January 15, 2024 • 60 mins
Join Shawn and his real estate business partner, Caleb Gamblin, as they pull back the curtain on buying property, especially if it's your first rodeo. They tackle everything from the steadiness of Nashville's market amidst economic shifts to the rising interest rates that millennials and Gen Zers grapple with.
Their chat includes stories from their own experiences, making this episode as entertaining as it is informative. The nuances of home buying, like navigating commissions and market trends, are broken down in a way that's clear and actionable, enabling you to approach your next deal with confidence. Plus, they share insider tips on investment properties like Airbnb's! They also dish out some love for Nashville's neighborhoods, ranking the top spots for those million-dollar home dreams.
For all you real estate enthusiasts out there, we're excited to guide you through these discussions and share the potential that awaits in the property market.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:06):
Welcome back to In the Booth.
I'm Sean Booth and thank youguys for tuning in.
Wherever you're tuning in frommaybe you are in Anchorage,
Alaska, Maybe you're inLafayette, Louisiana, Maybe
you're tuning in from Pittsburgh, Pennsylvania.
Wherever you are, we appreciateyou.
We appreciate the supports.
If you're not listening rightnow in your car, you could head
over to YouTube where we streamall of our episodes.
(00:29):
In every episode, we're talkingwith somebody different, having
a good time.
That's what we're doing today.
Today, we're going to talk somereal estate Real estate
one-on-one.
I've been doing real estate foryears now.
Maybe some of you don't knowthat I've had my license.
I've been doing it on the side.
I flipped my first house when Iwas right out of college with
my dad.
We're getting into all of thatstuff.
Real estate is something I'mpassionate about.
(00:50):
Today in the studio I've got mybusiness partner, the BG Home
team.
He is from Mississippi and heis Caleb Gambling everybody.
How are you doing?
We're doing good.
How are you doing?
Speaker 2 (01:04):
I'm good, I'm excited to talk real estate.
I think we are in a uniqueplace that remains strong
throughout a downturn.
It'll be good, it'll be fun.
Speaker 1 (01:17):
How long have you been doing real estate for?
Oh?
Speaker 2 (01:20):
30 years I feel like my mother sold real estate here
Eighties, nineties, got out ofit once I was getting ready to
go to school.
I grew up going to open houses.
I can remember going into newconstruction developments out in
(01:40):
Brentwood Franklin area andclimbing through windows when
they were at framing so we couldunlock doors and go look at new
homes and had a passion for itfor a long time.
I guess I've been in the realestate game here in Nashville
for coming up on four years now.
I got started in thedevelopment side working with
(02:01):
builders.
I've got a little bit ofbackground in construction.
Some family work I did Summeris there in high school and
college.
Then transitioned into sellingreal estate full-time I guess
about three years ago.
Speaker 1 (02:15):
You've seen all sides .
You've seen new construction,you've seen investment
properties.
Speaker 2 (02:21):
Yeah, I've done everything from studio condos or
small studio condos up to largecommercial land deals.
I've done a lot of singlefamily with first-time home
buyers or even secondary marketbuyers that are purchasing their
(02:41):
second or forever home.
Yeah, it's been a pretty bigrange.
That's what Nashville gives you.
There's real estate foreverybody in town.
Speaker 1 (02:50):
Yeah, nashville also gives you the craziest market in
the world.
I feel like it has been thehottest market, it felt like in
the country.
Then all of a sudden just cameto Screech and Holtz with
interest rates going up.
Where do you see Nashville andthe rest of the country?
Speaker 2 (03:09):
One thing that I see a lot of is, on social media,
people talking about markettrends, and people will reach
out to me and ask about certainthings that they've seen on
other channels.
Those are all national,data-supported trends that
they're explaining or showing,or growth that they're talking
about, or depreciation, whateverit may be.
I focus on Nashville specific.
(03:32):
I think it's important to knowwhat markets you're looking at
and what you're talking about.
I think Nashville is going toremain a strong and steady
market, as it has.
Yeah, we saw in 2020-21, whenall the markets were going up,
nashville was at an exponentialgrowth rate compared to a lot of
other national cities.
(03:53):
Just like everybody else, weslowed down, but we didn't come
to stop compared to some of theothers.
I think interest ratesdefinitely affected everybody,
the state of the economy andjust everything that was going
on in the world.
We did remain consistent.
We had a couple months thatwere slow, that you didn't see
depreciation, but you saw astale market there for a little
(04:16):
bit leveling that really weneeded, where buyers could come
in and feel like they couldactually purchase a home.
Unfortunately, though, I thinkyou're going to see us get back
to those COVID-style marketwhere it is high demand, a lot
of pressure on buyers, lowinventory.
(04:40):
Yeah, I think the reason forthat is as Nashville is so
unique in all of its differentofferings for home buyers, it's
also a great investment market.
We've got year-round tourism.
We've got a strong market jobindustry, tons of jobs that are
still coming to the city, nostate income tax all these
(05:00):
things that lead towards peoplewanting to be in Nashville.
When you couple that with thefact that I think I saw a stat
that was 60% of homeowners todayhave an interest rate under 4%,
what that means is there's onlyabout 40% of current homeowners
(05:20):
that are really going to be ina position in the next probably
year, even that they can sell ahome.
They're not losing a greatinterest rate that they're not
selling and going used to.
When you sold a home you wereupgrading.
Right now, if you're locked inat 4% or even sub-4 and you go
buy a home, you're more making ahorizontal move than you are a
(05:43):
vertical move just because ofinterest rates and where your
payment's going to land at, Ithink, with low inventory and
then a lot of people that arejust sick of sitting on the
sidelines.
It's been almost a year nowwith not a lot of buyers in the
market.
Once all that comes togetherand I think interest rates, you
could see more of a dip.
(06:03):
We've seen it over the lastcouple of weeks and even a month
and a half here.
They've dropped, but if theycontinue on a downward
trajectory I think it's going tobe a tough market for buyers or
it's going to be an activemarket for buyers.
Speaker 1 (06:21):
A lot of people on social media too, and TikTok and
Instagram Reels, you startseeing a lot of Gen Zers and
millennials talking about howdifficult it is to be a
first-time home buyer, where youhave the older generations and
they were able to spendobviously a lot less money.
But now, looking at the data,the housing price for an
(06:46):
individual it's about around 20%of their income, close to 30%
of their income and some evenupwards towards 40, which makes
it super difficult for thefirst-time home buyer, whereas,
opposed to, back in the day,used to be around like 10%, 12%,
14% of your total income wouldgo towards your mortgage.
What tips do you have right now?
(07:07):
If any for the first-time homebuyers?
Speaker 2 (07:13):
For a first-time home buyer.
I think, of course, my firsttip is going to be get you a
good real estate agent.
Get somebody that understandsworking with first-time home
buyers and also understands thestate of the market If interest
rates come down.
If interest rates don't go down, pricing goes up.
(07:36):
Pricing stays the same,regardless of what it is.
Find somebody that can reallyput a game plan together that is
specific for you and can kindof pivot, based on the market,
where the current state of themarket is.
I think another thing is, as Isaid earlier, be careful of the
information you're payingattention to.
(07:57):
Don't predetermine where youthink you are as a buyer.
Talk to a lender, get yourfinancials in order.
If you're ready to go today,reach out, see where you're at.
If you're thinking, oh man, I'dreally like to buy a home this
year, go ahead and talk to them.
That's free service that youcan get.
It may be I need to save alittle bit more.
(08:20):
I need to knock off some debt,pay down a loan, whatever it may
be, to really get you in aposition that you can jump at a
home if you want to, or you mayget approved and it's not really
the price range you want to beat or it doesn't get you the
home that you want right now.
That way, you have a milemarker of where you need to get
(08:41):
to be able to afford that homeyou want.
Another one is don't getdiscouraged.
I think a lot of buyers getdiscouraged about one.
What they get approved forThinking it can be very
overwhelming.
Everybody talks about howexpensive Nashville real estate
is.
It is.
Nashville is a hot market.
(09:03):
Pricing has done nothing but goup and a lot of areas in town
are very expensive.
But there are really coolproperties and parts that are
developing and growing as wekeep moving forward that you can
get in and next thing you'lllook up in two years and you're
in the next Wedgwood, houston,or you're in the next 12 South,
(09:27):
and then also determine whatyour goal is.
Is my goal to quit wastingmoney and rent?
Is my goal to build equitywhere I have a long-term
investment that I know I cancash in on later?
Or is it to build a really goodquality of life by having a
home, having a yard?
Whatever those importantfactors may be to you, but I
think my best tip is to, ifyou're considering it at all,
(09:51):
look into it Actually, talk tosomebody that knows what's going
on and take a chance.
I mean first time home buyers.
A lot of them have this idea intheir head that it takes 20%
down to buy a home and thatyou've got to go through all
these hurdles to get there.
It's very easy to get approvedfor a home, especially if you go
(10:13):
with a FHA loan.
This is a first time buyer loan.
They have products out therefor high debt individuals or low
credit score.
Obviously, yeah, if you've got20% down and a great credit
score, you're going to get abetter rate, but there's
products for everybody that theycan use to purchase a home and
(10:35):
then also look at do you want tobe creative and go find
something that's cheaper pricedand maybe could use a little
touch up some lipstick andreally make an?
Speaker 1 (10:45):
investment out of it All good information there.
It's been fascinating watchingthe market here in Nashville.
And last year if a house wentup on the market you would get
10 offers on it the very firstday.
It'd be all cash offers, it'dall be over asking price and the
inventory was so low and withthe rates low that it was such a
(11:09):
seller's market.
And then when everythingshifted now it's.
The good thing is that thepricing of the houses are coming
down, but it's if you canstomach that interest rate for a
little bit and refinance.
Speaker 2 (11:22):
Yeah, I mean, that's what I tell everybody.
If you can buy a home today,you feel comfortable with where
your payment's going to be.
You're in a great position.
Pricing has really stabilizedin a lot of markets here or a
lot of neighborhoods here inthis market, and rates are
(11:43):
historically 7% is like thenational average, I think, going
back 30 years.
So we're under a nationalaverage right now.
They're lower than they were at8%, but yeah, they're higher
than they are at 4%, which Ithink is going to be a long time
until we see a 4% interest rate.
So if you can get in right nowat 6.5%, 6.75% or even closer to
(12:06):
6%, high fives wherever and youfeel comfortable with that
payment, do it.
You're getting the house at agreat price and then if interest
rates come down, you canrefinance.
But at worst, if interest ratesgo up, you've already got a
better deal than the next personto spend.
Speaker 1 (12:20):
Yeah, and I know you can't predict the future, but do
you think that the interestrates will ever get back as low
as they got to?
Speaker 2 (12:29):
I hope not.
I think that that's going tomean something catastrophic has
happened, or another pandemic, Ithink.
Yeah, everybody loved lowinterest rates, but there was a
lot of shit we had to go throughto get those.
So I think you'll see.
Definitely you'll see threesagain, but I mean, this isn't my
(12:52):
area of expertise, but I thinka stable market is going to be
somewhere around 5 to 5.5%.
