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All Forum Posts by: David Miller

David Miller has started 9 posts and replied 22 times.

Post: 1st Smokies Airbnb

David MillerPosted
  • Rental Property Investor
  • Nashville, TN
  • Posts 24
  • Votes 17
Quote from @Karthik Kumaresan:

Congrats @David Miller!!! sounds like a good deal. I am researching the area as well. Can you please share how much is the estimated gross and net annual revenue ? with COC% if possible.


Hi @Karthi, we grossed 96k our first year, which was about 10-15k lower than expected. I am taking over management January 1 and am hopeful we'll be able to get closer to 110-115k for 2024.

Post: Smoky mountains dry well

David MillerPosted
  • Rental Property Investor
  • Nashville, TN
  • Posts 24
  • Votes 17

That's odd... my STR in the smokies had a similar thing happen with the well (it went dry because they didn't get a lot of rain last year) and I had a water company come and fill it up (can't remember the exact price, but maybe $1,000?).

Post: Investing in Tennessee

David MillerPosted
  • Rental Property Investor
  • Nashville, TN
  • Posts 24
  • Votes 17
Quote from @Ashley Gill:

Good morning and happy May!!!

First, let me introduce myself! My name is Ashley Gill. Recently, I transitioned towards investment real estate after being in mid-rise property management for eight years. While I loved my time there, I knew I wanted to get into investment real estate in some realm!

I have questions for everyone investing, particularly in the middle Tennessee market. What strategies are you using? How are you finding deals? What areas are you investing in? Do those areas have the most profit margin, or are you maybe taking a cut and investing in an area due to convenience factors? When purchasing future deals, what are you looking for?

Although I am a Nashville native and probably biased (lol), I would love to hear about everyone’s deals happening anywhere in Tennessee!

 Hey @Ashley Gill! Nashville/middle TN is hard right now... Though I live in Nashville, I've been pursuing deals out in the smokies and doing short-term rental. I've toyed around with the idea of doing a value-add/BRRRR boutique hotel and doing STR for that, but the numbers just don't make sense in Nashville/middle TN (right now). The properties out in the smokies are pricy, but the numbers work if you're able to get the financing!

Post: 1st Smokies Airbnb

David MillerPosted
  • Rental Property Investor
  • Nashville, TN
  • Posts 24
  • Votes 17
Quote from @Mack Lengel:

Congrats on jumping in

I remember when that one hit the market... a little more modern on the inside if I remember correctly


 Yep - a little more modern. Somewhat of a rustic modern, if that's a thing. lol

Excited to get my first full summer of bookings and not playing catchup.

Post: 1st Smokies Airbnb

David MillerPosted
  • Rental Property Investor
  • Nashville, TN
  • Posts 24
  • Votes 17

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $953,000
Cash invested: $111,744

My family and I live in Nashville so we had been looking for a cash-flowing property that we could occasionally visit when it’s not booked and after hearing about the smokies craze, I started looking into it. We (my wife and I) took about a month to really research and get familiar with Sevier county. Our realtor went to 3 homes, put 1 offer in on this house the first day it went on the market and got accepted!

What made you interested in investing in this type of deal?

After talking to our realtor/PM, we wanted to go after the “ideal Smokies home”, which is 4/3, updated, mountain view, pool/hot tub and have some space on the property. Ours matches everything except the mountain view, but after having our realtor/PM do some more (literal digging), if we cut down a couple trees in the backyard, we will have a mountain view which will increase revenue to ~125k annually

Post: My first ever BRRRR

David MillerPosted
  • Rental Property Investor
  • Nashville, TN
  • Posts 24
  • Votes 17

Thanks @Kevin Sobilo! That's the plan. I checked out your profile and I'm impressed with what you've done over the last decade with the BRRRR strategy. Great job!

Post: My first ever BRRRR - Milwaukee, WI

David MillerPosted
  • Rental Property Investor
  • Nashville, TN
  • Posts 24
  • Votes 17

Thanks @Bud Gaffney!

Post: My first ever BRRRR - Milwaukee, WI

David MillerPosted
  • Rental Property Investor
  • Nashville, TN
  • Posts 24
  • Votes 17

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $84,400
Cash invested: $17,000

MLS property: (Duplex) 4 bed, 2 bath, 1,958 sqft
List price: $110,000
Initial closing: Jan. 21, 2021
3.125% (no points), 25% down (21K for down payment + 3K for closing costs)
Sale price: $84,400
Rehab: $34,000 (20K for upper, 14k for lower). Rehab took 7.5 months.
ARV: $155,000
Refinance closing: Oct. 22, 2021
3.875% (1.93 points), 70% LTV ($4,300 closing costs)
Cash-out: $38,000

How did you add value to the deal?

