All Forum Posts by: Kelly Kormos

I think an advantage to the cash out refi is if you buy it right you will get all or most of your cash back to do more deals. And yes the interest rate may be higher but if you buy correctly than your numbers still work and none of your cash tied up in large down payment and repairs. Cost of getting your cash back. If I am rehabbing a property for resale and could get a deal where I was able to finance it and will be selling quicker than a seasoning period than I would do a conventional loan. Did that on my first deal. Many deals I come across don’t even have the option for someone to purchase with loan. They want to close quickly and cash only. So I would miss those deals if had to do a loan so in that case cash out refi is only option. Just kind of have to look at your goals. If holding I will pay a higher interest rate to have my cash bc I have already worked the interest rate into my cash flow numbers. Hope that helps.

Welcome! Love that you are a contractor- that will be very helpful in your endeavors! I am an agent so maybe we could find some ways to help each other. Let me know if you would ever like to meet for coffee. Always great to meet others in the rei world esp in Nashville. Have a great day!!

Hi welcome to the area! Deals are around but the entry point varies from area to area as well as competition level. Dickson, Gallatin, Murfreesboro, Spring Hill, Columbia, and similar areas might be good to research and start there. Come to some of the area REI meetups and you can learn a lot about who works where and how to find some properties in different areas. Good luck!!

@Jay Helms this is very helpful!! I will send you the MLS link to see if anything else pops out to you! I can analyze if like a SF but just asking the right questions and looking at the property more as an investor than owner occupied is where I need to improve my skills. I truly appreciate your time helping me learn.

Hi! Welcome to BP! Couple different investor meetings around town I am starting to attend so hope to see you at some soon. :)

I think that’s a good deal. 1.5%. I would do that especially at that price point for a home. Wish my area had those numbers! Congrats

Can’t wait! Thanks for doing this!

I have heard of one. Had a cleint that wanted to buy a house and we found out they had been operating as an “illegal” air bnb and have a pretty hefty fine and their home was blocked from being able to obtain a STRP for 3 years. Hurt their resale and was sitting on the market. Quite a few people are unloading their secondary homes that have been used as air bnbs for the past few years. If willing to take the risk, then go for it. Could always do a long term lease for a few years if got caught. Hope this helps!

Nashville is tricky right now. We have been multiple offers and very competitive for about the last 5 years- each year more than the last but I see things slowing down more this fall than the last few. Not sure if it’s a sign of things to come but many of us are noticing it. (I’m an agent). There are deals but they aren’t on the MLS from what I have seen unless you plan to hold (and that’s still not common for the areas I prefer). If someone can find the deal and work directly with the homeowner that is where I have seen money made. My 2 flips were found off market. Please feel free to reach out to me and I am more than happy to discuss this all much deeper just wanted to give you some high level market info here. Lots of changes coming to Nashville as there are discussions of mass transit and redevelopment to connect areas to downtown via bridges. Lots still up in the air though. Hope this helps!

Roger is spot on. It is a task but can be rewarding. East Nashville, 12 South, for example have been worked the most but the areas are expanding out and there are some cottages there that are just begging to be turned into a masterpiece! Good luck!