It's kind of where I feel like.
Speaker 1 (13:01):
Yeah, is there a certain time during the year
that's better to buy a home?
Speaker 2 (13:09):
Yeah, so the market is the hottest in spring, early
summer, but if you're talkingabout the best time to buy a
home, I'd buy in the winter.
Speaker 1 (13:18):
I'd buy on Christmas Day Nobody else is out looking.
Speaker 2 (13:23):
You know, that's kind of the caveat to it is there's
a lot of inventory out there inthe spring and summer, which
naturally leads to buyersoutlooking and that's when you
see a lot of transactions done.
But if you're looking for thebest deal, I'd look right before
spring or going into like July,August, September, when people
(13:43):
are getting back into school andpeople don't want to think
about moving as much and sothere's less buyers in the
market at that time.
Speaker 1 (13:50):
Right, let's talk a little bit about investment
properties.
Speaker 2 (13:54):
Yeah.
Speaker 1 (13:54):
We do a lot of investment properties here in
Nashville, obviously a verytouristy city, a ton of Airbnb's
.
Do we still feel like that's agreat investment?
Obviously, depending on theprice that you get it.
But is it getting to a pointwhere it's starting to become
oversaturated, where everybodywants their hands on an Airbnb?
Speaker 2 (14:12):
Yeah?
A short answer is yes.
I think the Airbnb market herehas gotten a little
oversaturated as far as totalnumber of investment properties
out there.
But what I also think when wego through and we're listing
some of these Airbnb's, we'relooking at them for clients or
(14:34):
even just people that'll comestay in town, talking with them.
There is a a large discrepancybetween the number of Airbnb's
that are out there in Nashvilleand the quality of Airbnb's that
are out there.
I think with the saturatedmarket, it creates a good
opportunity for people to go inand maybe get a deal on it on a
(14:59):
short-term rental, but go in anddo some value add to it and
really create a unique listingthat people want to come stay at
.
I mean, we are not losing thetourism industry.
They are still piling in hereevery day of the week.
Now I think they're even hereon Wednesdays now.
You used to get a little breakin the middle of the week, but
they're coming, yeah to thatpoint.
Speaker 1 (15:21):
At my gym there is now a pedal tavern or bike bar
that shares the same buildingand as I was coming over here,
there is a ton of people outthere hopping on the bikes.
It's like Monday, tuesday,wednesday, thursday and the
morning.
At night we're all just workingour day-to-day jobs and that
bike tavern is still justpicking up people and driving
around the city drinking.
Speaker 2 (15:42):
It's a hot city, yeah , it's a great industry and
having the ability to get intothe short-term rental to tap
into that tourism industry isgreat.
And then also we have a hugehealth care industry here and
then corporate job market herethat provides corporate rentals,
travel nurses.
(16:03):
I mean there's a lot ofdifferent avenues that if you
don't want to just do Airbnb'sto Bachelorette groups that are
coming to town, there's otherresources that you can tap into
to make it a positive investmentproperty Okay okay, what about
new construction, that processfor a first-time home buyer or
(16:25):
any home buyer?
Speaker 1 (16:25):
They want to get a new house and what do they have
to go through for those steps?
Speaker 2 (16:33):
So it really depends.
If it's something along thelines of a pre-sale like, if
you're wanting to, you know sothat's where I started was
working with a developer doingnew construction If you're
wanting to go in and get one ofthe properties that they're
building to put on the marketfor resale a spec home it
typically requires a little bitmore of a down payment or not a
(16:57):
down payment, a little bit moreescrow money, which is money
that you're saying in good faith.
I'm going to execute thatcontract.
You know, on a typical purchaseand sale we'll do 1% or so, but
on new construction, if it's along ways out, like if you're
six months to completion thebuilder's going to want a little
bit more down, so they're nottying that house up with
(17:18):
somebody that's not seriousabout moving forward with it.
From a lending standpoint,though, it works the exact same
than any other house would.
You're going to get itappraised once it's completed,
as long as it meets yourappraised value or the total
loan amount.
Then you proceed with theprocess the same way.
(17:39):
You get a couple added bonuseswith going with new construction
.
You get what's called a bluetape walkthrough, where you get
to go through and call out anypaint spillage or any little
scuff marks in a wall, make sureit just looks real nice and
it's all cleaned up.
You also get a builder'swarranty that covers
craftsmanship structuralappliances.
(18:01):
They kind of differ in thelength of that warranty but
that's something that for thefirst year your home's going to
go through some settlement andyou'll be able to get the
builder to come back out andmake some corrections for minor
crackage that you may see indrywall or splitting of your
trim at joints, different thingslike that.
(18:23):
The building of a newconstruction gets to be a little
bit more challenging from aloan standpoint, especially for
first-time home buyers, becauseto get that loan to build a home
they won't typically 20 to 25%down.
If you go to a bank and it'sfor some first-time home buyers
(18:49):
it's hard to have 20 or 25% toput down, then if you do, it
makes more sense to goconventional and pursue that
avenue Right.
Speaker 1 (19:00):
Then you get a little more customization options,
sometimes depending on thebuilder.
Speaker 2 (19:05):
Yeah, a lot of times if you get in early, they'll let
you pick.
A developer I work with healways said as long as they
don't move a wall, I don't carewhat they do.
Right, you can go through andpick your paint colors.
Sometimes you get to pickflooring.
If you get in real early, youcan do cabinets, countertops,
(19:25):
lighting's usually a big thingthat builders don't care.
If you want to change outbecause that's pretty simple,
yeah, as long as it's notanything that's delaying the
timeline of the job, that mightbe backordered or that adds cost
to it.
As long as it stays in budget,they're usually pretty open,
some of them, to letting you gomake those selections.
Speaker 1 (19:49):
What do you say to those who are like man?
New construction, I would never.
The material's cheaper, it'snot as good as it was back in
the day.
Speaker 2 (20:02):
Yeah, I get that question every time.
Speaker 1 (20:03):
Yeah, I feel like always.
Speaker 2 (20:07):
And truthfully, I don't ever know how to answer it
.
There is a lot of shitconstruction.
Speaker 1 (20:11):
It depends on the builder you go with.
Yeah.
Speaker 2 (20:15):
That's why it's important to work with somebody
that knows the players in themarket, that knows who a good
builder in town is.
And when I say a good builder,you also want to look at how
long they've been doing it.
If you've got somebody thatjust popped up six months ago or
(20:35):
has only been in it a year,they may not have that database
of subs built up, or they maynot have.
With somebody that's been doingit for five, 10, 15 years,
they've got a reputation.
They've been around.
If something goes wrong withthat house, they're going to
come back and take care of it.
Where, if it's a one-offbuilder, it may cost them more
to come back and fix it, sothey're just going to.
(20:58):
You know they're in the wind atthat point.
I think the quality of some ofthe builders back in the day was
better.
I do think you're seeing adifference in materials just
because materials have gotten soexpensive.
I mean it's like everything else, and so they're not.
They're not building them cheap, they're just not doing stone
(21:19):
facades that they used to do oneverything you know, and I mean.
But that's also a totallydifferent buyer.
I'm like, if you're worriedabout the craftsmanship of it,
you don't really want a newconstruction anyway.
Speaker 1 (21:30):
You want to be in an older home Like you, like that.
Speaker 2 (21:32):
There's I can't the uniqueness of the older homes.
Yeah, the coziness or the whitebox feeling.
Some people love it clean, niceedges and it's easy to maintain
.
Some people want an older homethat's got some character to it?
Speaker 1 (21:44):
Yeah, because you do see a lot of the new builds that
are very cookie cutter.
It's the same set up, differentcolors, different cabinets.
But fortunately for us, we workwith some good builders here in
Nashville and Peros Groupie andone of them, where they're very
unique with their builds.
Speaker 2 (22:02):
They put a pretty cool product out there.
I mean, going and looking atnew construction is one of my
favorite things to do and I feltlike I had seen just about
anything you could do until Istarted working with them more.
And they do a great job ofcreating a unique floor plan too
.
That I think a lot of theseneighborhoods that we work in.
(22:27):
Most of the lots are the samesize they're your standard lot
size in that area and so thefloor plan of a home ends up
being the same across a bunch ofdifferent new construction.
Yeah, different developers willuse different finishes or use
the front elevations, themassing will be different, but
(22:49):
at the end of the day it's kindof the same.
Your floor plan is always youjust kind of stuck with it, but
I feel like they do a prettycool job of changing it up,
really creating the characterthat an older home has in new
construction.
Speaker 1 (23:07):
And when you say that you've seen like almost every
style of house, that's somethingthat you need to do as a
realtor.
Would you recommend is you'realways checking the market every
day.
You're always gettingnotifications of the new houses
that come in the market.
So I got a bunch of questionshere on IG and one of them was a
newbie realtor, don't have muchexperience.
(23:29):
What advice do you have?
And from working with you, Inoticed that you were just
constantly checking out what'son the market, what neighborhood
like, every day.
Speaker 2 (23:41):
Yeah, I think being involved is, one, the only way
to provide value, but, two, theonly way to learn.
Knowing what's on the market isthe best tool you're gonna have
, whether that's if a clientcomes to you that wants to buy,
or whether that's if a sellercomes to you and wants to sell.
You need to know what's outthere, what's sold recently,
(24:04):
what's gone under contract,what's coming soon.
I think building a network ofreal estate agents that you can
talk to on a regular basis thatare doing transactions is great,
because we've got a handful ofthem at the gym that are really
good agents and anytime I'm inthere it's like, hey, man, I got
(24:26):
this coming, or hey, I just didthis and that's all good
knowledge to have, because thoseare things that you can't pull
up on the internet sometimes andthings that just your average
day agent that's just sittingthere watching real tracks or
Zillow for the people at homethey don't know about.
Speaker 1 (24:42):
Yeah, and I feel like a lot of people sometimes look
at other agents as likecompetition or like screw that
person.
I'm like I think it's theopposite.
Speaker 2 (24:50):
Oh, they're your best friends.
Speaker 1 (24:51):
It's like yeah, they're your eyes as well, and
you're their eyes and you've gotstuff that could fit some of
their clients, and vice versa.
So it's always good to expandyour network and talk with other
realtors.
Speaker 2 (25:03):
Yeah, I am a very competitive person but for some
reason, when it comes to realestate, I don't view many agents
as competition or look at itlike that.
I'd rather befriend them andhave that network and that
relationship with them so thatit makes working a deal so much
easier and, at the end of theday, it provides value to your
(25:26):
client, whoever it is.
And as long as you build agreat relationship with the
client, you shouldn't have toworry about losing a deal to
another agent.
And then there's also I meanthere's times that, oh, you know
, we're not a good fit for someclients.
And it's great to have an agentthat you can refer them to that
you know is gonna do a good job,and typically you can get a
(25:47):
little bit of a kickback off ofthat or referral fee.
And no, I think you're only asgood as your network of agents
that you surround yourself with.
