All Forum Posts by: Aaron Lovett

@Christopher Hunter,  I wouldn't describe that as "normal".  It sounds like you've hit the nail on the head.  Being a new agent, he may have heard "horror stories" from other agents about all the time and money he'll lose trying to work with investors.  There's a grain of truth to that, especially with new investors, but there's no way I would ask for a $3000 retainer.  I don't see any benefit of doing that to you.  A buyer's representation agreement and proof of funds is commitment enough.  Where the properties come from that he brings you shouldn't matter, as long as he brings you properties that you can work with.  He'll make his money when you purchase, that's how it normally works.

For any investors looking for an agent to work with, I'd love to have a conversation with you.  I enjoy working with investors, novice or experienced.  I do have a few basic criteria (ie. buyers need to intend to take possession).  I work primarily Rutherford and Davidson counties, but anywhere in the surrounding counties is fair game.  Feel free to reach out any time. 

Hi @Caleb Bryant, yes I regularly work with investors and retail buyers/sellers.  

I know of several that would be about a 35 minute drive to that address.  PM sent.

Hi @Caleb Bryant, I don't have anything off market at the moment.  However, if you decide you would like to enlist an agent to help you with your search and purchase, I'd welcome the opportunity.  Feel free to reach out any time.  

Hugh and Gina at Real Property Management.  rpmrentalsolutions.com/

Hi @Giselle J., I would be happy to speak with you about locating and purchasing investment properties in the area.  My office is in Rutherford County (Smyrna/Murfreesboro), and I also work in Nashville-Davidson County.  I work with both retail and investor clients.

 This is why the agent said that the seller's $3000 offer will stand, because your "counter" is only an oral offer and hasn't been put in writing.  Once any of this is put in writing, then it's an actual counter offer.  At the moment, it's just talk.  At the point where either party receives a written offer (a counter-offer is just a new offer) the choices, as @Mike Cumbie   explained, are to accept/reject/counter/ignore.   

As for your concerns about losing your earnest money, that should have been addressed in the contract.  Ask your Realtor for some clarification on whether or not you are within your inspection period.  In fact, it sounds like you two could benefit from a conversation to make sure you're both on the same page.  I'm in agreement with @Brian Pulaski's  comment above that it's better to have straight talk between Realtor and client than to have uncertainty and ambiguity because someone is afraid of having to explain something uncomfortable and risk losing a deal.  

Hi @Adam Vo, 

+1 to @Gary Michalske's comments.  With the rents increasing dramatically in Rutherford and Davidson counties, even finding 1%-rule properties is a challenge.  That's probably the biggest challenge.  Some specific answers to your questions:

Any challenges renting houses in this area? How long are houses typically on the market?  

There are more renters than houses - the Middle TN area gets approximately 100 new residents a day.

3br/2ba homes that listed under 180K in Murfreesboro: 278 sold in the last 6 months.  Median days on the market: 3 days.  Median contract to closed: 33 days.  

What is the typical rent that a property like this would demand? $1200/month?

That depends a lot on the neighborhood, but to give you an idea, the median lease for a 3br/2ba in the last year was $1430, and of listed properties for rent right now it's $1510.  Off-market ones tend to be a little lower.

Any other watch outs that I should consider or areas that I should stay away from?

I'd recommend having eyes on the ground, although Google is your friend here. 

Any recommendations on agents or property management companies in this area?

If you haven't found an agent that you are satisfied with, feel free to give me a call/text or shoot me an e-mail.

Hi @Robert DeForge, this is pretty normal in our Middle Tennessee market when dealing with tenant-occupied properties.  Just write your offer contingent upon your satisfaction with seeing the inside.  If they accept your offer, go take a look and negotiate from there.  If they don't accept your offer, move on, less time wasted for all involved.

I know it sounds odd from a retail buyer's perspective, but from an investor's perspective this process should make some sense.  The landlord isn't going to open the place up and disturb the tenants for every curious person.  Instead, they'll save that for the most serious buyer.  If you look inside and decide it's just more work than you want to take on, then you aren't under obligation to proceed any further.

HI @Adam Vo, 

I think Rutherford county is a great area for buy and hold.  The 1% rule is a good guideline, but every property has its own risks and potential.  Of course don't pay retail, and keep in mind what properties will truly rent for.