I initially offered 90K, and they countered with 96K, which I accepted. After the inspection, we discovered the roof will need to be replaced in the next 3-5 years and we asked for the cost of the roof to be deducted (12K), which they accepted. The previous owner hadn’t taken care of the upper unit at all and had been renting it out for $500/mo. When we took it over, we gutted the kitchen and bathroom (gutted = new floor, new cabinets, new appliances, new electrical and had

What was the outcome?

Monthly Rent: $2,150 (lower: $1,000; upper: $1,150). Upper was rented out Oct. 1, lower lease has been signed to start Nov. 1
Principal and interest: $827
Monthly Property Management: $215
Reserves (3% CapEx, 7% Maintenance [$75/door/mo]): $215
5% vacancy: $107
Monthly Net Income: $786
Cash on cash return: 36.64%

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I worked with Shelly Thompson realtor in Milwaukee and my property manager, Structure Property Management.

Post: My first ever BRRRR - Milwaukee, WI

David MillerPosted
  • Rental Property Investor
  • Nashville, TN
  • Posts 24
  • Votes 17

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $84,400
Cash invested: $17,000

MLS property: (Duplex) 4 bed, 2 bath, 1,958 sqft
List price: $110,000
Initial closing: Jan. 21, 2021
3.125% (no points), 25% down (21K for down payment + 3K for closing costs)
Sale price: $84,400
Rehab: $34,000 (20K for upper, 14k for lower). Rehab took 7.5 months.
ARV: $155,000
Refinance closing: Oct. 22, 2021
3.875% (1.93 points), 70% LTV ($4,300 closing costs)
Cash-out: $38,000
Monthly Rent: $2,150 (lower: $1,000; upper: $1,150). Upper was rented out Oct. 1, lower lease has been signed to start Nov. 1
Principal and interest: $827
Monthly Property Management: $215
Reserves (3% CapEx, 7% Maintenance [$75/door/mo]): $215
5% vacancy: $107
Monthly Net Income: $786
Cash on cash return: 36.64%
Some more details... I initially offered 90K, and they countered with 96K, which I accepted. After the inspection, we discovered the roof will need to be replaced in the next 3-5 years and we asked for the cost of the roof to be deducted (12K), which they accepted. The previous owner hadn’t taken care of the upper unit at all and had been renting it out for $500/mo. When we took it over, we gutted the kitchen and bathroom (gutted = new floor, new cabinets, new appliances, new electrical and had to repair some subfloor from a leak we found). The downstairs’ kitchen needed new flooring and we had to redo everything in the bathroom besides the floor (has a classic, multicolored penny tile that was rebuffed and looks great). We painted all the walls in both units and sanded/painted the stairs connecting the units.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I worked with Shelly Thompson realtor in Milwaukee and my property manager, Structure Property Management.

Post: My first ever BRRRR

David MillerPosted
  • Rental Property Investor
  • Nashville, TN
  • Posts 24
  • Votes 17

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $84,400
Cash invested: $17,000

MLS property: (Duplex) 4 bed, 2 bath, 1,958 sqft
List price: $110,000
Initial closing: Jan. 21, 2021
3.125% (no points), 25% down (21K for down payment + 3K for closing costs)
Sale price: $84,400
Rehab: $34,000 (20K for upper, 14k for lower). Rehab took 7.5 months.
ARV: $155,000
Refinance closing: Oct. 22, 2021
3.875% (1.93 points), 70% LTV ($4,300 closing costs)
Cash-out: $38,000
Monthly Rent: $2,150 (lower: $1,000; upper: $1,150). Upper was rented out Oct. 1, lower lease has been signed to start Nov. 1
Principal and interest: $827
Monthly Property Management: $215
Reserves (3% CapEx, 7% Maintenance [$75/door/mo]): $215
5% vacancy: $107
Monthly Net Income: $786
Cash on cash return: 36.64%
Some more details... I initially offered 90K, and they countered with 96K, which I accepted. After the inspection, we discovered the roof will need to be replaced in the next 3-5 years and we asked for the cost of the roof to be deducted (12K), which they accepted. The previous owner hadn’t taken care of the upper unit at all and had been renting it out for $500/mo. When we took it over, we gutted the kitchen and bathroom (gutted = new floor, new cabinets, new appliances, new electrical and had to repair some subfloor from a leak we found). The downstairs’ kitchen needed new flooring and we had to redo everything in the bathroom besides the floor (has a classic, multicolored penny tile that was rebuffed and looks great). We painted all the walls in both units and sanded/painted the stairs connecting the units.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I worked with Shelly Thompson realtor in Milwaukee and my property manager, Structure Property Management.

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