Speaker 1 (25:55):
Yeah, and I think one of the most exciting things
about real estate or for some itcould be the most annoying,
depending on how you look at itis that every day is different.
Every deal is different.
We have never seen the dealthat is exact same.
There's always new issues thatpop up.
So I feel like a large part ofthe realtor business is problem
(26:16):
solving, and if you can problemsolve, then you'll do well,
because, again, if you'resomebody who just thinks you go
from point A to point B straightand narrow, that ain't the case
.
It's always going left right updown.
You gotta find solutions to getacross the finish line.
And you know something we'velearned and there's been deals
that we've lost, like otherrealtors, where it's like so
(26:39):
close and you work on it formonths and months and it's like
boom, something happens, whichis super frustrating, but that's
the business.
Speaker 2 (26:46):
Yeah, it is.
It's managing people is whatthe job is problem solving,
which I love to do, but I overdoit sometimes.
I think that's one of thehardest parts for me as an agent
is I love a difficult challenge, throw the hard ones at me and
(27:09):
let me figure out a way to do it.
But sometimes I will.
I mean, I don't ever thinksomething's done or there's
something that's not apossibility and I will just keep
fighting and pushing until Iget there.
And sometimes I have to take astep back and think about all
right, what's best for my client?
Is that really what they may beoverextending?
(27:29):
If that happens, you know,really put them in your shoes,
or put yourself in their shoesand see what the best fit is for
them.
And that's the fun part isseeing working those deals and
love it when a client's like,hey, go get it fully in on this.
Yeah, do what you gotta do yeahbut it's also just as rewarding
(27:50):
when they're like nervous aboutit and when they're they wanna
take a step back and they wantit to be a smoother process, and
that's obviously what we'retrying to deliver.
But real estate, you can neverpredict how it's gonna go or
what's gonna happen, and that'sthe market.
That's a day-to-day transaction.
That's a showing.
(28:10):
That's anything.
But it makes it fun.
I mean I've done.
I've worked for my family, I'veworked corporate and I've
honestly, I can say, since I'vedone this, I've never woken up
one day and been like, oh shit,I gotta do this today, like I
love it because I really don'tknow what I'm gonna be doing at
the end of the day and it keepsme on my toes and it's exciting.
Speaker 1 (28:34):
Yeah, absolutely definitely keeps you on your
toes.
Va loans we had a questionabout that Buying what they VA
loan the pros versus the cons.
Speaker 2 (28:46):
The pros are obviously you're gonna get good
terms on your loan pretty goodinterest rate, Cheaper down
payment.
Yeah, you can do 100% financingon some VA loans.
The cons are the requirementsthat the house has to meet.
It has to meet certain standards, which most homes do.
(29:08):
The ones that wouldn't would bean older home that needs to be
fixed up or something alongthose lines, like it's usually
structural issues and thingsthat you don't wanna get into
anyways.
The other con to it is and thisis somewhat of a con to FHA
(29:31):
buyers, also first time homebuyers is the way a seller
perceives that offer.
If you've got a VA loan intoday's market right now, you're
probably gonna be fine becausethere's not a ton of pressure
from other buyers out there.
But if you go back to the likesof the markets when you had
(29:52):
multiple offers, a lot of cashbeing thrown around those VA and
FHA loans because they do haveto meet certain standards and
because there is a separateunderwriting process, it's a
little harder to get that offeraccepted over one that is a
conventional loan or cash.
So if you've got the VA or FHAoption, you wanna be looking now
(30:13):
really when there's not a tonof buyers in the market Right.
Speaker 1 (30:17):
Explain how the commission works, because I feel
like a lot of people getconfused about that.
They get confused who's payingcommission buyers, sellers, how
much?
Which agents?
Speaker 2 (30:28):
Yeah, and I think that's why some buyers get
scared to start looking orscared to talk to agents,
because they're like, what do Ihave to pay them?
So the typical structure forthe commission is negotiated
between the listing agent andthe seller, and it is here we're
doing 6%, and then that listingagent agrees to compensate
(30:51):
another agent that brings abuyer X amount, which is usually
3%.
It's usually split right downthe middle, three and three on
both sides For the buyer if yourreal estate agent is paid by
the seller.
Speaker 1 (31:04):
Right, yeah, so if you are selling a house, you
hire an agent.
You're telling them we'll giveyou 6% commission, and then that
agent is then saying hey,here's 3% to any other agent
that can come and bring me thisbuyer.
So it's a win-win for both ofus.
Speaker 2 (31:20):
Yeah, and the buyers don't pay it.
It comes out of the seller'stotal closing.
Speaker 1 (31:26):
Yeah, a lot of people talking about the interest
rates.
Of course, we have one personhere says we have a 3.25
interest rate, which isobviously phenomenal and it's a
loan from 2016,.
But we're ready to move, but wefeel like we're stuck and we
can't, which I feel like so manypeople are thinking the same
(31:50):
thing.
It's like well, I wanna get anew house, but this payment is
so nice.
Speaker 2 (31:55):
So you know, I would say if it's from 2016,.
Right, They've got some equity.
Yeah they've built up a lot ofequity.
It would really depend on whatthey're wanting to move.
Why are they wanting to move?
Is it a different area?
Do they need more space?
Is it gonna increase thequality of living?
If so, I'd say, go for it.
(32:16):
And then also, what is theprice point?
Like you know, back home inMississippi, I can tell you if
you bought a house in 2016 at ahundred thousand dollars, it's
probably worth 150 to 160 rightnow, Like it's grown, but it's
not a huge monthly burden.
That appreciation here.
If you bought a house in 2016,one, you didn't buy it for a
(32:40):
hundred.
Speaker 1 (32:40):
Let's say you bought it for 400.
Speaker 2 (32:42):
It's probably worth you know seven now.
That's a big jump but that'salso a ton of equity in your
home.
So you know where are youtrying to go, what are you
trying to do.
But then also and I do thiswith every client I'm a big fan
of credits, you know.
Go find a house you like andinterest rate may be six and a
(33:03):
half percent.
Go get you a temporary buy down.
Get you a seller pay credit,get a temporary buy down and buy
that rate down to four and ahalf percent for the next year
and write it out and when yousee interest rates come back
down, you re-fi.
That way you don't feel likeyou're taking on that much
larger of a payment.
Yeah, but at the end of the dayI would say for that specific
(33:26):
person is what is going to bemore important to your quality?
Speaker 1 (33:30):
of life.
Yeah, yeah, you want to get outof there, yeah.
It's like are you just going tostay in that house and wait
around who knows how long?
Yeah, it's probably going to bea while until you get back to
that interest rate.
Speaker 2 (33:40):
Oh yeah, I would not.
I would not wait on a 3.25.
Yeah, yeah.
If that's your goal.
Yeah, yeah I wouldn't do that.
Speaker 1 (33:49):
That's similar to what I got my house for and I
was so lucky when I got my houseand it was 2019, the fall of
2019.
So right before COVID Mm-hmmand I was actually searching
this neighborhood for anotherhouse.
It was on the market and I kepton calling the agent.
(34:11):
Nobody was picking up, nobodywould let me in the house.
I really wanted to see thishouse and I was driving back
home and I was like I don't wantto see what's up on this street
.
I took a left and I found ahouse that had a for sale sign
that was under contract actually, and so I loved it.
I called the agent on that andthey said this was like a Sunday
(34:32):
and they were like well,actually this house was under
contract, but the person whobought it we had a clause that
they had to sell their current-house within two weeks and
today's day 14.
So it's back on the markettomorrow morning.
So I put in an offer.
Speaker 2 (34:50):
the first, so you were able to get it before it.
Speaker 1 (34:52):
Yeah, like the very first thing in the morning.
I ended up getting it that day,yeah, which sucks for the other
people.
But I'm also like what are thechances of that?
Speaker 2 (35:01):
Like that's super lucky, yeah you know it's kind
of crazy to see.
I've noticed this a lot.
So when I got in, the marketwas guy rocketing.
It was great, it was awesome.
But now, over the last I guesslike year and a half, you see a
lot more homes go under contractthat come back to the market.
(35:23):
Then you were you know when,when demand was built up and
people were throwing aroundcrazy cash offers.
They were obviously this is abig reason, but you have people
waving inspections andeverything.
I mean they just they weredoing whatever they could to get
a home.
And you know 2020 and early 21and it was sometimes sad.
(35:45):
You know it was really tough.
Like it was like a battleinternally with myself sometimes
to be like man, they reallywant this.
You know, all right, I'm goingto write it up the way they say
and what it takes to get, butit's like you want to protect
your clients and you know, knockon wood, nothing bad has ever
happened or nobody ever made adeal that they weren't happy
(36:07):
that they got.
But there were a lot of peopleexposing themselves when the
market was that way.
Speaker 1 (36:13):
Yeah, yeah, just desperate times.
Speaker 2 (36:16):
Yeah, yeah, which you know, I think.
I think we're headed backtowards something similar, but
it'll be a milder variation ofthat.
Speaker 1 (36:27):
So then you would recommend, with houses that are
under contract, to still look atthose.
I would, yeah.
Speaker 2 (36:33):
I'd keep them.
You know, I think a good agentwould.
If a client sends you onethat's under contract, a good
agent's going to reach out tothat other agent and say, hey,
what's the status of your home?
You know, I see it's undercontract.
When you set the close, made itthrough your inspections, made
it through all yourcontingencies.
Let me know if anything happensmay have somebody that's
(36:54):
interested Just doing thoselittle things.
So that way, like like for you,if it does fall out, the other
agent the agent on the otherside that has that house is
under contract shouldtheoretically reach out if
something does happen.
And that way you know about itbefore it hits the market.
Again, you're providing valueto your client.
Speaker 1 (37:13):
Yeah, I like that.
People say how many housesshould I look at?
I mean, look at my situation?
I looked at one and I got it.
Yeah, it depends, You'll know.
Speaker 2 (37:21):
I've got.
we had a client that didn't evenlook at the house, so you know
I mean no, I mean look as manyas you want until you find the
one that feels right.
I've had them that you get iton the first try and I've had
some right now that we'reprobably on number 50 something.
Yeah, I mean it's, it's aprocess.
(37:42):
Um, I mean, you know, I wouldsay if you're looking to just
get out of renting and reallymake an investment, maybe don't,
don't overthink it as much asyou are.
If you're looking for somethingthat you really trying to build
a life of forever home,something that you're going to
(38:03):
see yourself in for the next 10or 15 years, like make sure it's
the right one, mm-hmm.
Speaker 1 (38:08):
Yeah, I mean.
For most people it's thebiggest purchase of their lives.
Speaker 2 (38:11):
Yeah.
Speaker 1 (38:12):
So and with the rent prices here in Nashville it's
like geez.
Speaker 2 (38:17):
You know rent's high I think it's like the average
for a one bedroom is like justunder 1900 right now.
Yeah, it's around two grand Umwhich you know, people keep
talking about uh, oh, thiscomplex is offering two months
free rent, or this one's doingthat and this one's doing that,
how they've been doing that foreight years now, you know.
