All Forum Posts by: Ashley Gill

Good afternoon! Are there any investors interested in an 8-plex located in North Nashville? 

Currently, North Nashville exhibits characteristics of East Nashville 10 years ago. Looking back who doesn't with they invested in east when it was still affordable? With the relocation of Oracle, new constructions, and amount of money being poured into North Nash the play here is definitely long term buy and hold. 

Good afternoon! Are there any developers interested in 6 acres in the Brentwood/Antioch area? It is in an established neighborhood, and comps are selling for over 600K! 

Hi Karin!

This decision is solely up to you. We require all the residents combined to make 3x the monthly rent. Should a cosigner be needed, they need to make 8x the monthly rent; simply because they must be able to pay their expenses and our resident's bills too.

For me, it would depend on the "allowance" source. I would not accept an allowance for housing unless provided by the university. If this money is coming from parents, they need to be cosigners!

Hi Anthony! 

Your understanding is correct. You cannot deny an applicant based on their assistive animal or charge pet fees/rent; However, Theresa is right. Where I worked, each "assistive" animal was required to have an "assistive animal verification request" form filled out by the applicant's healthcare provider. Until we received the form back, we did not waive our pet fee or rent. Additionally, we made sure to call the provider for verification.

I would look up an example of an assistive animal verification request form online and go from there. Essentially you cannot ask for specific details, but you can verify through a provider that the animal is needed. Hope this helps!

Hi Everyone!!!

I work for a Middle Tennessee brokerage that specializes in investment properties. We service all of Middle Tennessee, Knoxville, and Chattanooga. The majority of our properties are off-market, single-family homes, but occasionally we will receive undeveloped land and commercial properties. Primarily our deals are ideal for fix and flips and buy and holds. On average, we move roughly 40 properties per month and close deals within 1-3 weeks. Due to the structure of our business, buyers must be able to close cash or cash equivalent. If anyone is looking for off-market, value-add properties in Nashville, feel free to reach out! I also have contacts for lenders that are familiar with our closing process and have closed numerous deals with us in the past!

Hi Noah,

I worked in property management for 8 years, and have seen it done a few different ways!

One community did not allow pets at all. 

Another community charged a $1500.00 fully refundable pet deposit. No pet rent. I know this sounds high, but the feedback received from our residents was actually positive due to the deposit being fully refundable. 

And my last community charge $350/$600 pet fee and $20/$40 pet rent (2 pet limit). 

Hope this helps!

@Matthew McQueen I can see how this could be an opportunity to capitalize on your investment and diversify your portfolio! If you feel it is the right time to pull out, go for it. Keep in mind, there is a reason someone is willing to pay a premium. Again there is no wrong answer here. With Nashville continuing to grow, many will get pushed to neighboring cities! Investing in those areas now will likely put you ahead of many others in the market!

Hi Matthew,

I believe it depends on the specific area of Nashville and your reasoning for selling. Can you elaborate on your thought process here? It sounds like you are wanting to sell due to your current equity and home value. Do I have that wrong? Have you thought about where you are going to reinvest the money? There is no right or wrong decision - only the right decision for you. 

For us, downtown is already a cash cow, and I would not sell any time soon. Since 1991, Nashville has grown year over year at at-least 1.5%. In fact, the majority of those years were between 2% and 2.8%. Many articles are suggesting Nashville is going to be the tech hub of the south. Unless the issue of public transportation is properly addressed, I do expect Nashville's growth rate to cap out eventually; however, I still think we have quite a bit of time before we get there!

Hi Dustin,

I would say it all depends on your investment and exit strategies. Memphis can have a relatively low point of entrance, but what is your goal here??? Why Memphis??? Is it Memphis specifically you're interested in, or possibly just somewhere affordable in Tennessee?

Focusing towards UT Memphis could be a play. Rental income would be consistent due to the university. Many times you can get parents on the lease, which can provide security. With that being said, keep in mind the young clientele that is going to be attracted. Turnovers may consist of more than just cleaning and paint. Drywall repair, deep cleans, replacing flooring prematurely, potentially pet damage, etc. 

I would reply with your criteria, investment and exit strategies, budget, and any other information you feel compelled to share, and let everyone tell you where they are investing in Tennessee and their investment strategies. If you haven't quite made it there, feel free to reach out to me. I would love to elaborate on the market down here and talk through investment strategies. BiggerPockets has built an amazing community, and with a little more context, I am sure everyone would love to provide guidance :)
 

Hi Andre,

Welcome to Tennessee - it is a beautiful here! Where are you moving from? What made you choose Tennessee?

Personally, I highly recommend posting on BiggerPockets and networking. Agents specializing in investment properties, like myself, are invaluable resources! We're familiar with the markets, and many have access to off-market properties.

Ultimately when investing in real estate, especially not in a native market, leaning on others and hearing everyone's experiences are what I have found to be the most helpful. Market research is extremely useful, but mainly surrounding yourself by the investment community is where I have learned the majority of information.

As far as providing direction, where you invest mainly depends on your circumstances. How much do you have saved up to invest? Which areas are you looking to invest in? What is your exit strategy? Providing more context towards your situation will open the door for investors to tell you about their like experiences, especially in our Tennessee market. If you have any specific questions, feel free to reach out! BiggerPockets has built an amazing community with investors full of knowledge, someone will definitely be able to provide guidance!