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All Forum Posts by: Leland S.

Leland S. has started 84 posts and replied 278 times.

Post: Missing flashing on doors bricked in

Leland S.Posted
  • Developer
  • LA, Nashville TN
  • Posts 295
  • Votes 75

I recently finished a townhome development project that had in the plans sliding doors leading to what were supposed to be floating balconies. A few months after receiving U&O, almost 1 year from being "dried in" with brick and Hardie fascia, my one tenant reported water dripping into the house from the inside trim surrounding these slider doors. I inspected and found two of the other units had the same issue. I asked the manufacturer for their installation instructions and reviewed the pictures I had from rough-in and find they had never installed a top and bottom flashing. In fact, there are gaps between the brick and the vinyl door surround all around the door. The GC never even bothered to try and caulk the doors. (FYI as I know someone will say "have the GC cover it under warranty" - I fired the initial GC who installed the doors at framing and the second GC took over from framing. The second GC just said it's not his problem because the first GC installed the doors). 

I had one door installer out to look at the situation and they recommend removing the doors from the inside, installing the correct flashing, then installing the doors from the inside. This sounds like the best approach to avoid removing the brick but I don't know if the flashing will work as well since the brick is jammed up against the door surround as it is. I'm asking the manufacturer what their recommendation is. I'm assuming it will be to remove all the brick surround, pull the windows and doors, and reflash everything. Since it's not just door replacement I'm having trouble finding a window/door contractor willing to take this on. 

What I suspect is that the 3rd level doors are getting water leaking back against the framing from their threshold and it's dripping down into the 2nd story doors. As you can see the taping job is pretty pathetic or non-existent on the house wrap, it's just leaking right back into the house. I'm guessing they also didn't caulk or otherwise seal the window/door upon installation. It makes it more complicated with the transom window directly above the doors. Above the transom is the brick lintel. There is no sealant between the lintel and the top of the transom window, so water may be crawling back there too. Around the sides of the door is just brick mortar which already exhibits cracking and gaps, as I see all over my brickwork. I wouldn't think brick mortar should be jammed right against vinyl. I would expect some kind of flashing would be an ideal attachment point that also prevents the brick from transferring water directly into the framing. 

To those who have encountered this or know how to install doors, what would you advise?

Post: Do people like losing money in the Smoky Mountains?

Leland S.Posted
  • Developer
  • LA, Nashville TN
  • Posts 295
  • Votes 75
Quote from @Joseph Stoll:
Quote from @Taylor Jones:

How does anyone buying in the Smoky Mountains make money buying today?

$1M purchase price and $125k in revenue

P/I/T payments run -$78k/yr (assuming 8% interest rate and 80% LTV)

Cleaning fees -$20k/yr

OpEx - $30k/yr

Total = $128k expenses

-$3k in cash flow.

Do people like losing money or am I missing something?

Interest rates are a killer right now!

If taking a long term investor view, some people are more than happy to break even or take a small loss initially while having a $1M savings account literally paying for itself. Add in appreciation, debt paydown, refinancing once rates drop, and the fact you can use the place for yourself a weekend or two a year. Also I would think ADR improves over time through inflation alone, so in five years you're probably cash flowing fine. I think plenty of people would take that deal.

Breaing even on an STR is a really bad idea. Imagine any downturn in the STR market. Just wishing for a recession and fed low rates, which were historically unprecendented, is a fools game.

Quote from @Allan Smith:
Quote from @Dan H.:

Interesting how every real estate agent that posted stated their market was great for STRs.  

Be aware of posts from people who have a vested interest.  Not just this thread, but other threads also.  


 This is an excellent observation and I agree. I feel like to be fair we should add that any investors probably don't want to mention their Market because they don't want the competition. So there is a bias either way.


Any intelligent person can read up on which markets are doing well. Competition is guaranteed. 

You probably cannot determine the "best" by location. Management of STRs is all over the place, from cleanliness to furnishings, and amenities. With a large enough dataset, you can probably find trends. But why ask here with random samples all over the place instead of just going on Air DNA or PriceLabs and getting their reports?

In Nashville, I have a SFH that is moderately decorated and has moderate amenities, 12-15m drive to downtown.

Est market value is around $550k (down from 600k+). 

93k gross (platform payout) over last 12 mo. Since start year (2020) I haven't been under 75k. I've gone up about 10k/yr gross and expenses have been very low this year.

Self-managed remotely. 20% is ridiculous. It is automatic once you get listed and find good cleaners.

Expenses: 29k 

NOI: 64k

Post: Tree landscape ideas needed

Leland S.Posted
  • Developer
  • LA, Nashville TN
  • Posts 295
  • Votes 75

@Brian S. It's a tall building. Privacy screening would be help as it's on a busy road/intersection. 

Post: Retrofitting Automatic Fire Sprinklers on Townhomes

Leland S.Posted
  • Developer
  • LA, Nashville TN
  • Posts 295
  • Votes 75



Is anyone familiar with the requirements of the IBC to provide automatic sprinkler systems? I wanted to know if it's feasible to bring lines in for sprinklers to existing townhomes. They are built with open trusses, so water lines could be brought in from the side of the building straight through each ceiling opening. I'm not sure what else is required for these lines or if they just come straight in from the road with a cutoff like regular water mains. Coming through the slab foundation at this point is not possible, but I do have an HVAC closet or laundry room I could put shutoff valves in if they are required to be indoors.

Post: Tree landscape ideas needed

Leland S.Posted
  • Developer
  • LA, Nashville TN
  • Posts 295
  • Votes 75

@JD Martin Thanks!

I'll look into those. The approved tree list is here: https://www.nashville.gov/depa...

Post: Tree landscape ideas needed

Leland S.Posted
  • Developer
  • LA, Nashville TN
  • Posts 295
  • Votes 75

@Luka Milicevic

impressed with your species knowledge. I need to get the list from Metro and find out what I like. Those are nice options, they also grow tall. I could put them down the side of the property instead of clogging the front/back

Post: Tree landscape ideas needed

Leland S.Posted
  • Developer
  • LA, Nashville TN
  • Posts 295
  • Votes 75

In order to get sign off from Nashville metro Forrestry department, they made my GC install a total of 7 trees. The three in the front are Oak trees. In order to complete the job, the GC just threw the trees in the middle of the yard. 

I intend to remove some or all of the trees since I already am approved so these trees don't overrun my yard, but might want to add some nice smaller trees around the yard. Suggestions?

Post: jumbo loan for investment property 4plex

Leland S.Posted
  • Developer
  • LA, Nashville TN
  • Posts 295
  • Votes 75

I'd like to find a direct lender as to avoid the crazy broker fee's I'm seeing of 3%. Please refer me to someone that can lend on the following:

1) Refi 1.6M. If possible, add some cash, LTV of ~50%
2) Income projected 25k/mo average (mixed long/short term)
3) LLC owned currently - but I'd be OK not doing that if that's what it takes. Credit score 780+.
4) Property is 4-plex townhomes but zoned as a single parcel.