(38:39):
Now I will say there are a lotof units as far as rental units,
um out there right now.
But this is, uh, this is mytheory, my take on it.
The reason being is because youhad, you could borrow money so
cheap for for a long period oftime, um, where builders were
going out and developers weregoing out and doing these
(39:01):
projects.
Well, now you're seeing allthat money that was borrowed in
2020.
Those projects are finishing,those units are hitting the
market right now.
So, yeah, the market's floodedat this current moment with
rental, rental units, but we'vegot a steady flow of people
moving here.
And then you also had buildersand developers that quit
borrowing money over the lastyear and a half.
So what's going to happen inthe next two years?
(39:23):
Inventory is going to be low onrentals again.
So I think, uh, and it's all itdoesn't?
You know it goes up and down,but I wouldn't be like, oh man,
I'm about to start renting a, atwo-year loan, a two-bedroom in
the Gulch for 1800.
We're not getting there, youknow.
Speaker 1 (39:39):
Yeah, those days are long gone.
Yeah, what would you give?
What advice would you givethose looking for their first
investment property what to lookfor, where to look.
It's obviously ranges and it'svery different.
I feel like a lot of investmentdeals are kind of word of mouth
or off the market Right, whenpeople like us have that
information through ourconnections and it's something
(40:00):
we're you know you don't justreadily see on a website.
Speaker 2 (40:03):
Yeah, If, uh, if you get an investment property
through an email, you'reprobably you're not getting the
best deal on it.
Um, now, granted there, there'ssome out there.
I mean, uh, I would say one.
It depends on how much, uh, howmuch you've got to invest.
You know what, what your goalis If you're trying to make a
(40:24):
living off of it.
Um, I would look at thingswhere you can keep a lot of
capital so you can diversify itinto multiple properties and
generate cash flow.
Um, but then that's.
The other thing is, what areyou trying to get from that
investment?
Do you want a monthly paycheck,that's passive income, um, or
are you looking to park somemoney in a safe investment that
(40:45):
uh is going to grow in equity,that you could borrow against
later down the road or you couldcash in on later down the road?
Um, really first determine whatyour goal is as an investor and
then, uh, and then, once you'vedone that, determine how hands
on you want to be, how hands off.
You know short-term rentals aregreat because there's a ton of
property management companieshere that, uh, you buy the
(41:08):
property, you give them the keysto it and they do everything
for you from photos, listing,cleaning, supply, um, all of it
and you pay them.
You know percentages each month.
But you know you're justcollecting a check, um, or you
can, uh, you can buy one, thatthat you are the property
manager, you can go long-term umrentals where you're, you know,
(41:31):
putting people in there for sixmonths plus and you're managing
that um, whether it may be avalue add, like a fix and flip
um, there's a lot ofopportunities.
But also, I would say, uh, andI'm bad at this, I look at
investment properties here everyday.
I mean, my brain is constantlyspending of new ideas for
investment deals.
(41:52):
Um, but don't be scared to lookat investments outside of your
own market.
Um there's a lot of great returnout there in other cities you
know and um, and there's a lotof.
I mean, you can get connectedwith the right people.
Property management companiesfind a good one, um, and and
don't be scared to pay a littlebit for that, because it'll pay
off in the end.
Uh, if you've got somebodythat's managing your property
(42:15):
well and marketing it well andtaking care of it, um, but it
can be fun to do that.
You know, look at, look atother areas and see what returns
people are generating.
And Now there's a millionpeople sitting out there going
damn, I wish I'd bought in theNashville real estate back in
2010.
Speaker 1 (42:29):
Even, yeah, I'm one of those people up in here for
10 years and I'm like some ofthe houses I looked at when I
first moved here down in areasthat have just exploded like 12
South, and he's Nashville man.
That's one of those things Likeif I could only go back in time
, yeah, I know my, uh, I wish myfolks would have held on to
some of the houses they had umreturns would have been crazy
(42:52):
yeah.
Um, the first house that Ibought uh, winslow, connecticut,
was a farmhouse 1888 farmhouseI bought for $100,000 on a
little farm about an acre, anice stream next to it, a barn,
and me and my dad worked on thatproject together.
So we just did everythinginside the outside um roof, we
(43:16):
did new porches, we did kitchenbathrooms, um age family house,
house, house, house backeverything.
But it was uh, it was a lot offun and I was just out of
college.
But my dad came over on theweekends and I had some
roommates too.
He said let's go and I'd be inbed hungover like still young
partying age, you know.
But man, I cherish those times.
(43:38):
And it was uh a deal that Ifound through like a family
member, a kind of word of mouthtype deal.
Speaker 2 (43:46):
Yeah.
Speaker 1 (43:46):
And it was so much fun though.
Speaker 2 (43:48):
And you lived in the house and I lived in the house,
so that's why it was you know,made sense.
Speaker 1 (43:52):
I lived there, had a couple of buddies on my
roommates, my sister lived withme at 1.2 and um would work on
it throughout the week.
Yeah, but that's obviouslyideal.
But for most people who are inflipping properties, they're
trying to flip that thing asfast and as quick as possible.
You only got a couple months todo it.
Speaker 2 (44:09):
Yeah, they want to get in and out and you know, I
think it depends, like if youcan go in and do it yourself,
that's great, you're going tosave a lot of money, um, but it
takes longer, you know.
So I think, uh, like from aninvestor standpoint it'd be look
at it and see are you trying tojust make as much profit or are
you trying to get your money,your return, back quicker, maybe
(44:32):
lining with with a contractorthat could go in and do that?
Um, but they're fun.
Speaker 1 (44:38):
A fix and flip is fun .
Yeah, I want to find some here.
Speaker 2 (44:41):
Yeah, I know I've I've been looking and there's a
lot of opportunity out there forthem.
Um, but you know it takes timeand that's where I'm at.
It's like what do I want to do?
Do I want to be hands on or doI just?
You know, front the bills Um,but I love your big interior
design guy?
Speaker 1 (45:01):
Yeah, Is that where you're going?
That's.
Speaker 2 (45:03):
I was just about to say, like the design and and the
shaping of a home andrepurposing it.
I, uh, most of my work is isnew construction, which I love,
um, but there's nothing that issexier to me than an older home
that's got a?
Uh, you walk in and it's got agreat modern, contemporary vibe
on the inside.
(45:23):
And kind of pulling that best ofboth worlds and um you get so
much character with some of theolder homes and, uh, I think I
get this from my mother and alot from my brother too, but
they're, they can see a finishedproduct before it's ever there.
And um, and I can do that too,I can, I can look at a space or
(45:46):
a house or even a room, anything, and I can kind of already
envision and visualize whatthat's going to be.
And, um, that's what gets meexcited.
Speaker 1 (45:55):
Yeah, you got a good eye for that.
Yeah, you know what type ofhomes are my favorite
mid-centuries.
Speaker 2 (46:01):
Yeah.
Speaker 1 (46:02):
Yeah, Love a mid-century modern.
Mid-century modern.
Love it.
I don't know it's um, they'resweet.
Speaker 2 (46:09):
I mean, they are, they are.
They are unique.
You think you love them becausethe furniture's back installed.
Yeah, I don't know.
Speaker 1 (46:16):
It's uh, it's got a cool vibe to it, but not I like
modern, but not too modern, andI like the uniqueness.
It is pretty popular.
Speaker 2 (46:26):
Yeah.
Speaker 1 (46:27):
But I mean even the farmhouse that I had.
It had original 10 ceilingsfrom 1888.
Like, what are the chancesyou'd find those anywhere, right
?
Speaker 2 (46:34):
now yeah, you're not.
Speaker 1 (46:35):
You're not.
Speaker 2 (46:36):
Yeah, what um the mid-centuries?
You know we've looked at acouple that are, uh, new
construction mid centuries yeah.
Do you like those as much asyou do?
The older mid-centuries thathave been done?
Do you think they're hitting um?
Speaker 1 (46:55):
I do like those because it's got that modern new
feel to it.
Yeah, Um, there's one we lookedat in East Nashville.
I was like man, I was goingback and forth on it.
Speaker 2 (47:04):
But it's almost.
Speaker 1 (47:05):
It wasn't, yeah, but I was like, is it just because
of furniture in here?
Like, is that one?
I'd want to buy all the stagingthere.
Yeah, so I guess it depends howit's staged too.
Speaker 2 (47:13):
Yeah.
Speaker 1 (47:14):
And how big of a deal is that when you're showing a
new house?
Speaker 2 (47:18):
Oh, I think it's.
Speaker 1 (47:19):
Everything.
Yeah.
As opposed to just walking intoan empty space, you're giving
the clients an actual visual,yeah.
Speaker 2 (47:24):
They can.
They can, you know, see how thebest optimal use is for a space
, See what a bed is going tolook like in there and, um, you
know, a lot of times rooms feelbigger with staging in it, which
is kind of crazy.
Um, that's one of my probablymost nerve wracking moments is
the uh, the moment a client seesa house that's not that that
(47:46):
they've bought, that doesn'thave the staging in it anymore,
and it's like, oh, I hope theystill like it, I hope it you
know, looks the same to them.
But staging is very importantfor sellers.
I mean, if you're not staging ahome, you're not doing
yourselves any better.
Speaker 1 (48:01):
Yeah.
Speaker 2 (48:01):
I mean it costs a couple thousand bucks and it's
worth every penny of it.
I mean even photographs.
I mean and doing content, youknow.
Like how many times have wewalked in a house and didn't
have staging, or it had photosthat had staging in it and it
didn't have it in there.
Like we don't want to do thecontent on that?
Speaker 1 (48:17):
You want it to look like a home?
Speaker 2 (48:18):
Yeah, Um, when you're showing it and so, um, that's a
big part, yeah.
Speaker 1 (48:23):
And that's fun too.
Speaker 2 (48:25):
Yeah, kind of give it its own little feel.
Speaker 1 (48:27):
Yeah, that's exciting .
Speaker 2 (48:29):
Yeah.
Speaker 1 (48:30):
That's a that's exciting market here in
Nashville.
Is there anything you don'tlike about the real estate
business or don't enjoynecessarily every day, maybe,
besides writing contracts?
Speaker 2 (48:40):
Yeah.
Speaker 1 (48:41):
Um the paperwork.
Speaker 2 (48:42):
The paperwork can get to be a lot.
Um, you know, things I don'tlike would be, uh, the
organization that it that itrequires to be effective in this
, this, uh business.
Um, that's not my strong suit,right?
(49:03):
Um, I like to be on the go,working deals, talking to people
, looking at houses.
Um, I lack in email sometimesand correspondence, um, but as
far as don't like any aspect ofit, no, because it's different
every day.
I don't.
I don't do the same thing longenough to not like it.
(49:24):
You know, I'm not going to getburnt out.
Um, are there things I wish Icould do differently in the
market?
Yeah, Maybe so, and likethere's things I need to do
differently and like we'vetalked about it, you know, I
think we're in a good positionright now where we've built up a
good, strong base andfoundation of good clients, that
(49:45):
that we can work with from adevelopment standpoint, and
we've got a great reach to wherewe can bring in new clients.
