Nashville Investment Property

Nashville Investment Property

  Nashville is the “It” city. It has been ranked the #1 housing market in the nation. Depending on the day, we hear that 80-100 people move to Nashville every day. We were named the #1 Minor League Baseball city. We are in the Top 20 cities for tech jobs, #6 for young professionals and #7 for millennials. We are among the Top 10 cities in which to launch a career and Nashville has the third fastest growing large Metro economy. The list goes on and on. But, with all these accolades, does that mean that Nashville is a great place to buy investment property? Yes and no. With Nashville’s influx of residents, we have also had low inventory. Because a lot of those are millennials and young professionals, the demand for properties under $200,000 has increased significantly. Typically, this is where investors like to buy. They can get in a property for a decent price, rent it out for an attractive price, and still get a nice return on their investment every month. We were getting multiple calls a week for a while from people all across the country that wanted to invest in Nashville. Most used the word that investors dream about, “deal.” “I want to get a deal.” “I’m looking for a deal.” “Where can I find a deal?” and “If you find a deal, I’ll buy it.” Well, the truth of the matter is, there really aren’t many, if any, “deals” in Nashville right now. First time home buyers, young professionals, millennials and investors are all competing over the same property. Investors that have cash may be more attractive to sellers, however, cash is not always king and not all investors have cash. Some sellers don’t want to sell to an investor and will take an offer from an owner-occupant over an investor because they either want to help the “little man” or they don’t like the thought of renters living in the home they have loved for years. Another pitfall of investors is thinking that cash is king – no matter the offer. Sellers won’t necessarily take thousands less for their home just to have it close in two weeks. Some would rather wait another 2- 3 weeks and make more in the long run. If you plan on investing but you are getting a loan, you are in the same boat, for the most part, that owner-occupants are in and you will find the Nashville market a tough one to compete in. The best thing to do is to find the properties before they go on the market or at very least, the same day. Find a Realtor that diligently hunts for properties...

Read More

No Pain, No Gain

No Pain, No Gain

  No pain, no gain. I thought this as I hobbled out of my workout studio today after a particularly grueling class. We hear this term a lot when talking about getting in shape. But what about when we are selling a house? I know many of my clients have thought about the pain long before they understood the gain. I have had many Seller clients practically do mini-makeovers on their house just to sell it, and guess what? It works. Is it a pain? Yes. Would they say it is worth it? Absolutely. If you are a Seller. Don’t skimp. If you have bold color on the walls, paint it neutral. If your carpet has been “loved” by pets or children, replace it. Don’t think that in today’s market, Buyers are OK with a “credit” or “allowance”. First of all, lenders rarely allow this any longer and Buyers that are paying top dollar in a hot market want the house to be move-in ready. You will find the one that has to have the school system or the pool, or the one unique quality that only your house possesses but you need to be attractive to the masses. It’s true that it only takes one Buyer for your house but in a hot, Seller’s market, you want to put your best foot forward to get multiple offers. Why have one Buyer wanting your house when you can have five? You may need to become a weekend warrior, hire a handyman, or sucker your friends into helping for some pizza and beer. Just get it done. Mulch the beds and plant a few flowers. Paint the front door and clean the windows. Rearrange furniture and drop-off to Goodwill. De-clutter and clean. Think of it this way, you’ll get some exercise, feel a bit more invested in the process and you will appreciate it all the more when that Buyer walks through the door and says, “I’ll take it!” No pain, no gain isn’t just for working out...

Read More

Are Open Houses Worth Having?

Are Open Houses Worth Having?

  The age-old question of real estate, “Are Open Houses worth having?” Well, it depends on who you ask. There is the real estate agent perspective and the Seller perspective. Both say, “yes” and both say, “no.” Here’s why. Real estate agents who say, “YES”: Know the property is in a high-traffic location and could produce a Buyer. However, not necessarily a Buyer for this property. Some real estate agents use open houses to pick up new Buyer leads for their business. When marketed well, a real estate agent can produce many leads from one open house. Want to make sure they are doing everything their client feels is necessary to sell the house even if they know it’s unlikely they will get attendees or find the Buyer from an open house. May just want to catch up on their reading or paperwork for a couple of hours while they wait for visitors.   Sellers who say, “YES”: Just assume you must do an open house as part of the marketing plan. Feel that their property has the potential to get a lot of traffic and think they may get an interested prospect walk through. Want their real estate agent to do as much as possible to sell their house and feel that an open house is a good way to do that.   Real estate agents that say, “No”: Feel that the property is not in a high traffic area and they won’t get many, if any, prospects, except for, perhaps, “nosey neighbors.” Are concerned to hold an open house due to liability of the Seller’s personal belongings or due to personal safety.   Sellers who say, “No”: Don’t want random strangers walking through their home without ample supervision. Feel their agent does outstanding marketing outside of open houses and feel that their house would not be a good candidate for selling during an open house. Some Sellers of unique or high-end properties feel that their property is best marketed via word of mouth, print, and online and then having the prospective Buyer set up a private showing.   As you can see, there are good reasons to do open houses and then there are good reasons not to do open houses. It really depends on the Seller and the Real Estate Agent and making sure they are on the same page in their ideas and opinions of...

