All Forum Posts by: Matthew S.

@Lindsay M. I did not like my experiences with online or in-person auctions with auction.com. A old-fashioned auction is more my speed, and a lot of fun.

@Lindsay M. I did, and just closed on it this past Friday! Got an incredible deal at an auction at about 70% of market value. Still pinching myself. I agree that the MLS is tough going– I had placed two above-asking price offers on other properties and didn't get them. The advice I got on this thread to be patient really paid off. I'll probably post my story in August once I have the property rented. Hope you find something too!

To be clear, trying to decide whether I should hire a contractor or piecemeal the jobs to different subs. I would not be swinging a hammer myself. Would love any advice any of you might have!

Hey folks, got a good deal on a house in a very hot neighborhood that is going up in value quickly. It needs at almost total renovation (siding, roof, and some floors are the only things that DON'T need major work right now). It's a little over 900 sq ft, so it's a reasonable size. I will be holding this house as a long-term rental.

I am brand new to doing this, and don't swing a hammer myself, so I'll be relying on hiring people. I have lots of friends in the business who are more than happy to refer me to people with good reputations, and I know how to get multiple bids on jobs.

The property is a mile from my house, so it would be easy to go over there multiple times a day when I need to. I am self-employed with a flexible schedule.

My first impulse was to get a contractor to oversee the whole project, but as I look at the numbers in would save me a ton of cash to oversee it myself. It's a little overwhelming since I'm new to this and have so much that needs to be done. At the same time, I have to learn somehow, as I'd like to grow my rental business in the future.

In the Good/Fast/Cheap equation, I don't need it Fast (not carrying a mortgage or construction loan, so taxes/insurance/lost rental income is the only downside of taking a long time), but I'd like it Good and Cheap.

Am I foolish for thinking I can oversee a project of this magnitude? What newbie resources would you point me to if I undertake this? If you did the same when you were starting out, what did you wish you would have known, and done differently? Thanks!

Thanks, everyone. I still have a lot of learning to do. I appreciate all your comments.

-East Nashville caught fire years ago and is now one of the hottest ZIP codes in the country (featured in the New York Times, etc.)

-Antioch is one of the roughest areas in greater Nashville, and has gone downhill over the past decade (gang activity, etc). There are some areas jokingly referred to as "Brentioch" (Antioch but close to Brentwood) that might be worth looking into. No indication of Antioch improving soon, but if you wanted to brave it for the long term, Nashville's growth means that Antioch may rebound in another decade.

Trying to get started in the Nashville area, focusing on East Nashville/Inglewood as well as the Woodbine/fairgrounds area. I'm a buy-and-hold guy who wants solid rentals targeted at young professionals, with some appreciation in the coming years.

Starting to feel a little crazy though. While I don't need a full-on turnkey property, it seems like even the properties aimed at flippers are super expensive. I'm an all-cash buyer, but that doesn't seem to give me an advantage (other than an auctions, which are few and far between).

My questions:

-Am I asking for too much? I kind of "want it all" (below-market price, solid rents, future appreciation, turnkey or at least no major renovations needed) and don't know what I should compromise on.

-What should my strategy be in this ultra-crowded market? I have a wholesaler who's actively looking for me, and an agent who sends me MLS updates, but I work full-time and don't want to spend more than 10 hours a week looking.

-I keep dreaming of a market slowdown. I know these things go in cycles, and am torn between sitting on my cash and waiting for the next drop, and the fear that Nashville will just keep going up and up (the city is experiencing incredible growth) and I will miss out on opportunities if I wait. Which of these is right?

Would love any help I can get.

Thanks for the feedback! Would love to hear any more stories/tips that other folks have as well.

I'm a new investor and have always heard that winter is the best time to get deals in real estate. I've got some cash saved and am ready to buy, but of course want a great deal.

Do any of you have stories of great deals you've gotten during this season? Where did you find them? What were the factors in getting a great price? I've thought about lowballing some properties on the MLS, but wondered if I should wait until after Christmas. Any tips or stories?