And, um, you know, I I'd loveto find another piece of this,
this puzzle, that could reallyhelp us.
I want to create.
I think where I struggle is, uh,I get so caught up in the the
deal that I forget aboutcreating the experience for my
(50:09):
clients.
Yeah, and um, just trying to beable to like hone in on that
and really creating somethingthat is not just getting them
what they want but making surethat they have a hell of a time
while they're doing it Right,absolutely, and we've had our
team now for almost two yearsand something you want to grow
eventually as well, get moreteam members on there.
(50:29):
Yeah, We've talked about it.
I mean, I think, um, the rightfit.
You know, I'd love to throwsome money in there now and see
what happens.
Uh, I think, um, I, obviouslyyou with the gym and y'all's
mentality there, and then thispartnership me myself like I
love a team, yeah, I love tohave somebody to bounce ideas
(50:50):
off of and, um work with withanother person and then do that.
I think it's it's fun for us.
It's good and it keeps usengaged as well.
You know when somebody else isleaning on you for some support
or or anything.
I mean it keeps you a part ofit when you may not have a ton
of business going on.
Speaker 1 (51:08):
Right, um, yeah, pro Zagans teams, and there's some
people who just want to work ontheir own and spend for
themselves, but being a on ateam is always fun.
You can always count on one.
Another.
Final four, last segment here,and the one thing's top four
places to live, to move to inNashville Tennessee If you're
(51:31):
out of states.
So we're talking likeneighborhoods.
Yeah, let's go.
Neighborhoods of NashvilleTennessee.
Rank them from four to one.
Speaker 2 (51:39):
Do I get a price range Like what's my budget?
Speaker 1 (51:42):
Nope, no price range.
Oh if you came in with amillion dollars.
Speaker 2 (51:50):
I had a million dollars to spend.
Speaker 1 (51:52):
Yeah.
Speaker 2 (51:52):
Okay, just me.
No family, no, nothing, yeah,whatever you want.
Speaker 1 (51:57):
No Four.
Speaker 2 (51:59):
Number four, million bucks, would probably be.
Oh, I would say, oh, I got amillion bucks.
Number four would be thenations.
Okay, yeah, yeah, you can getin there new for nine to nine,
fifties, eight, 50 on some ofthem.
Um, I like that area.
Speaker 1 (52:21):
Yeah, I had that, uh on my list as well.
The nations it's about lessthan a 10 minute drive from
downtown.
It's this cute neighborhoods,uh, younger population
demographic yeah.
You see everybody walking theirdogs, uh, out on the streets.
Speaker 2 (52:40):
There's some new restaurants there, breweries and
you're close to West Mead, ifyou need or West Nashville.
If you need to get out there,you can jump into Sylvan Park.
Um, you got I mean, yeah, thenations is a great spot, right,
and uh, it's got some goodoptions.
Number three I just want to seeif our number one's going to be
the same.
Number three would be uh, justnext door would be Charlotte
(53:04):
Park, which is a little bitfurther West.
I guess you'd say downCharlotte, um, but you get a
little bit more neighborhoodyard.
Feel to me a little bit biggerof a home.
Some of them aren't.
Um, you know the nations hasgot a lot of uh of your HPRs.
Your some call them tall andskinnies, which I don't really
(53:26):
love.
Speaker 1 (53:26):
But yeah what they are.
Speaker 2 (53:28):
Yeah, Um, Charlotte Park.
You can get a little bit moreof a traditional style home
there.
Speaker 1 (53:33):
Gotcha.
Number three I'm going withWedgwood Houston.
Wedgwood Houston is just southof downtown.
It's actually where we'reputting the new BC gym, so it
might be a little biased there,but it is a another neighborhood
that's.
That's a growing youngerdemographic.
Again, a lot of restaurants and, uh, things to do.
(53:53):
Short drive to everything.
Speaker 2 (53:55):
Yeah, yeah, Number two Number two, million dollars,
is going to be tough, but I'mgoing to say green hills.
I'm going to say Sylvan Park.
Speaker 1 (54:07):
Okay.
Speaker 2 (54:08):
I love Sylvan Park.
Um, you've got McCabe golfcourse, the walking trail right
there.
Um, my favorite restaurant,cafe Nona, small Italian joints
and, uh, in there Neighbors barand grill, is just um, and I've
done a lot of business there.
That's where I saw my firstever house.
Um, it holds a special place tome, but a million dollars I
(54:31):
don't, it'd be stretching it, itwould be stretching it.
Speaker 1 (54:34):
Yeah, um, my number two.
I want to say I was going to gooutside of Nashville and say
Franklin, but that's not aneighborhood in Nashville,
that's like 30, 40 minutes fromNashville.
Yeah, there's just beautifulproperties out there, like some
really nice piece of oldhistoric homes.
Speaker 2 (54:51):
I mean it's great, A lot of the States yeah.
Speaker 1 (54:53):
Yep.
So uh wonder, if you're goingto say 12 South, your number one
.
No, I'll go number two, I'll goWest Mead, west Mead, nashville
, a great neighborhood.
Again, I'm somebody even thoughI mentioned the other two
neighborhoods being close toeverything.
(55:13):
I also like to be a little bitaway from everything and have
some privacy, some land, andWest Mead offers that.
Right near the interstate,short drive to downtown, you can
make it there in about 14minutes every morning If you're
going to work and I love the bigyards you get.
It's one of the fewneighborhoods left in Nashville.
You know that creve hall, Ithink, are some of the only
(55:38):
houses you can get now that haveabout an acre of property.
Speaker 2 (55:41):
You got.
I mean, it's gorgeous ridingthrough West Mead.
You know some of the homes arebuilt now.
They're ridiculous and crazyand but they're beautiful and
you've got the mature trees andit's a well-matured neighborhood
.
You know it looks like a reallystrong neighborhood.
Speaker 1 (55:57):
Yeah.
Um number one.
Here we go, number one.
Speaker 2 (56:02):
Wedgwood, houston, wow.
Speaker 1 (56:04):
Wedgwood, all right.
Speaker 2 (56:05):
I've lived there before.
I love it.
I just there's something aboutthat neighborhood that I love.
I think the demographics greatthere.
I think you've got some goodrestaurants, a couple of cool
little bars right there, got agreat gym.
Coming to the neighborhood.
It's close to everything and Ilove uh, you don't live in
Nashville.
You may not understand this,but it's on the East side of 65
(56:29):
and Wedgwood, which means youdon't have to fight the traffic
at Wedgwood and eight and um.
It's easy access.
Whether you want to go north orsouth, you can be downtown in a
couple of minutes, um close togrocery stores.
Speaker 1 (56:42):
Best pizza joint in town Dices.
Speaker 2 (56:43):
Dices is awesome.
Yeah, you can go to E Rose andget you a.
Speaker 1 (56:46):
BC Bowl.
If you want to be a Soho member, so right there, right there.
Speaker 2 (56:52):
Um, there's a lot going on.
I wish they would fix the onstreet parking issue Right.
That can get a littlefrustrating, but, uh, I think,
uh, I think that neighborhood isgoing to see a lot of growth in
the next, um, probably three tofive years.
I already know.
When I lived there in 2017 or18, I guess it was and was
(57:18):
renting um, the guy offered tosell me the house for 425.
And I said no, um, because Iwas an uneducated first time
home buyer.
I should have reached out tosomebody who knew what they were
doing.
Um, but, uh, two years ago,that same house sold for 775.
Speaker 1 (57:38):
Yeah.
Speaker 2 (57:39):
Yeah, whoops, I missed out.
Yeah, and now it costs me 850to get that out.
Speaker 1 (57:44):
Yeah, as wild.
Yeah, all right, my number oneI am going with just next to
Westmead, I'm going Belmead.
Now, a million dollars mightnot go very far.
Speaker 2 (57:56):
What house are you renting?
Yeah.
Speaker 1 (57:58):
But Belmead is very similar to Westmead.
They're obviously right next toone another Historic Belmead is
what they call it and thoseneighborhoods are just gorgeous.
Speaker 2 (58:07):
Oh, it's incredible Gorgeous.
I mean there's nothing, you gotto do it.
You got to turn on BelmeadBoulevard.
Speaker 1 (58:15):
Right there, yes.
Speaker 2 (58:16):
During Christmas time .
See the country club on yourright.
You're looking straight at thesteps of Percy priests.
Speaker 1 (58:22):
I mean it is gorgeous , yeah, All their homes
beautiful mansions, yeah, themature trees.
Um, that's a nice place to live.
Yeah, maybe one day.
Speaker 2 (58:34):
If you had to pick one neighborhood outside of the
urban core, outside of Nashvillesuburban area, what would you
pick?
Speaker 1 (58:43):
Hendersonville, old Hickory, that'd be a top one for
me, old.
Hickory's got the water.
I had a house out there andnice golf courses out there,
yeah, so it's a short drive.
It's also developing more.
Yeah, I'd say probably OldHickory, yeah that's a good area
.
Speaker 2 (59:02):
That'd be.
That'd be right up there for me.
I may would go Brentwood.
It's a little bit more.
You're a.
Speaker 1 (59:08):
Brentwood guy.
Speaker 2 (59:08):
Yeah, I live down there for a little bit and uh,
great school system, um, you'regetting a lot of new
construction out there.
That's kind of uh, given it alittle bit more.
Uh, it got a little old downthere for me.
You know Brentwood blew up inthe nineties, a little bit
before that.
Um, but Bellevue, if you wantedan area that was going to see
some growth.
I think, uh, I think Bellevue,but you'll have to look at two
(59:32):
If I went to Brentwood.
Speaker 1 (59:33):
I don't want to be in the governor's in the
governor's club.
Yeah, yeah, that's his uh,insane neighborhood.
Super fancy they have a golfcourse private neighborhood.
That's for all those big shotsin Nashville A little, I think.
Yeah, the governor's club.
Speaker 2 (59:49):
Well, if we're going to do that, I'm headed down to
Truthable yeah, all right.
Speaker 1 (59:53):
Well, there you have it.
Um, if you guys have any realestate questions, feel free to
ask us.
Check out our Instagram page,bghometeam.
We'll get K-thibs informationthere.
My information love to help youout with anything.
Whether you're looking to buy,invest, sell here in the
Nashville area, let us knowCaleb Gainlund.
Thank you for joining us on Inthe Booth.
Thank you, team on three.
Welcome back to In the Booth.
I'm Sean Booth and thank youguys for tuning in.
Wherever you're tuning in frommaybe you are in Anchorage,
Alaska, Maybe you're inLafayette, Louisiana, Maybe
you're tuning in from Pittsburgh, Pennsylvania.
Wherever you are, we appreciateyou.
We appreciate the supports.
If you're not listening rightnow in your car, you could head
over to YouTube where we streamall of our episodes.
(00:29):
In every episode, we're talkingwith somebody different, having
a good time.
That's what we're doing today.
Today, we're going to talk somereal estate Real estate
one-on-one.