Read More

A Change Would Do You Good

A Change Would Do You Good

  One of my all-time favorite music artists is Sheryl Crow. She sings a song called, “A Change Would do You Good.” If a change would do us good, why do most people resist it? I think it’s one word. FEAR. Fear of the unknown, fear of failure, fear of others’ opinions, we don’t believe in ourselves, it’s hard, it causes stress, the transition can take a lot of time, we may disappoint someone, etc. I understand and have experienced all of these. Fear itself is not always a bad thing. It can actually motivate us as well as help keep those of us that tend to have the urge to jump before looking, in check. I embrace change, now, but I didn’t always. I moved to a new school in Arizona in the 4th grade. Before that, I was painfully shy (I know, those of you who know me can’t believe that). When I was really young, I would literally cry if people I didn’t know talked to me. It took me a long time to warm up to people and it was really hard for me to make friends. So, as I recall, as my mom sent me off to the bus stop for my first day at the new school, she said, “You’d better talk to someone today or you won’t have a single friend your whole life.” Now, maybe that sounds a bit dramatic, and maybe that’s not exactly what she said, but that’s what I heard and it definitely made an impact on me! My mom recalls me running home from the bus stop saying, “Mom, mom, I made a friend!!” I was scared but it was fear that also motivated me. And, because of the beauty of Facebook, that friend (Glinda Grayam) and I are still connected today. Now, if you know me, you know that I am far from shy. That change was a huge turning point in my life. There are so many things that I wouldn’t have done or become if I was still shy. Recently, last week, in fact, I made another change. I became the Principal Broker of United Real Estate Music City. My entire team is moving with me. We will still be The Michelle Froedge Team that our clients love. I just have another role in addition to Lead Agent. It was a big decision and there was definitely fear involved. But, apparently, I like the adrenaline, and the challenge. I challenge you to do something that scares you. Make that change that you’ve been putting off. You won’t grow if you don’t make a move. Do it. A change would do you...

Read More

What’s Up With This Traffic???

What’s Up With This Traffic???

  I hate traffic. As a Realtor, I have spent my fair share of time in my vehicle. I live in Franklin TN and my office is in Nashville TN. It used to take me 35 minutes to drive to the office. It now takes close to an hour – or more. If it’s during school drop off or pick up, add 10 minutes. If there is construction, add 15 minutes. If there is an accident – go sit and have a cup of coffee while it clears. The entire Nashville area has traffic, and I admit to needing to attend a 12-step program for slight road rage. I took the “fish” off my car for a reason. I digress. I have learned that there are a lot of things I can do while in traffic that are much more productive than seeing how high my blood pressure can get or making up new words. Listen to podcasts or audio books. I have “read” several business books this way. I always have a few books in the que and I try to have one on audio and a different hard copy at home. I am always reading something for business and something for fun. I find that business books on audio are nice, too, since most of the time I am driving for work so I am in that mindset anyway. I am constantly learning and improving and it’s great to get where I need to go, while getting where I want to be! Learn a new language. Similar to learning something new in business by listening to an audio book, you can learn a new language by listening. Now, you can’t be self-conscious if you do this because you will look like you are talking to yourself in your car. Tinted windows and sunglasses are a must if you are easily embarrassed. You will listen to a word or set of words and then be asked to repeat what you just heard. If you have a foreign trip on your vision board, start learning the language! As a side note, it’s a great conversation starter if it is playing in your car when others get in. Meditate. Now you won’t be able to go full out and close your eyes while sitting cross legged unless you are a passenger, however, this can be very helpful. First off, it helps calm your nerves from the TRAFFIC!!!!! Was that out loud? And secondly, it helps put you in the right mindset for whatever your day has in store. I have learned that everything, I repeat, EVERYTHING is about mindset. You control your mind so make sure you are controlling it...

Read More

So You Want to Become a Realtor

So You Want to Become a Realtor

  During my career, I have had many clients, friends, and referrals tell me they want to become a Realtor. “Great,” I say. Then I ask why. There are a million reasons to become a Realtor and another million not to. I love my career. I love my clients (well, most of them). But, just like anything, there are downsides. I am always happy to educate excited “Realtors-to-be” so they get the full picture of what taking the real estate plunge will actually look like. Here are some of the ideas and possible misconceptions I hear about becoming a Realtor.   “I just love to look at houses!” Me too. The fact is, there is SO much more to being a Realtor than just looking at pretty houses. The scheduling, the driving, the gas consumption, the late clients, the paperwork, the rejection, the people that have no intention of buying because they just like to look at houses too. The list goes on and on.   “I can make my own schedule.” Yes, you can. However, if you want to make money at it, at least in the beginning, your schedule won’t be yours. It will be your client’s. I understand that you want to be at your children’s after school activities and their sporting events on the weekends and church and family dinners. However, when do you think most people have time to meet with you or go look at houses? After work and on weekends – the same time you want to be with your friends and family. Once you are established and have a solid foundation, your boundaries can be much more rigid. You can hire people to work for you when you are not able. Just know that many nights, weekends, and vacations will be interrupted because of the fact that you “can make your own schedule.”   “I know so many people that it won’t take me long to be successful.” That may be true. There are certainly people who are so well connected and respected in their community that no matter what new venture they take on, others will support them. It should also be noted that no matter how many people you know, they know you in your current role. It may take a while for them to think of you as a Realtor. It may take a while for them to trust you when you are new. You also should know that just because people know and like you, it doesn’t necessarily mean that they will work with you. Think about how many Realtors you currently know. So does everyone else. If you know three in your current circle, now your...

Read More