All Forum Posts by: James Little

Mostly anywhere in Middle TN is good. I agree that the smaller towns surrounding the Nashville MSA are great spots for deals. Especially if you can keep it in the first time homebuyer market.

@david 

@David M Trapani Thank you! I have discovered the Short Term Shop and it looks like their clients are having great success in that market. I plan to reach out to them if I can not make this deal work.

@Jordan Williamson I think that is where I am having a hard time making it work; I am trying to find what will work for my business. At the end of the day, this may not be the right deal for me at this time.

@Rob Hayes Great feedback. As a first time investor, there is potentially something I'm missing. I've tried to analyze with conservative numbers, ran the deal by investors in that market, along with local banks there. They all feel like it's a solid deal. It's just been challenging to get the deal done with traditional lenders and HML are hesitant with it being a first investment, rural loans, etc. I'm not giving up yet, just trying to make sure I'm not leaving a stone unturned. I am completely open to walking if it seems not to be a good deal, so far I have not heard that from anyone. I will certainly keep this post updated, as I always hate to read a forum post that has no conclusions. Thanks again.

@Jordan Williamson Thank you for the feedback, I will certainly try your suggestions.

I recently placed an offer on a cabin in the Smokey Mountains to use as a STR. It's a solid deal with a 30% ROI with $5,000 monthly cash flow. I had trouble getting traditional financing and after multiple attempts finally found a HML for which I was able to structure a deal. I have a closing date of 8/20 and the HML contacted me today to inform me that they cannot do the loan because it is considered a rural location (2 miles outside city limits and 8 minutes from Dollywood). It is an amazing location with 2 acres which gives the ability to build other cabins on the same property. I feel like I am out of options for financing. I would like to discuss with the Seller the potential to do Seller Financing, which I believe he would do as he has 20 other properties and he was just letting go of some older properties that need renovations. We have already been involved with his relator negotiating the original deal. My question is how do we structure a seller financed deal without cutting out his realtor? What do I need to know about structuring this deal to present to the Seller? This is my first investment property and I have already learned so much just trying to get the financing, but I am having trouble finding much information on structuring deals through the Seller.