All Forum Posts by: Steve Chaisson

If it's located off of Charlotte, it's priced to high and you can do better if you're patient.  

I sold a quad in Shelby Village earlier this year for 276k with similar rents.  They come up from time to time.  

I've got some experience with development in Middle Tennessee.  I'm probably one phone call away from answering any questions you may have in the state.

Shelby County has all deed records available to the public online.

http://register.shelby.tn.us/index.php

@Curt Davis, @Anne Wallace, @Stephen Akindona

Thanks for the responses.  I will follow up with the title company in Memphis.  

I use Carlton Drumwright in Brentwood for my closings. We were in Boy Scouts together as kids in Ripley. He puts together a lot of side agreements, private DOT's, and generally does anything attorney-driven that I need to move things quickly. I do most of my own due diligence prior to auction but get his blessing on the messier looking titles.

I am currently buying properties at auction in the Nashville area and did my first deal in Memphis last week.

I am now looking at purchasing a note on a commercial property with a private lender.  I could use some investor-friendly professionals to do title searches (and preliminary title prior to auction).  My attorney in Nashville generally puts his blessing on anything I purchase and doesn't charge because of the volume of business that we do here, but I understand I may pay for this type of service initially.  I am aware that Shelby County has free public access to the register of deeds but I generally like to have a trained eye review title, particularly on more complicated deals.  

I could also use someone to do a survey/mortgage loan inspection on this particular property.

Finally, I could use some investment savvy agents both on the residential side and the light commercial side to run my deals through and get some opinions of value before we purchase.  I'm pretty good on my own in this department, but I haven't studied the data like I do in Nashville.

Good referrals are sincerely appreciated if you have them.

You treat it like a builder selling new construction.  They have a limited time frame to remove financing contingencies.  You treat any requested changes like a "change order" and they pay for the changes up front.  You make them pay for their upgrades as part of their initial deposit and you itemize them as part of their contract price.  Personally, I would also make them deposit the cost of potentially having to redo any changes you would not have personally made in case they don't close.  If they do close, it's all credited to their price.  

Make sure you aren't dealing with a nut job.  If you sense that they are, make them wait.  Keep them off your construction site as much as possible.  Custom building and renovations are two different creatures entirely when it comes to managing personalities in a transaction.  

I'm assuming the property is in Midtown which is really hot so I would make them pay dearly.  

If I were investing $115,000 in a home I would take my time and find something in east Nashville, Cleveland Park, Hope Gardens, or Salemtown if something came available.  North within close proximity to Charlotte Pike might be a play also depending upon the price.

Any property can be a good deal depending upon your time horizon.

Most of Inglewood is RS zoning but if your utilities are grandfathered and you can get HPR approval your land may be worth more than your building.

You've got a comp on Eastdale at 141k.  If you have a post WWII Tudor style conversion it may be worth more.  If it's a little shotgun off of Riverside it's worth less.  I can pretty much dial it in with an address.

@Account Closed Say "Hi" to Adam for me.

Neal Lampley just started a hard money company, and they are looking to place 25 million in the Nashville market.  

Fred Kane with Colliers 615-944-3180