All Forum Posts by: Steven Gough

Hello

We have a unique opportunity for anyone interested in developing two lots right in the heart of Five Points! Location! Location! Location! It just doesn't get any better than this.

This is currently an off market deal, that is Direct to Seller, we are the owners. This is not a wholesale deal. We are putting this opportunity out to a select group of developers and investors before we list it on the MLS.

The address is:

949 Russell St

Nashville, TN 37206

Just to give a rough example if someone went all in developing the lots they could build two 5,677 sq ft houses. (given historical would allow them to - would depend on construction documents submitted - Historical has say over metro zoning)

Developer Costs:

Cost to build properties: (going rate for custom in middle TN around $120 per sq ft) = $681,240 each

If houses sold for $265 per sq ft - $1,504,405 each

Realistically we think the 2 houses will be a little smaller with possibly a DADU behind each and will sell for around $1M - $1.2M each. 

That being said the property could be left as one and developed as is, the choice is yours.

We have plot drawings.  

If you are interested and want to see the plot drawings, would like to make an offer or have any questions please message me.

Thanks for your time and interest!

Have a fantastic day!

Hello Kris

Thanks for the feedback.  That is what I am hearing as well.  It does sound like some options are slowly creeping back in...I just have to be patient.  I will look into my local banks but their interest rates tend to be higher.  Did you find that to be true with the 3 properties you closed on this morning?  Congratulations on that, by the way!!

Is anyone still able to find Cash Out Refinancing on Investment Properties?  I was in the last stages of underwriting and was already approved to close when COVID hit full force.  The lenders put everything on hold.  Basically, they are unable to sell these loans on the secondary market...to my understanding.  As of this week I am still getting the same answer, these lenders are in a holding pattern.

Is this what the BP Nation is experiencing as well or am I missing something?  

Hello Chris

No, in the end I did not use the Hard Money Man services.  It just wasn't the right fit/feel for me.  For our investments back East/midsouth area we are working with Lima One Capital.  They cover a lot of areas and we have had good luck with them.  I am not over the moon with them but they have worked out thus far.

I hope this helps and good luck!

Jay

The project is in the East and the hard money lender we currently work with does not cover the area, thus, searching for on that does.

Eric

Thanks for the tips. I have done most of those already I am just not finding much on them through these means, good or bad.  There is on bad review but nothing else.  Hoping to hear from someone that has experience with them.  I will keep searching.

Thanks again!

Hello All

I am hoping to get a little help. I was wondering if anyone has worked with or knows someone who has worked with NLDS Corp also known as Hard Money Man? I am looking at using this company for some of my projects and wanted to see if anyone has had any working experience with them, good or bad?

Thanks for your time!

Steven

Hello All

I am an out of state investor looking for a reputable realtor that has experience working with out of state investors.  Anyone have any suggestions?

Thanks!

Thanks for the feedback it is very helpful and appreciated.

Hello All

I am looking for a little advice/guidance. I am looking at purchasing a commercial property (multi-unit apartment building) and I believe I might be able to do it with no money down...as long as my theory holds up. Below is the break down...I am not using exact numbers here just ballparking.

Purchase Price: $600,000

Owner is willing to finance half with half down

Here is my question:

Can I get a credit back at closing with a commercial loan?

If I get a commercial loan for $600,000...(I would have to provide $120,000 for 20% down payment, leaving a total loan amount of $480,000)...The $480,000 goes to the seller (more than half of the asking price which is more than what he requires for owner financing)...The seller then credits back to me $120,000 at closing, creating an owner financed loan of $240,000 and giving me a no money down deal. Is this possible?

Thanks!