All Forum Posts by: Rhett Kelton

Good question. I was just talking to my insurance agent about it this morning.

My insurance company won't cover the house if it is certain dog breeds(surprisingly dalmatians are on that list) or if it has bitten a human before. 

I always have a $300 pet fee - non-refundable- that goes along with the security deposit. Additional rent is also typical.  For where some reason, people love their pets and often have trouble finding other places that accept them. Unless you have an extremely hot market where you are extremely selective, why cut out 50% of the applicants?

I don't allow cats. If you do, take a black light around your baseboards when they tenant moves out, as well as check the HVAC vents. Pretty disgusting.  Obviously, the same issue could happen with dogs, I've just seen it more prevalent with cats. After the second time, I stopped allowing cats. For some reason, dog owners tend to be a little more cognizant of the issue. 

I'm in the middle Tennessee market. Nashville has cracked down very hard on STR, so you would need to talk to more specific investors there about possibilities. Without being local, not sure if that's the best place. City regulations are changing very quickly.

If you are thinking Chattanooga - talk to several PMs there. I know the houses can drastically change from street to street. My brother invested there and ended up pulling out his money because some of it was too sketchy. 

The East Tennessee market it sounds like it might be a good place for your goals. Gatlinburg and the surrounding areas. I know prices have risen their drastically(haven't they everywhere!), but I'm sure there's some deals out there.

Not sure if PMI does short-term rentals, but I know several of the guys there and they are quality people.

@nathan beach

Audrey,

Welcome to Nashville! I hope it will be the great move you want it to be.

What sort of price range are you looking?  Coming from a bigger city the price points are sure to be different, but there totally different kinds of price point/areas within the 30 minute commute.  I live in Murfreesboro, and some of the multifamily seems extremely high to me, but I have talked to out of towners where the prices are a no-brainer.  I am more than happy to help with any ideas.

I live in Murfreesboro. It's gotten really hot here, especially for multi-family. Not quite as much as Nashville but prices are skyrocketing. 

Atlanta is 4 hours away so that is not really a consideration for the Nashville market. Chattanooga is 2 hours away. It's not really involved in the Nashville market either, other than some investors putting money there, but has a pretty good infrastructure and investment options. Just be careful of the areas you do invest there. Huntsville is a 1-1.5 hours away. It would be more of a tertiary market for Nashville. But a couple Nashville investors that I know of are moving money down there as well.

If you were looking more for stable rent with smaller multi-family, it might be good to look north of Nashville in the Clarksville area. Because the large army base is there, there's always going to be consistent demand. I don't know anything about the appreciation though like Nashville/ south Nashville areas has.  Clarksville is between 45 minutes to 1 hour away from Nashville.

@Michael Hooper

Did you ever get a HELOC?  or talk to one of them about it?

@Michael Hooper

Try talking to Wilson and Volunteer State. You might have to pay a little higher rate, I've talk to both of them, and they've both pretty investor-friendly. They may be a little on the conservative side but it's worthwhile to get some relationships with someone in each place.

@Michael Hooper which local banks in Murfreesboro have you talked to? I've talked to several of them - haven't needed to cash out refi yet, but several of the bankers are interested in the idea.

Vito,
I'm here in Murfreesboro, and 'I'm happy to help point you in the right direction and at least give you the good contacts that I have, to start your new REI path here.  I know I don't know everybody, but can give you a good base to start with.

I don't think I can partner up right now, since I am in the middle of 2 1/2 projects, but whatever I can.  

I agree with Cullum- I'm in Murfreesboro, and there are very few new builds under 300k.  MLS shows several, but they typically go pretty quick.