All Forum Posts by: Val Hill

Hey Lon, 

Did you find a good GC in Clarksville? I am in need of one today to walk a property for me and give me a quote. 

Thanks for your time! 

Hey Sean! I just ran into the same issue myself - found a great deal on a student housing rental but in doing my research I realized the restrictions around the cash-out refi and decided not to go through with the deal after all. The lesson I learned is although it may be a great deal, it might not be a great deal for me (as a new investor with very little capital). I’ve decided to do a few flips first so I can build up some capital before starting my rental portfolio. Sounds like you might want to consider doing the same. Good luck on your rehab & the rest of your investments! 

Hey BP fam! 

I'm working on getting my first deal under contract! A motivated seller just got back to me about wanting to sell & I have an appointment set to check out the property. As of now, it's unsure as to whether the property will be flipped or whether it needs to be a teardown. My question is, I know flippers take on properties that are 75% of the ARV (or better) but, what are teardown/new build investors qualifications for max offer?

Comps for other reno-ed properties in that area are 360k 

New builds in that area are selling for upwards of 600k

So, if the property is deemed a teardown, how to I determine my max offer to the seller? 

Thanks in advance guys! 

Investment Info:

Single-family residence buy & hold investment in Nashville.

My first investment was a buy & hold in East Nashville which is currently run as an Airbnb.

What made you interested in investing in this type of deal?

Was interested in the idea of making some semi-passive income in addition to my day job. Starting an Airbnb was really all I had heard of at the time. It was only after my first real estate purchase that I discovered Bigger Pockets & joined my local Real Estate Investor groups & have begun educating myself further in this REI world. Very excited to see what's to come in my REI journey.

How did you find this deal and how did you negotiate it?

Honestly, I didn't know enough about real estate investing at the time & didn't know the first thing about finding a good "deal" so I found this property traditionally, with a real estate agent.

How did you finance this deal?

Traditional Bank Loan

What was the outcome?

I was living out of state for the first year it was on Airbnb & using a local management company to run it for me. I moved back to the area and quickly realized I could save money by managing it myself. After firing the management company, not only did I save on management costs, but my Airbnb profit more than doubled! Now, in year 2, I'm making a steady cashflow each and every month. Yay!

Lessons learned? Challenges?

The biggest lesson I learned was honestly how little I knew about real estate investing before I purchased my first property. Had I known what I know now, I would have invested my money differently/used different strategies to find a deal/possibly tried house-hacking or a live-in-flip for my first deal.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Kelly Kormos was my realtor and helped me find the perfect house to create my Airbnb. She was the biggest help (as I was out of state shopping for this deal). I would highly recommend her to anyone & everyone in Nashville!