All Forum Posts by: Aaron Lovett

Welcome @Manny Perez, you're in a great place.  It's great to see the Chattanooga community doing so well.  If I had to leave the Smyrna/Murfreesboro area, Chattanooga would be on my short list of places to move to.

@Brandon V. Fix it.  If it's cosmetic, as your inspector indicated, then it's a cheap and easy fix.  However, if it really is "loose" and a potential hazard, the repair won't be as cheap, but it will be much better than dealing with a collapsed ceiling.

Sure, @Jay Hinrichs, I was responding to Sean's request for information about zoning in Williamson County, TN.  Thanks for clarifying.

Speaking of logging, @Sean Bell, if that's something you are interested in, then you'll want to know about the Greenbelt program.  In TN you can find applications for that at the county level.  For Williamson County:

http://www.williamsoncounty-tn.gov/DocumentCenter/...

Cash flow doesn't depend on the age of the property, but it can be a factor when considering maintenance, insurance, desirability, etc.  As with many questions, "it depends" is a fair answer.  Other factors that matter include the condition, layout, neighborhood, taxes, etc.  

You'll have to provide more information for us to make a better analysis.  Being off by $125 in insurance on a property of that size could really affect things.  I'm glad you found that! @Rashid Bailey

All the best to you!

For a newly licensed agent, don't worry as much about appearing sophisticated as finding out if they would be a good fit for you.  The interview is mutual - you aren't applying for a job, you are exploring a partnership of sorts (in a sense, but you're in business for yourself, make no mistake).  

As a new agent, you should be interested in training.  Don't just ask what training is available, find out what training they found effective and who pays for it.  Find out if there is a desk fee and if floor time is required.  Seek out a mentor - who will do that, and would they be a good fit for you?  What will they do to help you start making money, if anything?

So basically, approach the interview with the understanding that you will have to do the bulk of the work - because you will - and you are seeking a broker or team who will support your startup real estate business.  If you are looking for information to support that, you'll find the right questions and the right company.  Which means, finally, interview with more than one company.  

I would, at a minimum, interview with 1 or 2 national companies, and 1 or 2 local companies.  Company cultures can vary greatly, and you just might be surprised at what you learn while interviewing with others in the area.

If the rent is market for the area, fine.  If anything, having rent below-market can attract unqualified applicants.  I think you've implemented many good strategies for getting qualified applicants, but if the following are allowed in Utah, I would...

1. Add a nominal application fee.  

2. If allowed, I would also state your credit and income requirements up front.  

3. State your rental history and bankruptcy requirements.

3. Include your security and pet deposit, as well as your rental history and bankruptcy requirements in the description, because many people don't read past the first paragraph or so on an online listing.

None of this will scare off qualified applicants, but those that don't meet your qualifications will move on.  

Sure, @Sean Bell: http://www.williamsoncounty-tn.gov/1376/Zoning

For any county, the county website is usually a great resource.  =)

Excellent comments.  No point in looking at land to develop if you don't know the local regulations. I had my eye for a minute on a nearby undeveloped plot until I found out the city of Murfreesboro was looking at it for a park.  We're woefully short of softball fields, apparently!    

Here's the local zoning map:  http://planning.rutherfordcountytn.gov/Zoning_2013.pdf and the subdivision regulation: http://planning.rutherfordcountytn.gov/documents/S... Enjoy!  

You know it's an impossible question to answer.  =)  100% occupied tells me they're under market rent, as you stated.  What's the current cash flow and cost of needed repairs?  And yes, I hear you that Nashville is hot and the surrounding communities benefit from that, but deal with what you have, not on what you think it should be.

I call myself "investor friendly" - meaning that:

1. I work with individuals and entities that purchase residential and small commercial properties.  "Purchase" being the key word.  

2. I understand that you have a business and are buying/selling properties with ROI in mind. If I choose to work with you, I will work within your numbers. If I think your expectations are completely unreasonable for a particular area, I'll let you know.

3. I have a business that includes my reputation and personal ethics - so don't get offended if I ask you to verify your ability and intention to follow through on an offer to purchase. As Jay said, POF is a requirement.

4. I'm no more interested in lowering my commission than you are interested in lowering your rent or sales price or raising your offer price.  If we're both going to stay in business, we both need to make money accordingly.

5. I won't lie to you, or anyone else.  Period.  This includes whitewashing issues with the property, inflating potential rental prices, etc.

6. I'll submit low offers, but they need to be "good" offers - cash with proof of funds, fast close, no contingencies, etc.  

7. I'll respect your time, and you'll respect mine.  If you find a great prospect, I'm interested too.  But we're both wasting our time if we're just out driving around looking at properties that don't meet your specs.  

Some of the above means that I'm not a good fit for some investors, and a great fit for others.  That's the nature of the business.  In an industry where "investor" can mean anything from "I just watched an infomercial on wholesaling options" to "I'm looking for my first multi-family property" to "I build and lease commercial facilities" to... you get the idea.  With so many different kinds of investors, the "investor friendly" agent has to specify which the type of investor he works with.

@David D Painter I think your agent's approach is very similar to my own.  The investor and the "investor friendly" agent need to have a mutual understanding and appreciation for each other's roles and requirements.  Before I got my license, I would have said exactly the same about the agent I worked with.  Now I AM that person!

@David D Painter