BAP site syndication http://www.nashvilleforeclosures.com Sun, 05 Feb 2012 19:57:53 +0100 FeedCreator 1.7.2 http://www.nashvilleforeclosures.com/images/M_images/ http://www.nashvilleforeclosures.com BAP site syndication http://www.nashvilleforeclosures.com/buyer-information-pages/tips-for-investing-in-rental-properties-in-the-franklin-tennessee-area-by-investing-expert-brandon-patrick-broker-abrm-crb-crs.html Tips for Investing in Rental Properties in the Franklin Tennessee area by Investing Expert Brandon PatrickInvesting in rental properties can be a lucrative opportunity in Franklin Tennessee. In this article, we'll go over several tips to ensure you choose the properties that'll result in the best returns on your investment. After reading this article, you'll know some of the more common pitfalls to avoid with properties in Franklin Tennessee, as well as the signs to look for in a great investment property.Tip #1 - Look at Surrounding PropertiesIf you're buying your property to rent out, one of the most important steps you could take is to look at the rent market in the surrounding area.What are units like yours renting for right now? Take 3-5 units that are similar to the unit you're considering your investment and average them out.Would the income from this property be enough to cover your expenses?Tip #2 - Be ConservativeBe very conservative when you're calculating your numbers. It's far better to overestimate your numbers and accidentally make more money than it is to underestimate your numbers and find yourself draining cash.Remember to account for vacancies and maintenance costs. These costs don't accrue all at once, but when they do come they can be large expenses.Tip #3 - Check Your Rental HistoryHow has your unit(s) been renting out over the past years? How strong is the rental history?If in the past the unit(s) has been consistently rented out with few vacancies, that's a good sign that the unit(s) aren't difficult to rent out. If the opposite is true, that should be a red flag to take into consideration.Tip #4 - Take the Low Hanging FruitProperties in Franklin Tennessee often have what I call "low hanging fruit" opportunities. These are improvements you can make to your unit that will immediately improve its sale value or rental value.Some of the more obvious ones include steam cleaning the carpets, painting the walls, making necessary repairs, having tiles cleaned and so on.The key is to tackle the repairs that will give you the highest return for the least amount of work. The idea is not to repair every little thing, especially if it won't give you a positive ROI.There is a lot of free information available to you about investing in Franklin Tennessee real estate (http://www.franklintennesseehomes.com). For complete information about investing in Franklin Tennessee real estate, including current potential investments, property values and more please visit the most complete website online dedicated to everything Franklin Tennessee real estate at www.NashvilleForeclosures.com. Please feel free to contact me with any of your real estate or investing related questions and I will be more than glad to answer your questions. Call me on my cell at 615-578-7507 or email me at brandon@brandonpatrick.com (mailto:brandon@brandonpatrick.com). For a FREE List of Nashville TN Foreclosures, Fill Out the Form Below! Main Content - Buyer Information Pages Tue, 05 Apr 2011 15:06:03 +0100 http://www.nashvilleforeclosures.com/buyer-information-pages/tips-for-investing-in-rental-properties-in-the-franklin-tennessee-area-by-investing-expert-brandon-patrick-broker-abrm-crb-crs.html http://www.nashvilleforeclosures.com/comparison-of-prices-shows-effect-of-recession.html Comparison of prices shows effect of recession Brentwood, Franklin and Spring Hill comparables all show declines By Nancy Mueller FOR WILLIAMSON A.M. The average price of a home sold in Williamson County last month was $385,665. That's $65,807 less than the average sales price two years ago, according to the Williamson County Association of Realtors. Sellers do not see such a statistic as good news, but they can take comfort in the fact that the average price is still higher than the $363,267 average of 2005. At the same time, there's no doubt that buyers these days are getting more for their money than they have in years. Some cases can be found by looking back at a story that was published in Williamson A.M. in July 2007 (before the recession really hit here), which compared home prices in Brentwood, Franklin and Spring Hill. The point of that story was to see how much more home you could buy for the same money in Spring Hill and Franklin compared with Brentwood by looking at the prices of comparable homes in each community. Today, those price points are an interesting place to begin comparing what you can get for the money in today's market; in many instances buyers can find asking prices steeply reduced from prices two years ago. Differences are noticeable That story from July 2007 began by describing a house for sale in the Brentwood subdivision of Fountainbrooke. It was 4,127 square feet, with five bedrooms, 4½ bathrooms and a three-car garage. The price was $684,900. Someone who is shopping for a similar type home in Fountainbrooke today will really see a difference in prices. There are two homes for sale there now