So, I've communicated with a few brokers/realtors in Nashville. It seems I know more than they do, and I really don't know a whole lot--I'm just learning fast, however. I want someone I can learn FROM and together build a relationship.
Though, one gentleman I met on here (Damien) has got a wonderful grasp of RE and rehabs in Nashville, and I do like him and look forward to meeting with him and I could see us cutting some deals down the line or me investing in his rehab company.
I had to recently let go of my former agent because she was passive, and didn't understand my goals. She didn't even know how much an average cable bill was--I knew if I stayed with her I'd get myself into a money pit. I was the one having to make the calls, or get her to call people to dig for information. When I asked her what taxes were in Nashville-she didn't know at first. She didn't know what cash on cash return was....how can this be? I would walk into a place that I could see a space had added value or potential because there was an unfinished basement perhaps or a 'bonus' room that could potentially be used to get more rent, and it would go over her head-and she had no idea about costs or ideas. As a result, I would become discouraged and I almost gave up my search completely. But I stayed the course with her for over a month, and it just came down to me not trusting her judgement. Lesson learned.
People refer me to people that are newbies that are just starting out in RE who would be great to find the 'perfect' home to live out my years in, and that's not what I want.
I need a good, thorough person who's bought and sold themselves, who understands creative ways of thinking about RE, maximizing rent, who's passionate and hungry, and who's connected! I want to build a relationship and learn from the best while I build my RE portfolio and also move to Nashville to call Music City home.
I have used someone locally to purchase 7 rental properties in Nashville. I am not sure about the rules on BP about posting names and phone numbers. You could e mail me and I could send to you.
Are you living in California or Nashville?
What are you bringing to the table if you find someone that understands creative ways in real estate?
Yes as Joe said what are you bringing to the table?
I think you might be expecting too much out of your realtor. If you are looking for a mentor or someone to hold your hand, you need something to add. I personally have worked with 2 amazing realtors. I didn't expect them to know anything about investing. Their job was to find great houses in the area and price range I asked for under market value. They would show me pocket listing, short sales etc. Than their goal was to close the deal. I know the investment, cashflow, and those numbers.
Try Cole Melcher with The Melcher Group. He is on biggerpockets. He specializes in assisting investors and knows just about everything there is about investing in real estate. He can help explain how to analyze a deal to know if it is a good deal or not. He will even put together a form for you to review that has the rate of return, cash flow, expenses, market rents for the area, etc for any property you are interested in. Even better he will screen the properties first before sending them to you. Most agents will just send everything blindly without first making sure they are a good deal. He is very thorough!
As for bringing to the table...I want to start building me RE portfolio. I own one condo now in Southern California. I've invested cash in other people's RE companies-for flips, etc as a hard money lender. I've got friends with cash sitting in the bank looking for RE deals too-but SoCal is not the right market anymore.....and while I look for myself-I also look for deals or investment opps for them too. Now, personally I'm broadening my scope to Nashville since I'm moving there in sept. I'm not familiar 100% with Nashville as I am with SoCal since I've lived here. I don't know people like rehabbers and workers in Nash-like I do here. I'm familiar with things and growth in Nash because I research, but I need someone who really knows their market and won't steer me in the wrong direction. So, I need someone who's the whole package---that has the insight of value, investments, costs of repairs, access to people if needed in Nashville...
I'm a former Realtor in the Nashville and Mid-TN area. I retired my license yrs ago and started rehabbing. If you are looking for rehabs I can tell you from experience Nashville/Mid-TN is not the place. I spent 3 months this year chasing deals and did not find one. I've just started looking in south Florida and Phoenix this week and will be going to AZ or Fla in the next few weeks.
I do however have an agent in this area that I would recommend to anyone, she really worked her fanny off for me this year trying to find deals and shes an REO agent herself. The problem is low inventory in general on the MLS and untrained rehabber wanna b's that have graduated from watching TV shows that are paying 80-90% of value for foreclosures before 1 dime of rehab. Can't make money like that.
I was told there are rehab's deals in Nashville and Memphis, but most investors want to make $50K of each deal like the gurus teach, and that is the reason they say there are no deals out there.
I'm happy to make as much has I can, usually 20% of the retail sales price or a little under it is what I usually average. I think the most I've made on one flip is a little over $30 grand.
Also, I don't buy junkers or small rental houses. I buy em built from late 60s to present 3bd 2 full bath and with garages most of the time.
When there are so many low end homes out there, and you have wholesalers that are happy making $5K per deal it is hard for others to make a big profit, and you have so call turn key sellers out there that offer garbage and call it turn key property and giving a bad name to wholesalers.
Yeah Joe, you are right. In Nashville, go to a REIN meeting (Real Estate Investors Of Nashville) and seems like everyone is trying to be a wholesaler, yet no one has any real deals.
I only know of one legit wholesaler in the Nashville/Mid-TN area. When I say legit I mean he is in it full time with a staff, advertising campaign, etc and "doing the business" not a up start wanna be. He has yet to bring me a deal. However if I wanted a junker as I call em or low income as you called it then he has some deals from time to time, even some rented rentals being sold fairly reasonable if buy and hold is your thing.
I just have a certain type I like in certain areas, and the wholesale market for em in this area is slim. That's why every house I've ever bought I found on my own.
Yet they look plentyful in other areas, so apparently that's where I'm gonna have to go.
Homes in a good area the seller is getting a good price and most of the time investors are not willing to pay a good price to be in a good area.
@Juliette V. I would find a target neighborhood and then goto PadMapper.com and see what is for rent. If you drill down on the individual properties you will find some are listed by the owners through Craig's List and some are listed by Management companies.
Call a couple of the management companies, a lot of them are run by brokers and they very will know the rental market well, if they can't help you directly they will probably be able to refer you to an agent that know what investors are looking for. If they have a sizable operation they will have a few properties listed as well. If you want to be creative you can have them contact some of the CL owners about if they would consider selling.
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