All Forum Posts by: Luka Milicevic

Welcome to the forums! 

@Elijah Skinner

Everyone's market is the best market....especially if you're a realtor in that market....

I'll be honest I lived in a few spots and where I live now Franklin TN is truly the best place on earth if you ask me. 

Low property taxes, no state taxes, excellent maintenance done by the city, good schools, etc...

You mentioned looking in the suburbs of Nashville but that time has passed by? Of course it has, just like 2009 passed me by. You're never going to be able to invest or buy in the past, but 10 years from now you're going to be saying the exact same thing "I wish I bought back in 2024"

@Christopher Rodriguez

Welcome to the forums. I'm local to the greater Nashville area so I can provide you with some insight.

Firstly, to address your very last point....there is NEVER going to be a right time to enter the real estate market. You will ALWAYS have a reason not to. Switching jobs, child on the way, rates high, prices high, election year, getting married, etc. There is always a reason you can talk yourself out of it. 

By definition, Nashville is still a seller's market. The agent you spoke to is probably referring to the crazy boom of the covid years where buyer's literally had zero negotiating power. 

Seller concessions are possible now that the market is no longer the wild west. You can get seller paid closing costs as a credit towards your title expenses, etc. 

Right now, we are in a weird phase of the market cycle. It is cheaper to rent than it is to buy right now. Especially when you factor in home maintenance and repairs. 

You are going to have a tough time finding something reasonable at 250k in the Nashville area. That is a very low budget for the price of homes here. I would strongly suggest you expand your search to the surrounding markets. That will open up your ability to find a decent home in a decent area. I would also look at townhomes if that is your price range.

Absolutely you should house hack. It will greatly help you offset your cost. That is actually a MUST do in your situation so at the very least you should be looking at 2 bedrooms.

Best of luck out there. There will be ups and downs, but just make sure you keep moving forward. 

@Nathan Becker one thing to consider specifically in TN is the F and E tax as it relates to LLCs. It can get expensive to own property in an LLC if you can't claim the F and E exemption.

I keep all my properties in an LLC plus an umbrella policy.

LLC + umbrella policy + following uniform landlord and tenant act + treating people fairly is how I operate.

Just sent you a DM with contact info

All of my rentals are now with state farm. They are the cheapest, but also reluctant to insure certain properties.

Farmers is a great option as they are more willing to insure certain types of properties, but are a bit more expensive. 

@Christopher Davis

I'm really confused, we have actual property management agreements as part of our standard TREC forms. A sales agreement and confirmation of agency are completely irrelevant to property management. 

You have to remember, most agents have absolutely no clue what an investment property is or how it functions....

I have had many clients ask me to manage their properties in the past and I have never agreed as that's not in my scope of expertise. 

You should get an actual property manager and not an agent that is trying to get some extra income. 

Let me know if you need specific recommendations on managers in the Nashville area. 

@Tashanique Jones welcome to the forums. I'm in the Nashville area - let me know if you have any specific questions about the local market. 

I'm not interested in generational wealth.

I've told all my relatives not to leave me anything as well. 

The only thing I'm transferring to my children is knowledge and planning on having them be completely debt free when they graduate from college (IF they choose to go). I won't allow them to take out loans to pursue higher education. So my only financial plan is to help them start at zero when they are adults.

As much as someone might love you....in the back of their minds they will be thinking "when they die I get all this...." 

I believe generational wealth is a curse

@Kevin D.

I would first pick a market

Then try connecting with BP members in that market. Ask them for a general overview of the RE market locally and you could probably pick up a few recommendations for realtors, mgt companies etc. 

I would talk to a few agents - make sure they know what investments are.....seriously most agent's don't have a clue about investment property. Find one that does. 

Get on wholesaler lists

Interview several property managers

Agents, property managers, and wholesalers can help you find deals. Not sure about "good" but they can point you in the right direction. It really depends what you consider "good". I am very honest with out of state buyers with what I can and can't find. 

Your next step is to start talking to some folks. Don't let your momentum slow down....