that are very close to that one in size and amenities, but they cost thousands less: • There's 403 Hollow Springs Court, a 3,944-square-foot home built in 2002 and priced at $619,900. It is a 1½-story home with four bedrooms, 3½ bathrooms and a three-car garage. • There's also 2204 Saint Josephs Court, a house with 4,876 square feet, built in 2005 and priced at $625,000. This home is a two-story traditional, with four bedrooms, 3½ baths and a three-car garage. Similar homes to these can be found in the Franklin subdivision of Carlisle. In the July 2007 story, we mentioned one that was for sale in this neighborhood for $594,990. It had 4,022 square feet, four bedrooms, 3½ bathrooms and a three-car garage. Go to Carlisle today and you can find eight homes for sale, including two comparables to the one in that story. They are both almost $100,000 less in price: • There's 1108 Stone Mill Lane, listed for $499,000. It has 3,950 square feet plus an additional 750 square feet that is unfinished over the three-car garage. That unfinished space is plumbed for a half-bath, too. The house, built in 2004, has four bedrooms, 4½ bathrooms. • Also available in Carlisle today is 1204 Vintage Grove Lane, priced at $499,900. This 2002 home has 5,479 square feet, five bedrooms, 4½ baths and the three-car garage. Spring Hill sees a dip Home prices get more affordable as you travel farther away from Nashville, so some of the best home prices in Williamson County are found in Spring Hill. The Wades Grove subdivision is a good neighborhood to shop for homes in the 4,000-square-foot price range in Spring Hill. In 2007, there was a 4,128-square-foot house with five bedrooms, 4½ baths and a two-car garage listed for $459,900. A homebuyer looking at that neighborhood today would find 13 homes for sale, including two comparables with substantially lower list prices than two years ago: • 2021 Keene Circle, 4,200 square feet, built in 2006, is listed at $295,000. It has five bedrooms, 3½ baths and a two-car garage. • 2044 Keene Circle, 3,490 square feet, also built in 2006, is listed at $324,900. It has five bedrooms, three baths and a two-car garage. Both of these homes are the highest-priced homes for sale in Wade's Grove (as of Nov. 12). Main Content - Middle Tennessee Foreclosure News Mon, 07 Dec 2009 15:38:36 +0100 http://www.nashvilleforeclosures.com/comparison-of-prices-shows-effect-of-recession.html http://www.nashvilleforeclosures.com/loan-modification-can-forestall-foreclosure.html By Kate Neary UNITED WAY VOLUNTEER FRANKLIN — Imagine you lose your job unexpectedly. You have two children who depend on you. Although you have credentials to land a lucrative job, there is a hiring freeze in your industry so jobs aren't there to be had. Months pass. Still nothing. The savings account runs out. The 401(k) is cashed out to put food on the table. Both family cars are sold, replaced by a 26-year-old truck on loan from a family member. You have to sell your wedding rings to get enough cash to put gas in the tank. Four payments behind on the mortgage, the bank is breathing down your neck, ready to foreclose on your home. This story isn't from one of the areas of the country suffering from high unemployment. It is in Williamson County, the wealthiest county in the state of Tennessee. It's happening to the Garrett family, a middle class family who, before July 2008, led a comfortable life in a modest home in Franklin. They are not alone. According to www.realtytrac.com (http://www.realtytrac.com/), the foreclosure rate in Franklin was one in every 750 housing units in August 2009. In total, 46 homes were foreclosed in Franklin alone, and 93 homes countywide. No salary limits for help With foreclosure imminent and their resources exhausted, Susan Garrett realized it was time to seek help when they couldn't pay the electric bill. I thought, 'this is ridiculous. No agency is going to give aid to our family. That's meant for people in poor communities who really need it.' Despite this doubt, she pursued help. It was during this search that she learned about a United Way of Williamson County partner agency: GAP Community Development Resources Inc., a HUD-approved nonprofit with a mission to help local families overcome barriers to homeownership and save their homes from foreclosure. When I walked in there, I expected people to judge me. But they didn't. They just welcomed me with open arms, Garrett said. I couldn't believe that as a family of four in our prior tax bracket we would qualify for help, but we did. There are no salary limits to qualify for help under GAP programs. Anyone is eligible for loan modification. You don't have to be behind in your payments to qualify for loan modification, explains Daryl Hill, GAP representative. Perhaps you are facing depletion of savings or 401(k) to keep up with your bills. The key is to seek help before it's too late to prevent foreclosure. The process takes time and it is critical to start as soon as possible. Loan modification serves to reduce monthly payments for a time, until the homeowner can resume normal payments or refinance. This generally entails changes in the terms of the loan. Typically this means lowering the interest rate, which changes the monthly payments, or other terms, such as the length of the loan. The programs are free. GAP got a loan modification in