I've been doing real estate foryears now.
Maybe some of you don't knowthat I've had my license.
I've been doing it on the side.
I flipped my first house when Iwas right out of college with
my dad.
We're getting into all of thatstuff.
Real estate is something I'mpassionate about.
(00:50):
Today in the studio I've got mybusiness partner, the BG Home
team.
He is from Mississippi and heis Caleb Gambling everybody.
How are you doing?
We're doing good.
How are you doing?
Speaker 2 (01:04):
I'm good, I'm excited to talk real estate.
I think we are in a uniqueplace that remains strong
throughout a downturn.
It'll be good, it'll be fun.
Speaker 1 (01:17):
How long have you been doing real estate for?
Oh?
Speaker 2 (01:20):
30 years I feel like my mother sold real estate here
Eighties, nineties, got out ofit once I was getting ready to
go to school.
I grew up going to open houses.
I can remember going into newconstruction developments out in
(01:40):
Brentwood Franklin area andclimbing through windows when
they were at framing so we couldunlock doors and go look at new
homes and had a passion for itfor a long time.
I guess I've been in the realestate game here in Nashville
for coming up on four years now.
I got started in thedevelopment side working with
(02:01):
builders.
I've got a little bit ofbackground in construction.
Some family work I did Summeris there in high school and
college.
Then transitioned into sellingreal estate full-time I guess
about three years ago.
Speaker 1 (02:15):
You've seen all sides .
You've seen new construction,you've seen investment
properties.
Speaker 2 (02:21):
Yeah, I've done everything from studio condos or
small studio condos up to largecommercial land deals.
I've done a lot of singlefamily with first-time home
buyers or even secondary marketbuyers that are purchasing their
(02:41):
second or forever home.
Yeah, it's been a pretty bigrange.
That's what Nashville gives you.
There's real estate foreverybody in town.
Speaker 1 (02:50):
Yeah, nashville also gives you the craziest market in
the world.
I feel like it has been thehottest market, it felt like in
the country.
Then all of a sudden just cameto Screech and Holtz with
interest rates going up.
Where do you see Nashville andthe rest of the country?
Speaker 2 (03:09):
One thing that I see a lot of is, on social media,
people talking about markettrends, and people will reach
out to me and ask about certainthings that they've seen on
other channels.
Those are all national,data-supported trends that
they're explaining or showing,or growth that they're talking
about, or depreciation, whateverit may be.
I focus on Nashville specific.
(03:32):
I think it's important to knowwhat markets you're looking at
and what you're talking about.
I think Nashville is going toremain a strong and steady
market, as it has.
Yeah, we saw in 2020-21, whenall the markets were going up,
nashville was at an exponentialgrowth rate compared to a lot of
other national cities.
(03:53):
Just like everybody else, weslowed down, but we didn't come
to stop compared to some of theothers.
I think interest ratesdefinitely affected everybody,
the state of the economy andjust everything that was going
on in the world.
We did remain consistent.
We had a couple months thatwere slow, that you didn't see
depreciation, but you saw astale market there for a little
(04:16):
bit leveling that really weneeded, where buyers could come
in and feel like they couldactually purchase a home.
Unfortunately, though, I thinkyou're going to see us get back
to those COVID-style marketwhere it is high demand, a lot
of pressure on buyers, lowinventory.
(04:40):
Yeah, I think the reason forthat is as Nashville is so
unique in all of its differentofferings for home buyers, it's
also a great investment market.
We've got year-round tourism.
We've got a strong market jobindustry, tons of jobs that are
still coming to the city, nostate income tax all these
(05:00):
things that lead towards peoplewanting to be in Nashville.
When you couple that with thefact that I think I saw a stat
that was 60% of homeowners todayhave an interest rate under 4%,
what that means is there's onlyabout 40% of current homeowners
(05:20):
that are really going to be ina position in the next probably
year, even that they can sell ahome.
They're not losing a greatinterest rate that they're not
selling and going used to.
When you sold a home you wereupgrading.
Right now, if you're locked inat 4% or even sub-4 and you go
buy a home, you're more making ahorizontal move than you are a
(05:43):
vertical move just because ofinterest rates and where your
payment's going to land at, Ithink, with low inventory and
then a lot of people that arejust sick of sitting on the
sidelines.
It's been almost a year nowwith not a lot of buyers in the
market.
Once all that comes togetherand I think interest rates, you
could see more of a dip.
(06:03):
We've seen it over the lastcouple of weeks and even a month
and a half here.
They've dropped, but if theycontinue on a downward
trajectory I think it's going tobe a tough market for buyers or
it's going to be an activemarket for buyers.
Speaker 1 (06:21):
A lot of people on social media too, and TikTok and
Instagram Reels, you startseeing a lot of Gen Zers and
millennials talking about howdifficult it is to be a
first-time home buyer, where youhave the older generations and
they were able to spendobviously a lot less money.
But now, looking at the data,the housing price for an
(06:46):
individual it's about around 20%of their income, close to 30%
of their income and some evenupwards towards 40, which makes
it super difficult for thefirst-time home buyer, whereas,
opposed to, back in the day,used to be around like 10%, 12%,
14% of your total income wouldgo towards your mortgage.
What tips do you have right now?
(07:07):
If any for the first-time homebuyers?
Speaker 2 (07:13):
For a first-time home buyer.
I think, of course, my firsttip is going to be get you a
good real estate agent.
Get somebody that understandsworking with first-time home
buyers and also understands thestate of the market If interest
rates come down.
If interest rates don't go down, pricing goes up.
(07:36):
Pricing stays the same,regardless of what it is.
Find somebody that can reallyput a game plan together that is
specific for you and can kindof pivot, based on the market,
where the current state of themarket is.
I think another thing is, as Isaid earlier, be careful of the
information you're payingattention to.
(07:57):
Don't predetermine where youthink you are as a buyer.
Talk to a lender, get yourfinancials in order.
If you're ready to go today,reach out, see where you're at.
If you're thinking, oh man, I'dreally like to buy a home this
year, go ahead and talk to them.
That's free service that youcan get.
It may be I need to save alittle bit more.
(08:20):
I need to knock off some debt,pay down a loan, whatever it may
be, to really get you in aposition that you can jump at a
home if you want to, or you mayget approved and it's not really
the price range you want to beat or it doesn't get you the
home that you want right now.
That way, you have a milemarker of where you need to get
(08:41):
to be able to afford that homeyou want.
Another one is don't getdiscouraged.
I think a lot of buyers getdiscouraged about one.
What they get approved forThinking it can be very
overwhelming.
Everybody talks about howexpensive Nashville real estate
is.
It is.
Nashville is a hot market.
(09:03):
Pricing has done nothing but goup and a lot of areas in town
are very expensive.
But there are really coolproperties and parts that are
developing and growing as wekeep moving forward that you can
get in and next thing you'lllook up in two years and you're
in the next Wedgwood, houston,or you're in the next 12 South,
(09:27):
and then also determine whatyour goal is.
Is my goal to quit wastingmoney and rent?
Is my goal to build equitywhere I have a long-term
investment that I know I cancash in on later?
Or is it to build a really goodquality of life by having a
home, having a yard?
Whatever those importantfactors may be to you, but I
think my best tip is to, ifyou're considering it at all,
(09:51):
look into it Actually, talk tosomebody that knows what's going
on and take a chance.
I mean first time home buyers.
A lot of them have this idea intheir head that it takes 20%
down to buy a home and thatyou've got to go through all
these hurdles to get there.
It's very easy to get approvedfor a home, especially if you go
(10:13):
with a FHA loan.
This is a first time buyer loan.
They have products out therefor high debt individuals or low
credit score.
Obviously, yeah, if you've got20% down and a great credit
score, you're going to get abetter rate, but there's
products for everybody that theycan use to purchase a home and
(10:35):
then also look at do you want tobe creative and go find
something that's cheaper pricedand maybe could use a little
touch up some lipstick andreally make an?
Speaker 1 (10:45):
investment out of it All good information there.
It's been fascinating watchingthe market here in Nashville.
And last year if a house wentup on the market you would get
10 offers on it the very firstday.
It'd be all cash offers, it'dall be over asking price and the
inventory was so low and withthe rates low that it was such a
(11:09):
seller's market.
And then when everythingshifted now it's.
The good thing is that thepricing of the houses are coming
down, but it's if you canstomach that interest rate for a
little bit and refinance.
Speaker 2 (11:22):
Yeah, I mean, that's what I tell everybody.
If you can buy a home today,you feel comfortable with where
your payment's going to be.
You're in a great position.
Pricing has really stabilizedin a lot of markets here or a
lot of neighborhoods here inthis market, and rates are
(11:43):
historically 7% is like thenational average, I think, going
back 30 years.
So we're under a nationalaverage right now.
They're lower than they were at8%, but yeah, they're higher
than they are at 4%, which Ithink is going to be a long time
until we see a 4% interest rate.
So if you can get in right nowat 6.5%, 6.75% or even closer to
(12:06):
6%, high fives wherever and youfeel comfortable with that
payment, do it.
You're getting the house at agreat price and then if interest
rates come down, you canrefinance.
But at worst, if interest ratesgo up, you've already got a
better deal than the next personto spend.
Speaker 1 (12:20):
Yeah, and I know you can't predict the future, but do
you think that the interestrates will ever get back as low
as they got to?
Speaker 2 (12:29):
I hope not.
I think that that's going tomean something catastrophic has
happened, or another pandemic, Ithink.
Yeah, everybody loved lowinterest rates, but there was a
lot of shit we had to go throughto get those.
So I think you'll see.
Definitely you'll see threesagain, but I mean, this isn't my
(12:52):
area of expertise, but I thinka stable market is going to be
somewhere around 5 to 5.5%.
It's kind of where I feel like.
Speaker 1 (13:01):
Yeah, is there a certain time during the year
that's better to buy a home?
Speaker 2 (13:09):
Yeah, so the market is the hottest in spring, early
summer, but if you're talkingabout the best time to buy a
home, I'd buy in the winter.
Speaker 1 (13:18):
I'd buy on Christmas Day Nobody else is out looking.
Speaker 2 (13:23):
You know, that's kind of the caveat to it is there's
a lot of inventory out there inthe spring and summer, which
naturally leads to buyersoutlooking and that's when you
see a lot of transactions done.
But if you're looking for thebest deal, I'd look right before
spring or going into like July,August, September, when people
(13:43):
are getting back into school andpeople don't want to think
about moving as much and sothere's less buyers in the
market at that time.
Speaker 1 (13:50):
Right, let's talk a little bit about investment
properties.
Speaker 2 (13:54):
Yeah.
Speaker 1 (13:54):
We do a lot of investment properties here in
Nashville, obviously a verytouristy city, a ton of Airbnb's
.
Do we still feel like that's agreat investment?
Obviously, depending on theprice that you get it.
But is it getting to a pointwhere it's starting to become
oversaturated, where everybodywants their hands on an Airbnb?
Speaker 2 (14:12):
Yeah?
A short answer is yes.
