. yes. Locally run banks. not national banks 

@Aaron Hall call local banks and ask about speaking to a loan officer about the types of products they offer for investment properties. A loan for an investment can come in many different forms and the down payment is only one aspect of a loan. 

For example, i just got a loan that you may consider "10% down" but it actually was a 89% Loan-to-value. The reason they gave me that high of an LTV was because the product is only a 5 year fixed interest rate period with a 20 year amortization period. But also because It isn't a typical 30 year fixed consumer mortgage loan, I have very very low closing costs.

TL;DR if you want to sound like you know what you're doing, call around and ask about residential investment loan products and listen carefully. Maybe ask if they will send you some product term sheets and read them carefully. Some may only require 20% equity, which is what you are after. 

@Matt Hoiles getting your GC license in TN requires quite a few hoops - 3 years of experience, passing an annoyingly hard test, and carrying things like worker's comp insurance. I am getting mine right now. Upfront costs are high and they actually expect you to report that experience. 

I'm considering a foreclosure in a great rental neighborhood. It meets all my criteria, except for one big variable - it has an in ground pool. No idea why someone put an in ground pool in this area, but it adds way more risk in my mind as a landlord (risk of falls, drowning, upkeep, maintenance, etc.). 

Who has experience with pools in a rental? How did you manage it and have you ever filled in a pool with success? I've read only horror stories online. 

@Zach Kaskey Belle Meade = Buckhead,  Sylvan Park/The Nations is Virginia Highland, Germantown is Inman Park. Franklin is the Marietta/Alpharetta. You're going to pay Midtown/high end prices, similar to the current ATL market (but not quite as high), in all of those areas. All are also on the west side of town. 

If you want a turnkey duplex that meets the 1% rule within 5 miles from downtown, you'll have to find it yourself off market. Too much competition to just pick one up. Look to suburb markets if you really want a turnkey Multifamily deal that'll meet your numbers. 

@Scott Lawlor post it on craigslist and the 'murfreesboro rooms for rent' facebook page at your desired prices. Do that now. That's real market research - you don't have to even take calls. Just see how many responses you get. If you aren't trying to fill it this month, do a split test and post it this month at 425/room and then wait until next month to post it on similar sites at 500/room.

If you organize an after 5 meetup, I'd attend. 

@Keri Potter Decide if you are going to buy wholesale and create equity through renovating or buy retail and fund the deal through conventional loans.  That's a personal preference. If you choose option A, find every wholesaler in town and get on their lists. If B, go get pre-approved by a bank.

Sean is right if you're looking to house hack- Multifam in Downtown Nash is competitive right now. I'm looking at 3 properties today that are duplexes/triplexes and they BARELY meet the 1% rule based on asking price. You'll need to go out to the surrounding counties/cities to find a deal.