place for the Garretts two days before the house was scheduled for foreclosure in February. This took the pressure off, so Susan's husband could focus on finding a job, which he did in April 2009. The United Way of Williamson County provides some of those resources, and Garrett said she plans on donating to United Way when she gets back on her feet. A lot of people out there are hurting, she said. Anyone can find themselves in this situation. United Way of Williamson County supports 34 partner agencies, many of which serve the needs of those impacted by the recession and job loss. Modification goes awry The rocky road is not over for the Garrett family. The mortgage company billed them for the wrong amount, which, despite their prompt payment, started a ripple effect of miscommunication and disruption to their loan modification. Today, the family is seeking a place to live following the auction of their home by the bank on Sept. 3. GAP is still fighting on their behalf. Susan Garrett recounts her journey with humor and humility. When asked how she keeps such a positive demeanor, she replies, It is what it is. I believe this is happening to us for a reason. If I can help one person by telling my story, I'll keep telling it until that's happened. It's made me realize what's really important in life, and believe me, it's not the material stuff. Main Content - Middle Tennessee Foreclosure News Thu, 08 Oct 2009 12:35:04 +0100 http://www.nashvilleforeclosures.com/loan-modification-can-forestall-foreclosure.html http://www.nashvilleforeclosures.com/high-end-homes-take-a-hit.html Agents describe some area deals as virtual 'steals' By Nancy Mueller FOR WILLIAMSON A.M. BRENTWOOD — Short sales and foreclosure sales are now being seen in some of Williamson County's most expensive neighborhoods. During the first week of September, there were four short sales available in the Governor's Club, plus one foreclosure. Down Concord Road at Hampton Reserve, there was one foreclosure and one short sale. These distressed situations translate into some excellent buying opportunities. If you are an executive who is moving to Nashville and you want a $1.5 million house, you only have to spend a million point two, said Grant Hammond, a Cool Springs-based agent who is launching a Web site called NashvilleShort Sales.com that will list short sales and foreclosure sales in the Nashville area. But even Hammond may be under-selling some of the deals to be had in the upscale neighborhoods. A five-bedroom, custom-built home that backs up to the second hole at the Governors Club golf course is a short sale steal according to agent Vanessa Stalets. The owners' asking price is $1.25 million. Stalets says the owners paid $2 million for the house, which was built in 2005 and is at 217 Governors Club Way. Another Governors Club short sale is a 6,000-square-foot home at 4 Spyglass Hill that was listed for $1,398,000 in May. The price dropped to $1,249,000 and then to $1,099,000. On Sept. 2, it dropped again to $1,050,000. The house has four bedrooms, four bathrooms and two powder rooms and, according to Hammond, another rare feature — gap equity. This is going to be a heck of a deal for the just-under million dollar buyer, he said. Some fear stigma of cuts The short sales and foreclosure sales in Hampton Reserve and Governors Club are among 111 that Hammond found while researching information for his new Web site. There is no central clearinghouse or system for finding such sales, and sometimes listing agents do not promote the nature of the price cuts. There is some debate that the words 'short sale' or 'foreclosure' stigmatize the property, Hammond said. A buyer may assume that there is something wrong with the property itself, beyond the financing. That is not necessarily the case, although it is possible that such properties might not have been maintained normally and buyers should be prepared for the fact that if the seller is a bank, it may be pointless to negotiate for upgrades or home improvements within the offer to buy. Additional deals in Governors Club and Hampton Reserve include: • 2 InnisBrook Lane, a short sale, has 4,735 square feet, four bedrooms, 3½ baths, a pool and hot tub. Built in 2002, its asking price is $889,000. • 9554 Sanctuary Place, a foreclosure, has 6,988 square feet and was built in 2006. With five bedrooms, 5½ baths, a four-car garage and an elevator, it is listed for $999,999. It sold in 2007 for $1.345 million. • 9576 Hampton Reserve, a short sale, is listed for $1,295,000. It's a lot of money, but this house sold in September 2005 for $1,525,000. It has 7,782 square feet, five bedrooms, five bathrooms, two powder rooms, a theater room, a stocked wine cellar, a five-car garage and an elevator. With a little effort, high-end buyers can sniff out additional deals these days, such as the mansion at 1216 Waterstone Blvd. in Laurelbrooke. With more than 11,000 square feet, an elevator, pool and six fireplaces, it is listed for $2,399,000. According to the agent, the sellers invested $2.8 million in this house, which was built in 2006. • 10 Sawgrass Lane, a short sale, is a 4,642-square-foot home built in 2006 listed for $749,000, down from $930,000. It has five bedrooms, 4½ baths. • 91 Governors Way, a foreclosure, has 6,242 square feet with five bedrooms, five baths and three half-baths. It