All Forum Posts by: Adrienne Green

Hi @Santhi Mani!  With what you provided, and assuming you're buying it as a rental, the standard home inspection is what most people get.  As someone else mentioned, well and septic if those apply.  I haven't seen anyone do radon for a rental.  Termite: home inspectors typically look for this anyway, and note any damage as a part of the home inspection.  If the inspector gets out there and there's active termites, which they should tell you or your agent, you can likely add on the termite letter then (assuming they're an inspector who does the termite inspection as well).

If you suspect other issues (ex: foundation), get the ball rolling on getting someone out for an estimate on repairs ASAP, so you have an idea what you're working with.

Hi @Po Chan!  There are challenges for closing on a house with a loan when the buyer is out of the country.  There are a few options:

-Have your mom sign a Power of Attorney (POA) that authorizes someone else in the U.S. to sign the closing docs for her. The POA requires notarization, and the benefit is that you can get this signed and notarized anytime prior to closing (the sooner the better). It means you don't have to get the closing package signed and notarized out of the country on the day of closing, so it's more flexible. The person with the POA then signs the closing package in the U.S. with a notary, which is easier to coordinate.

- Use an online notary: the notary watches the buyer sign via Zoom.  From what I understand, with COVID exemptions to standard protocols going away, these are no longer valid when the buyer/signer is off U.S. soil.

-Get an appointment with a notary out of the country on the day of closing, have the buyer sign and notarize, then overnight the docs back.  As you've seen, a common challenge with this is getting an appointment with a U.S. authorized notary at the embassy.

In your situation, I'd suggest the first choice.  Figure out what the earliest she can get in to the embassy and to a notary is, and work from there to figure out when you can close.  It may need to be rescheduled.

I regularly work with out of town investors, including some out of the country, and this is something we figure out early in the closing process, as getting notary access at an embassy can take time since COVID.

Hi @Account Closed! Rental arbitrage is cool when it works! Are you looking for a certain type of STR, or a certain area? Do you have any STRs already?

I don't think this would work will in the City of Chattanooga, with the STR permits required there. But in regions with no STR ordinances, possibly.

Ian with PMI Scenic City and Katie with Chattanooga Vacation Rentals are the two people I'd recommend you google and connect with, they manage STRs in the area.

Hi Patrick, have you spoken to @Reese Hamilton?  

Hi @Nathan Kapusta!  I love the Chattanooga market for out of town investing because not only are there deals to be had, there are great resources here for the investors: PMs (like @Reese Hamilton), investor-focused contractors, etc.

I am not a lawyer ;-) and my experience to date has led me to believe it's best for an LLC to be formed in the state where the property is being held. @Nic Logan maybe you can weigh in here, as you're going through the process yourself?

Thanks @Reese Hamilton!  Reese makes a good point @Brooks Nicholson that at least in the Chattanooga market, there are a good number of off market deals. Especially in the investing space, sellers don't want the chaos of a bunch of high offers from buyers on the MLS, because the truth is many of those buyers back out or attempt to renegotiate later on. Some sellers prefer to do an easy off market deal where they know the buyer is legit and will get to the closing table.

I'm happy to talk if Chattanooga is an area you're open to exploring!

Hi @Nikita Jain!  $40k down could get you a rent ready cashflowing rental in the Chattanooga TN area. As @Robert Matelski notes, the market's good for rentals here, and property taxes are very low!  Feel free to reach out if you'd like to learn more.

Hi @Nico Stewart of course!

Hi @Brooks Nicholson!  I see good rental returns in Chattanooga, TN.  It's a totally different market here in terms of purchase price versus the Nashville region you're looking at.

@Greg Houts I hadn't heard of the golden triangle before- thanks for sharing!