Infill project - Greenhills, Nashville
I purchased property in Greenhills over ten years ago. This was (is) a rehab home I wanted to fix and flip. My mind has been blown away by what is going on in Nashville as far as "infill" market goes. I want to develop my own lot (2 houses 1 lot) - I have no idea where to start. I do know I want to do this - I want to do this so bad. Not only do I want to do this once, I wan to do it again and again and again. I have no idea where to start. I have been reading about OPM (like!). LLC' and GP's. This is too much and overwhelming for someone that has no real estate background, finance, building etc. But what I do know is that I want to do this. I have always loved searching for property and envisioning it's potential - people told me all my life - "you should be a realtor". No, I don't want to be a realtor. My eyes have been opened, I think I've been a developer/investor and just didn't know it.
I did good, I purchased my first property in Greenhills, Nashville. If anyone here knows this area - you know it is hot and planning to blowup astronomically! I THOUGHT I wanted to sell it. Boy was I wrong! Money is in developing. This is too big of an investment to give up just like that. Especially since I am financially poor. So I want to do this right with people who have done this before. I have no idea where to start. I need help. I can't seem to find "counseling" co. that charge a fee for entire project. I need feasibility plans, comps proposals put together, how to use OPM, get designs/ designers, builders etc.
I know I can find builders, I see public records of all permits and deeds in area so I know who else is doing this. I just don't think they would want to do this with me - I think they just want to buy my land ($350,000 avg.) and do it themselves. They are selling these infill homes for $700,000 to $900,000. They are selling like hot cakes - within a month. I always knew the value was there but the values in the last year have more than doubled in this area. I need to do this now. There are "outsiders" here too. Investors from CA., GA., IL. etc - all with their LLC's etc. Nothing wrong with making money - cool. I want to do this for me now.
I want to do this and I want to invest my profits and do it again. Any advice? Do you know the area. And yes - I would do with a team that is familiar with the area and have done it before. I feel like a small fish trying to dip my fins in the big fishes pond and I don't feel welcome.
Most Popular Reply
@Iris Sherman I'll meet with you and help out answer questions. Please don't pay anyone for advice on what you want to do. I'll help you find a good builder as well and tell you what banks to use for the loan you are going to need.
@Devan Mcclish is building half the houses in Nashville right now so his knowledge is much better than any company you are looking to advise you