has a full basement. Built in 2007, its price is $749,900. Main Content - Middle Tennessee Foreclosure News Thu, 01 Oct 2009 13:25:58 +0100 http://www.nashvilleforeclosures.com/high-end-homes-take-a-hit.html http://www.nashvilleforeclosures.com/builders-pause-as-inventory-remains.html New choice homes can be found in all price points By Nancy Mueller FOR WILLIAMSON A.M. New residential construction in Williamson County slowed to a trickle months ago and builders have continued to offer price cuts on their new homes, but there is still plenty of new housing inventory. For those who have their hearts set on buying a brand-new house here, there are still plenty of options in Brentwood, Franklin, Nolensville and Spring Hill, though perhaps not as many choices as a buyer would have had two years ago. The inventory is definitely down because the builders just are not building specs, said agent Dick Williams of Crye Leike in Brentwood. It has been nearly two years since local builders began offering price cuts and sales incentives such as new cars and free TVs with their finished houses. Over time, the forces of the recession have put a dent in the inventory of new housing in Williamson County communities, but they certainly have not wiped it out. In Franklin alone, there were 189 new houses for sale listed on Realtracs.com the first week of September; there were 102 in Brentwood, 70 in Nolensville and 59 in Spring Hill (Williamson County side). That probably would have been 200 new homes in Spring Hill two years ago, Williams remarked. But with 59 choices just on the Williamson side of Spring Hill, that's a lot to browse, with the prices ranging from $189,900 to $450,000. Among the neighborhoods to shop are Autumn Ridge, Cherry Grove's phase 2, Campbell Station and Wades Grove. Each of those subdivisions had nine new houses listed for sale, with prices ranging from $194,900 (Wades Grove) to $450,000 (Autumn Ridge). In Nolensville, the prices on new homes range from $201,400 to $499,900. Some neighborhoods to shop include Bent Creek, which had 18 new houses for sale, Nolen Park, which had nine, Silver Stream, Ballenger Farms, Burkitt Place and Benington. In Brentwood, there are very few new houses for less than $500,000. There were only five to be found, including two in Berkley Walk, two in Willomet and one in Courtside at Southern Woods. There were 41 new homes listed between $501,000 and $800,000 and an additional 56 listings priced from $801,000 and up. The biggest inventories by neighborhood can be found in Windstone, which had 16 new houses for sale, and Annandale, which had 12. The rest of the new houses in Brentwood are scattered around in smaller numbers. Willomet, Taramore, Glenellen and Magnolia Vale are some neighborhoods where there are smaller clusters of new houses to see. In Franklin, the Westhaven neighborhood is a person's best single place to shop for a new home because there are a whopping 40 new houses for sale there, ranging from $250,000 townhouses to $1.19 million single-family residences. Other Franklin neighborhoods with new-house inventories to shop include Avalon, with 18 houses at prices from $309,990 all the way to $7.4 million, and Henley, with 13 new homes priced from $549,900-$739,900. Ladd Park and Hurstbourne Park each had six new homes and the Village of Clovercroft had seven. The new homes in Ladd Park were priced from $294,900 to $431,898; at Clovercroft prices ranged from $279,900 to $845,350 and at Hurstbourne from $539,900 to $749,000. Tollgate Village in Thompson's Station is another neighborhood with some new inventory. There are 13 listings from $239,990 to $574,961. Canterbury Close, which is also in Thompson's Station, has 10 new houses listed, and they are priced from $229,900 to $399,500. Around the county, there are several new neighborhoods that are growing slowly and have just a few new homes for sale, such as Valle Verde in Cool Springs, which has two new houses. One is listed at $810,900 and the other priced at $999,900. The Sonoma subdivision in Brentwood has four houses for sale and, to the south in Franklin, the Chardonnay neighborhood has five homes for sale. Both of these developments are by Turnberry Homes and are priced from about $500,000 to $700,000. How the recession will affect the local market's future is yet to be seen, but the trend toward one-story living continues to gain ground. There were 27 new homes for sale in Williamson County that are single-story floor plans and an additional 33 that are one story and a half which is typically a house with only a bonus room and perhaps a bedroom and bath upstairs. Houses offering single-story living can be found at nearly all the price points and locations, from Willovale in Spring Hill to Kyles Creek in Fairview, from Bent Creek in Nolensville to Annandale in Brentwood. Brentwood is the hardest place to find one-story or story-and-a half houses, but the developer of Kings Crossing is advertising such homes there, and the only new house listed for sale in Tuscany Hills during Labor Day weekend happened to be an almost-finished, 5,067-square-foot house in a cul de sac with four of its five bedrooms located on the main level. Main Content - Middle Tennessee Foreclosure News Thu, 01 Oct 2009 13:23:27 +0100 http://www.nashvilleforeclosures.com/builders-pause-as-inventory-remains.html