I think the Airbnb market herehas gotten a little
oversaturated as far as totalnumber of investment properties
out there.
But what I also think when wego through and we're listing
some of these Airbnb's, we'relooking at them for clients or
(14:34):
even just people that'll comestay in town, talking with them.
There is a a large discrepancybetween the number of Airbnb's
that are out there in Nashvilleand the quality of Airbnb's that
are out there.
I think with the saturatedmarket, it creates a good
opportunity for people to go inand maybe get a deal on it on a
(14:59):
short-term rental, but go in anddo some value add to it and
really create a unique listingthat people want to come stay at
.
I mean, we are not losing thetourism industry.
They are still piling in hereevery day of the week.
Now I think they're even hereon Wednesdays now.
You used to get a little breakin the middle of the week, but
they're coming, yeah to thatpoint.
Speaker 1 (15:21):
At my gym there is now a pedal tavern or bike bar
that shares the same buildingand as I was coming over here,
there is a ton of people outthere hopping on the bikes.
It's like Monday, tuesday,wednesday, thursday and the
morning.
At night we're all just workingour day-to-day jobs and that
bike tavern is still justpicking up people and driving
around the city drinking.
Speaker 2 (15:42):
It's a hot city, yeah , it's a great industry and
having the ability to get intothe short-term rental to tap
into that tourism industry isgreat.
And then also we have a hugehealth care industry here and
then corporate job market herethat provides corporate rentals,
travel nurses.
(16:03):
I mean there's a lot ofdifferent avenues that if you
don't want to just do Airbnb'sto Bachelorette groups that are
coming to town, there's otherresources that you can tap into
to make it a positive investmentproperty Okay okay, what about
new construction, that processfor a first-time home buyer or
(16:25):
any home buyer?
Speaker 1 (16:25):
They want to get a new house and what do they have
to go through for those steps?
Speaker 2 (16:33):
So it really depends.
If it's something along thelines of a pre-sale like, if
you're wanting to, you know sothat's where I started was
working with a developer doingnew construction If you're
wanting to go in and get one ofthe properties that they're
building to put on the marketfor resale a spec home it
typically requires a little bitmore of a down payment or not a
(16:57):
down payment, a little bit moreescrow money, which is money
that you're saying in good faith.
I'm going to execute thatcontract.
You know, on a typical purchaseand sale we'll do 1% or so, but
on new construction, if it's along ways out, like if you're
six months to completion thebuilder's going to want a little
bit more down, so they're nottying that house up with
(17:18):
somebody that's not seriousabout moving forward with it.
From a lending standpoint,though, it works the exact same
than any other house would.
You're going to get itappraised once it's completed,
as long as it meets yourappraised value or the total
loan amount.
Then you proceed with theprocess the same way.
(17:39):
You get a couple added bonuseswith going with new construction
.
You get what's called a bluetape walkthrough, where you get
to go through and call out anypaint spillage or any little
scuff marks in a wall, make sureit just looks real nice and
it's all cleaned up.
You also get a builder'swarranty that covers
craftsmanship structuralappliances.
(18:01):
They kind of differ in thelength of that warranty but
that's something that for thefirst year your home's going to
go through some settlement andyou'll be able to get the
builder to come back out andmake some corrections for minor
crackage that you may see indrywall or splitting of your
trim at joints, different thingslike that.
(18:23):
The building of a newconstruction gets to be a little
bit more challenging from aloan standpoint, especially for
first-time home buyers, becauseto get that loan to build a home
they won't typically 20 to 25%down.
If you go to a bank and it'sfor some first-time home buyers
(18:49):
it's hard to have 20 or 25% toput down, then if you do, it
makes more sense to goconventional and pursue that
avenue Right.
Speaker 1 (19:00):
Then you get a little more customization options,
sometimes depending on thebuilder.
Speaker 2 (19:05):
Yeah, a lot of times if you get in early, they'll let
you pick.
A developer I work with healways said as long as they
don't move a wall, I don't carewhat they do.
Right, you can go through andpick your paint colors.
Sometimes you get to pickflooring.
If you get in real early, youcan do cabinets, countertops,
(19:25):
lighting's usually a big thingthat builders don't care.
If you want to change outbecause that's pretty simple,
yeah, as long as it's notanything that's delaying the
timeline of the job, that mightbe backordered or that adds cost
to it.
As long as it stays in budget,they're usually pretty open,
some of them, to letting you gomake those selections.
Speaker 1 (19:49):
What do you say to those who are like man?
New construction, I would never.
The material's cheaper, it'snot as good as it was back in
the day.
Speaker 2 (20:02):
Yeah, I get that question every time.
Speaker 1 (20:03):
Yeah, I feel like always.
Speaker 2 (20:07):
And truthfully, I don't ever know how to answer it
.
There is a lot of shitconstruction.
Speaker 1 (20:11):
It depends on the builder you go with.
Yeah.
Speaker 2 (20:15):
That's why it's important to work with somebody
that knows the players in themarket, that knows who a good
builder in town is.
And when I say a good builder,you also want to look at how
long they've been doing it.
If you've got somebody thatjust popped up six months ago or
(20:35):
has only been in it a year,they may not have that database
of subs built up, or they maynot have.
With somebody that's been doingit for five, 10, 15 years,
they've got a reputation.
They've been around.
If something goes wrong withthat house, they're going to
come back and take care of it.
Where, if it's a one-offbuilder, it may cost them more
to come back and fix it, sothey're just going to.
(20:58):
You know they're in the wind atthat point.
I think the quality of some ofthe builders back in the day was
better.
I do think you're seeing adifference in materials just
because materials have gotten soexpensive.
I mean it's like everything else, and so they're not.
They're not building them cheap, they're just not doing stone
(21:19):
facades that they used to do oneverything you know, and I mean.
But that's also a totallydifferent buyer.
I'm like, if you're worriedabout the craftsmanship of it,
you don't really want a newconstruction anyway.
Speaker 1 (21:30):
You want to be in an older home Like you, like that.
Speaker 2 (21:32):
There's I can't the uniqueness of the older homes.
Yeah, the coziness or the whitebox feeling.
Some people love it clean, niceedges and it's easy to maintain
.
Some people want an older homethat's got some character to it?
Speaker 1 (21:44):
Yeah, because you do see a lot of the new builds that
are very cookie cutter.
It's the same set up, differentcolors, different cabinets.
But fortunately for us, we workwith some good builders here in
Nashville and Peros Groupie andone of them, where they're very
unique with their builds.
Speaker 2 (22:02):
They put a pretty cool product out there.
I mean, going and looking atnew construction is one of my
favorite things to do and I feltlike I had seen just about
anything you could do until Istarted working with them more.
And they do a great job ofcreating a unique floor plan too
.
That I think a lot of theseneighborhoods that we work in.
(22:27):
Most of the lots are the samesize they're your standard lot
size in that area and so thefloor plan of a home ends up
being the same across a bunch ofdifferent new construction.
Yeah, different developers willuse different finishes or use
the front elevations, themassing will be different, but
(22:49):
at the end of the day it's kindof the same.
Your floor plan is always youjust kind of stuck with it, but
I feel like they do a prettycool job of changing it up,
really creating the characterthat an older home has in new
construction.
Speaker 1 (23:07):
And when you say that you've seen like almost every
style of house, that's somethingthat you need to do as a
realtor.
Would you recommend is you'realways checking the market every
day.
You're always gettingnotifications of the new houses
that come in the market.
So I got a bunch of questionshere on IG and one of them was a
newbie realtor, don't have muchexperience.
(23:29):
What advice do you have?
And from working with you, Inoticed that you were just
constantly checking out what'son the market, what neighborhood
like, every day.
Speaker 2 (23:41):
Yeah, I think being involved is, one, the only way
to provide value, but, two, theonly way to learn.
Knowing what's on the market isthe best tool you're gonna have
, whether that's if a clientcomes to you that wants to buy,
or whether that's if a sellercomes to you and wants to sell.
You need to know what's outthere, what's sold recently,
(24:04):
what's gone under contract,what's coming soon.
I think building a network ofreal estate agents that you can
talk to on a regular basis thatare doing transactions is great,
because we've got a handful ofthem at the gym that are really
good agents and anytime I'm inthere it's like, hey, man, I got
(24:26):
this coming, or hey, I just didthis and that's all good
knowledge to have, because thoseare things that you can't pull
up on the internet sometimes andthings that just your average
day agent that's just sittingthere watching real tracks or
Zillow for the people at homethey don't know about.
Speaker 1 (24:42):
Yeah, and I feel like a lot of people sometimes look
at other agents as likecompetition or like screw that
person.
I'm like I think it's theopposite.
Speaker 2 (24:50):
Oh, they're your best friends.
Speaker 1 (24:51):
It's like yeah, they're your eyes as well, and
you're their eyes and you've gotstuff that could fit some of
their clients, and vice versa.
So it's always good to expandyour network and talk with other
realtors.
Speaker 2 (25:03):
Yeah, I am a very competitive person but for some
reason, when it comes to realestate, I don't view many agents
as competition or look at itlike that.
I'd rather befriend them andhave that network and that
relationship with them so thatit makes working a deal so much
easier and, at the end of theday, it provides value to your
(25:26):
client, whoever it is.
And as long as you build agreat relationship with the
client, you shouldn't have toworry about losing a deal to
another agent.
And then there's also I meanthere's times that, oh, you know
, we're not a good fit for someclients.
And it's great to have an agentthat you can refer them to that
you know is gonna do a good job,and typically you can get a
(25:47):
little bit of a kickback off ofthat or referral fee.
And no, I think you're only asgood as your network of agents
that you surround yourself with.
Speaker 1 (25:55):
Yeah, and I think one of the most exciting things
about real estate or for some itcould be the most annoying,
depending on how you look at itis that every day is different.
Every deal is different.
We have never seen the dealthat is exact same.
There's always new issues thatpop up.
So I feel like a large part ofthe realtor business is problem
(26:16):
solving, and if you can problemsolve, then you'll do well,
because, again, if you'resomebody who just thinks you go
from point A to point B straightand narrow, that ain't the case
.
It's always going left right updown.
You gotta find solutions to getacross the finish line.
And you know something we'velearned and there's been deals
that we've lost, like otherrealtors, where it's like so
(26:39):
close and you work on it formonths and months and it's like
boom, something happens, whichis super frustrating, but that's
the business.
Speaker 2 (26:46):
Yeah, it is.
It's managing people is whatthe job is problem solving,
which I love to do, but I overdoit sometimes.
I think that's one of thehardest parts for me as an agent
is I love a difficult challenge, throw the hard ones at me and
(27:09):
let me figure out a way to do it.
But sometimes I will.
I mean, I don't ever thinksomething's done or there's
something that's not apossibility and I will just keep
fighting and pushing until Iget there.
And sometimes I have to take astep back and think about all
right, what's best for my client?
Is that really what they may beoverextending?
(27:29):
If that happens, you know,really put them in your shoes,
or put yourself in their shoesand see what the best fit is for
them.
