Rental Property Investor · Green Bay, WI · Member since 2017 · 50 posts · 7 votes
I live in an owner-occupied duplex in Green Bay, WI. I absolutely love the Nashville area and have gotten really interested in buying a property there. I would visit there 1-2 weeks a year and the other 50ish weeks I would want a property management company to take care of literally everything. The only 3 things I would want is monthly income, access to see rents/expenses, and to be able to block out the days I want to go there.
My questions would be:
1. Based on what I want, what are the best types of properties in general and also specifically for Nashville? Big houses? Small houses? Multi-family?
2. What would be the best all-inclusive property management companies in Nashville for this?
3. Commission seems to be the most popular, but are there any options for a guaranteed monthly income that perhaps goes up a few % each year? Ex. Say if my mortgage is $1,300; the property management company gives me say $1,800/mo regardless of if they lose money or make way more than that; essentially giving me $500/mo. cash flow that I can rely on.
4. Any specific examples of anyone doing this in Nashville or anywhere else?
Realtor · Saint Augustine, FL · Member since 2016 · 71 posts · 23 votes
9y
Hi Kyle! My cousin is a young, successful real estate agent in Nashville. She would likely have some answers for you. If you would like to connect with her DM me and I'll connect you.
Contractor · Nashville, TN · Member since 2014 · 1k+ posts · 1k+ votes
9y
@Matt Leavell Should be here any minute, but his company has over 1,000 units and their fee structure makes a lot more sense - It's a flat fee and they have different tiers of the level of service you desire.
Involved In Real Estate · Nashville, TN · Member since 2014 · 70 posts · 26 votes
9y
@Allan Smith Thank you for the mention. @Kyle Seidel I am certainly happy to discuss long term rentals and how our company structures our pricing model. It is a flat fee setup.
Based upon your specs above, I would not be able to help you because we only operate in the long term rental space, but I question whether you can even do what you are proposing.
Type II permits are not currently being issued by the city and I continue to hear that they are going to begin phasing out these permits by not allowing the current ones to be renewed. This is the type of permit that you would have to obtain to do what you are proposing. How long will it take until this passes if ever, it is unknown. That is the thought process currently from everyone that I have spoken with in the Codes Dept. I would really like for someone to have some solid evidence that would prove me wrong however!
If you change your mind and decide to look at long term only, then I would be happy to schedule a time for us to talk.
Rental Property Investor · Green Bay, WI · Member since 2017 · 50 posts · 7 votes
9y
@Amit Kal@Matt Leavell Thanks for all of your information. That is a real bummer that I wouldn't be able to do this, at least in the short term, as I was really looking forward to it. Long term rentals would still be an option although I wouldn't be doing that in the near future. Matt when I get my portfolio to where I want it to be in Green Bay I will contact you, this will be several years down the road however assuming that long term rentals would be my only option. I will also keep an eye on if what I proposed would be possible in the future.
Involved In Real Estate · Nashville, TN · Member since 2014 · 70 posts · 26 votes
9y
@Kyle Seidel sounds good. I hope that what you want to do becomes possible again. I was looking to grow a portfolio of several of the STR, but didn't pursue it with the legislation going on. Have a great day!