All Forum Posts by: Jacob Gomes

Hello BiggerPockets! My name is Liam and I'm an aspiring real estate investor. This is my first post on BiggerPockets so I hope it doesn't sound silly. 

I am in the "Strategy" phase of my first investment experience and have been trying to learn as much as possible (reading several BiggerPockets published books, checking out the website, dabbling in searching markets and runnign numbers on deals). I've just recently reached a point where I've begun meeting with different lenders for the first time, and if I'm being completely honest, I am overwhelmed with the entire process. I know this is normal and that most investors feel like they are drowning when they first get started, but I still feel a bit embarrassed asking for help. Nonetheless, I felt like this community could be a great place to be vulnerable and see if there is anyone in the Nashville area willing to share some insight for a free lunch or coffee! 

I am not looking for someone to hold my hand through the entire process, but rather help me understand the initial steps I need to take and what order I should take them in to get my first deal done. If anyone out there is in the Nashville area and feels like meeting with a real estate rookie please let me know! It would really mean a lot, and I'll buy you a free meal (if that counts for anything lol)!

Hello- I am based in Southern CA and there are limited options for getting a good deal here. Curuous where everyone is investing? cities/neighborhoods? and STR and LTR and why? I have one investment property that was originally purchased to live in but turned into a rental so I am not the best at evaluating properties yet. Would love the input. Thank you!

Hey all!

I'm based in Nashville but looking for some recommendations of top Multi-Family Operators in the St. Louis area.  Looking for teams that are owner/operators of large institutional Class A assets in the suburbs West of downtown.  Thanks!  Brent

Thanks Jacob! We've loved making the decision to MTR the townhome. Cash flow has been great, averaging about $400-$500/month after expenses (mortgage, HOA, we pay utilities, and maintenance).

The processing time for a Davidson County, TN Owner-Occupied STR permit application can vary depending on several factors, including the completeness and accuracy of the application, the volume of applications received, and the workload of the permit office.

According to the Metro Nashville Planning Department, the average processing time for Owner-Occupied STR permit applications is currently 4-6 weeks. However, this is subject to change, and some applications may take longer if they require additional review or if there are any issues or discrepancies that need to be addressed.

As for tips to expedite the process, here are some general suggestions:

1. Make sure your application is complete and accurate. Double-check all forms and documents to ensure that they are filled out correctly and that you have included all the required information and supporting materials.
2. Submit your application as early as possible. The earlier you submit your application, the more time the permit office will have to review it before the start of the rental season.
3. Be responsive to any requests for additional information or documentation. If the permit office contacts you with any questions or requests, respond as quickly as possible to avoid any delays.
4. Be courteous and respectful when interacting with the permit office staff. Building positive relationships with the staff can help facilitate the process and may lead to a quicker approval.
5. Consider obtaining signatures for notification from neighbors in person rather than sending certified mail. This may help ensure that your neighbors receive the notification and may also help to build positive relationships with them.

I have a property that I'm struggling to price for sale.  Currently it has a duplex with long-term renters, and an above-garage dwelling unit that was converted from long-term rental into a successfully operating AirBnB.  Pricing this property by square foot negates the entire income of the AirBnB, and converting it to a long-term would reduce the income and further reduce its value.

My concern is that listing it on the MLS with an 'accurate' / higher valuation (based somewhat on CAP rate for the AirBnB) would not appraise well when compared to other triplexes that are all long-term rentals in the area.

Does anyone have experience getting accurate valuations for these types of mixed properties?

Hey all I have one LLC that owns one SFR that has been an STR for 6 years. We want to sell. I found a RE I really like. My friend who is half owner of the LLC says he wants to investigate selling the LLC instead of just the property.

Does anyone have experience selling an LLC that owns a single SFR? I saw some online content about selling an LLC but it was in the context of selling a portfolio of properties.

How does one go about selling the LLC? Is the RE involved or do we have to find the buyer ourselves? Any feedback on this topic is much appreciated! TIA!

That makes sense. One last question regarding FHA. I didn't realize it's likely a one time deal (no pun intended). As such, let's assume we find a duplex or tri, etc....are able to actually put 20% down...do a HH for a year...rent it out after, and we find a second property. With that, can you use a FHA when purchasing a second property (that you likely would HH again, if you didn't use the FHA for the first property?) In other words, is the FHA mostly for a first time buyer, or, is it a loan you can only take one time, regardless of a first purchase or say a fifth purchase?

Thanks

 Thanks!  So that brings another question/follow up.  Is there a general rule of thumb, to where (lets say regardless of money and purchase price), how does one decide what price point is a good start?  Example....lets say my gf and I could swing a mortgage of $2500 (I like the least amount of money out of pocket as possible).  If after a year, we rent out both units (presuming a duplex was purchased), then likely the mortgage would be covered with both units rented (many variable expenses accounted for/budget for/assumed herein for the example).  In other words, if we could purchase a property at $400k, would that be a better long term investment compared to one of say $250K (I'm randomly choosing $250K as a comparative purchase price)?  Maybe the higher price would be in a better area, attracting higher quality, maybe more longer term tenants.  

Or, if upon proper financial analysis, regardless of price, would we be better suited for the one with a higher return (be it COC or CF)...assuming it was something we can stand to live in at least a year, or longer until we found the next/2nd property.

 Hi Jacob,

Thank you. I'll have to look up the proximity of Clarksville to Nashville.....I used to work in commercial appraisal and do know (and agreed with another poster's comment) about being in a suburb proximate to a larger city. One of the biggest rhetorical questions I personally have is, how much cash does one really need for a HH (taking into account price flutuations for locales, etc). Example. As a travel RN, I am able to now save about 80-90% of my income, after paying off my student loans in 2022. While I'm saving/holding cash presently, and do NOT want to dump $50-70k up front into one home....having let's say $50-$70k in a bank is a waste of the money's time also. So, I don't know if more expensive markets (Nashville proper vs. Murfreesboro for example) would require more cash on hand. It's another way of asking, what is the best way I can use somewhere around $50k, maybe more...rather than making a huge down payment, if we hope to do the FHA 3.5% down pmt approach.