All Forum Posts by: Chris Wooten

Property is priced to move at 10% under market comps.  Completely renovated 1920's home in East Nashville with two master suites, spa like bathrooms, large walk-in closets, and plenty of off street parking.  Blocks from eateries, coffee shops and other establishments.

This property can cash flow easily either as a rental or on the short-term rental market. 

View the tour, http://view.paradym.com/viewer/fusion/4072588/sk/3...

You can also contact the city or county police to report an abandoned vehicle. They'll do a report, wait 7-10 days and then tow it.

Eric, Welcome to BP. My wife and I started 16 months ago with no money of our own. We purposely do everything remotely to make our systems work and keep us from over analyzing. Now we are controlling over $1.2m in assets. There are several ways to crack the nut, but I recommend you focus on a process and stick with it until you systemize yourself out of it or the market deems change is needed. There is plenty of education to be obtained; but once you are hearing the information repeat on the discipline you've chosen, it is time to act. With enough information and some good mentors, you have very little to fear. Good luck, -Chris

Andrew, You're trailing me. I haven't found much on-market, value add at the size you're looking for. And I don't know if any off-market at the moment. I can definitely let you know, if I come across something. I've been shopping TN and NC since Feb. I have been in contract twice but both sellers went sideways on me before close. I'm looking to lock down two to three 30'ish unit properties by close of next year. Actually, I do know of a building downtown Chattanooga that I believe would facilitate about 16 class A units, but it needs to be gutted and built out. - Chris

Devan Mcclish do you shop East Nashville? All of my recent projects have been there.

Notes taken.  Thanks for the feedback gents.

    I have been scouring the listings this year trying to find a multifamily property in TN, that won't turn in to a money pit.  I am a new MF investor, so I am very attentive to the lessons that have been presented to me.  I have possibly been too restrictive holding me back from getting in to a deal.

    I was in contract for 36 units from a private seller, but the owner couldn't complete their post renovation occupancy requirement in time to satisfy the lender's requirement.  I was also in contract for a student property through a commercial broker that is poorly managed causing excessive vacancy and because of this I was unable to secure funding for this deal.  I am currently working with yet another commercial broker in another town, but I finding that his current rent numbers are grossly inflated.  This is giving the owner a false sense of value and making it increasingly difficult for me to submit offers in this city.

I am open to review any private multifamily properties in Tennessee. Does anyone have tips or pointers to get me over the goal line? I did just finish reading a post that stated to look for 5-6 CAP properties that are value add instead of focusing solely on >7 CAP.

Thanks for reading and any response,

Chris

@Jimmy Charousapha

Jimmy,

Not to say my wife and I are the best mentors; but in our humble opinions we are pretty freaking awesome. A little about us. My wife is a police officer and I am an active duty Marine. We currently live on the NC coast, and I will be retiring in 18 months to pursue real estate investing full time. I think she is seeing the freedom light and leaning toward leaving the police force to pursue real estate investing full time herself. We started this real estate investing gig 12 months ago when my wife came home and I said surprise we have our own business. Well I screwed up that filing, but we got it straightened out and have learned loads about business structure and tax strategies since. In the last 12 months, we have completed 8 flips in Nashville, Clarksville, and Charlotte; purchased an 8 unit apartment; are under contract for another 16 unit; and have purchased with our money, our IRA, private investor money, non-recourse mortgage lender, and hard money. I think we have hit quite a few wickets in 12 months, but that's just in my humble opinion (sarcasm). I'll PM you my offer and plan.

-Chris

Jimmy, I have a plan for you, if you're up for the challenge. I'll PM you shortly with the details. -Chris

Jordan, PM me and let's see what we can work out. -Chris