And that's the fun part isseeing working those deals and
love it when a client's like,hey, go get it fully in on this.
Yeah, do what you gotta do yeahbut it's also just as rewarding
(27:50):
when they're like nervous aboutit and when they're they wanna
take a step back and they wantit to be a smoother process, and
that's obviously what we'retrying to deliver.
But real estate, you can neverpredict how it's gonna go or
what's gonna happen, and that'sthe market.
That's a day-to-day transaction.
That's a showing.
(28:10):
That's anything.
But it makes it fun.
I mean I've done.
I've worked for my family, I'veworked corporate and I've
honestly, I can say, since I'vedone this, I've never woken up
one day and been like, oh shit,I gotta do this today, like I
love it because I really don'tknow what I'm gonna be doing at
the end of the day and it keepsme on my toes and it's exciting.
Speaker 1 (28:34):
Yeah, absolutely definitely keeps you on your
toes.
Va loans we had a questionabout that Buying what they VA
loan the pros versus the cons.
Speaker 2 (28:46):
The pros are obviously you're gonna get good
terms on your loan pretty goodinterest rate, Cheaper down
payment.
Yeah, you can do 100% financingon some VA loans.
The cons are the requirementsthat the house has to meet.
It has to meet certain standards, which most homes do.
(29:08):
The ones that wouldn't would bean older home that needs to be
fixed up or something alongthose lines, like it's usually
structural issues and thingsthat you don't wanna get into
anyways.
The other con to it is and thisis somewhat of a con to FHA
(29:31):
buyers, also first time homebuyers is the way a seller
perceives that offer.
If you've got a VA loan intoday's market right now, you're
probably gonna be fine becausethere's not a ton of pressure
from other buyers out there.
But if you go back to the likesof the markets when you had
(29:52):
multiple offers, a lot of cashbeing thrown around those VA and
FHA loans because they do haveto meet certain standards and
because there is a separateunderwriting process, it's a
little harder to get that offeraccepted over one that is a
conventional loan or cash.
So if you've got the VA or FHAoption, you wanna be looking now
(30:13):
really when there's not a tonof buyers in the market Right.
Speaker 1 (30:17):
Explain how the commission works, because I feel
like a lot of people getconfused about that.
They get confused who's payingcommission buyers, sellers, how
much?
Which agents?
Speaker 2 (30:28):
Yeah, and I think that's why some buyers get
scared to start looking orscared to talk to agents,
because they're like, what do Ihave to pay them?
So the typical structure forthe commission is negotiated
between the listing agent andthe seller, and it is here we're
doing 6%, and then that listingagent agrees to compensate
(30:51):
another agent that brings abuyer X amount, which is usually
3%.
It's usually split right downthe middle, three and three on
both sides For the buyer if yourreal estate agent is paid by
the seller.
Speaker 1 (31:04):
Right, yeah, so if you are selling a house, you
hire an agent.
You're telling them we'll giveyou 6% commission, and then that
agent is then saying hey,here's 3% to any other agent
that can come and bring me thisbuyer.
So it's a win-win for both ofus.
Speaker 2 (31:20):
Yeah, and the buyers don't pay it.
It comes out of the seller'stotal closing.
Speaker 1 (31:26):
Yeah, a lot of people talking about the interest
rates.
Of course, we have one personhere says we have a 3.25
interest rate, which isobviously phenomenal and it's a
loan from 2016,.
But we're ready to move, but wefeel like we're stuck and we
can't, which I feel like so manypeople are thinking the same
(31:50):
thing.
It's like well, I wanna get anew house, but this payment is
so nice.
Speaker 2 (31:55):
So you know, I would say if it's from 2016,.
Right, They've got some equity.
Yeah they've built up a lot ofequity.
It would really depend on whatthey're wanting to move.
Why are they wanting to move?
Is it a different area?
Do they need more space?
Is it gonna increase thequality of living?
If so, I'd say, go for it.
(32:16):
And then also, what is theprice point?
Like you know, back home inMississippi, I can tell you if
you bought a house in 2016 at ahundred thousand dollars, it's
probably worth 150 to 160 rightnow, Like it's grown, but it's
not a huge monthly burden.
That appreciation here.
If you bought a house in 2016,one, you didn't buy it for a
(32:40):
hundred.
Speaker 1 (32:40):
Let's say you bought it for 400.
Speaker 2 (32:42):
It's probably worth you know seven now.
That's a big jump but that'salso a ton of equity in your
home.
So you know where are youtrying to go, what are you
trying to do.
But then also and I do thiswith every client I'm a big fan
of credits, you know.
Go find a house you like andinterest rate may be six and a
(33:03):
half percent.
Go get you a temporary buy down.
Get you a seller pay credit,get a temporary buy down and buy
that rate down to four and ahalf percent for the next year
and write it out and when yousee interest rates come back
down, you re-fi.
That way you don't feel likeyou're taking on that much
larger of a payment.
Yeah, but at the end of the dayI would say for that specific
(33:26):
person is what is going to bemore important to your quality?
Speaker 1 (33:30):
of life.
Yeah, yeah, you want to get outof there, yeah.
It's like are you just going tostay in that house and wait
around who knows how long?
Yeah, it's probably going to bea while until you get back to
that interest rate.
Speaker 2 (33:40):
Oh yeah, I would not.
I would not wait on a 3.25.
Yeah, yeah.
If that's your goal.
Yeah, yeah I wouldn't do that.
Speaker 1 (33:49):
That's similar to what I got my house for and I
was so lucky when I got my houseand it was 2019, the fall of
2019.
So right before COVID Mm-hmmand I was actually searching
this neighborhood for anotherhouse.
It was on the market and I kepton calling the agent.
(34:11):
Nobody was picking up, nobodywould let me in the house.
I really wanted to see thishouse and I was driving back
home and I was like I don't wantto see what's up on this street
.
I took a left and I found ahouse that had a for sale sign
that was under contract actually, and so I loved it.
I called the agent on that andthey said this was like a Sunday
(34:32):
and they were like well,actually this house was under
contract, but the person whobought it we had a clause that
they had to sell their current-house within two weeks and
today's day 14.
So it's back on the markettomorrow morning.
So I put in an offer.
Speaker 2 (34:50):
the first, so you were able to get it before it.
Speaker 1 (34:52):
Yeah, like the very first thing in the morning.
I ended up getting it that day,yeah, which sucks for the other
people.
But I'm also like what are thechances of that?
Speaker 2 (35:01):
Like that's super lucky, yeah you know it's kind
of crazy to see.
I've noticed this a lot.
So when I got in, the marketwas guy rocketing.
It was great, it was awesome.
But now, over the last I guesslike year and a half, you see a
lot more homes go under contractthat come back to the market.
(35:23):
Then you were you know when,when demand was built up and
people were throwing aroundcrazy cash offers.
They were obviously this is abig reason, but you have people
waving inspections andeverything.
I mean they just they weredoing whatever they could to get
a home.
And you know 2020 and early 21and it was sometimes sad.
(35:45):
You know it was really tough.
Like it was like a battleinternally with myself sometimes
to be like man, they reallywant this.
You know, all right, I'm goingto write it up the way they say
and what it takes to get, butit's like you want to protect
your clients and you know, knockon wood, nothing bad has ever
happened or nobody ever made adeal that they weren't happy
(36:07):
that they got.
But there were a lot of peopleexposing themselves when the
market was that way.
Speaker 1 (36:13):
Yeah, yeah, just desperate times.
Speaker 2 (36:16):
Yeah, yeah, which you know, I think.
I think we're headed backtowards something similar, but
it'll be a milder variation ofthat.
Speaker 1 (36:27):
So then you would recommend, with houses that are
under contract, to still look atthose.
I would, yeah.
Speaker 2 (36:33):
I'd keep them.
You know, I think a good agentwould.
If a client sends you onethat's under contract, a good
agent's going to reach out tothat other agent and say, hey,
what's the status of your home?
You know, I see it's undercontract.
When you set the close, made itthrough your inspections, made
it through all yourcontingencies.
Let me know if anything happensmay have somebody that's
(36:54):
interested Just doing thoselittle things.
So that way, like like for you,if it does fall out, the other
agent the agent on the otherside that has that house is
under contract shouldtheoretically reach out if
something does happen.
And that way you know about itbefore it hits the market.
Again, you're providing valueto your client.
Speaker 1 (37:13):
Yeah, I like that.
People say how many housesshould I look at?
I mean, look at my situation?
I looked at one and I got it.
Yeah, it depends, You'll know.
Speaker 2 (37:21):
I've got.
we had a client that didn't evenlook at the house, so you know
I mean no, I mean look as manyas you want until you find the
one that feels right.
I've had them that you get iton the first try and I've had
some right now that we'reprobably on number 50 something.
Yeah, I mean it's, it's aprocess.
(37:42):
Um, I mean, you know, I wouldsay if you're looking to just
get out of renting and reallymake an investment, maybe don't,
don't overthink it as much asyou are.
If you're looking for somethingthat you really trying to build
a life of forever home,something that you're going to
(38:03):
see yourself in for the next 10or 15 years, like make sure it's
the right one, mm-hmm.
Speaker 1 (38:08):
Yeah, I mean.
For most people it's thebiggest purchase of their lives.
Speaker 2 (38:11):
Yeah.
Speaker 1 (38:12):
So and with the rent prices here in Nashville it's
like geez.
Speaker 2 (38:17):
You know rent's high I think it's like the average
for a one bedroom is like justunder 1900 right now.
Yeah, it's around two grand Umwhich you know, people keep
talking about uh, oh, thiscomplex is offering two months
free rent, or this one's doingthat and this one's doing that,
how they've been doing that foreight years now, you know.
(38:39):
Now I will say there are a lotof units as far as rental units,
um out there right now.
But this is, uh, this is mytheory, my take on it.
The reason being is because youhad, you could borrow money so
cheap for for a long period oftime, um, where builders were
going out and developers weregoing out and doing these
(39:01):
projects.
Well, now you're seeing allthat money that was borrowed in
2020.
Those projects are finishing,those units are hitting the
market right now.
So, yeah, the market's floodedat this current moment with
rental, rental units, but we'vegot a steady flow of people
moving here.
And then you also had buildersand developers that quit
borrowing money over the lastyear and a half.
So what's going to happen inthe next two years?
(39:23):
Inventory is going to be low onrentals again.
So I think, uh, and it's all itdoesn't?
You know it goes up and down,but I wouldn't be like, oh man,
I'm about to start renting a, atwo-year loan, a two-bedroom in
the Gulch for 1800.
We're not getting there, youknow.
Speaker 1 (39:39):
Yeah, those days are long gone.
Yeah, what would you give?
What advice would you givethose looking for their first
investment property what to lookfor, where to look.
It's obviously ranges and it'svery different.
I feel like a lot of investmentdeals are kind of word of mouth
or off the market Right, whenpeople like us have that
information through ourconnections and it's something
(40:00):
we're you know you don't justreadily see on a website.
Speaker 2 (40:03):
Yeah, If, uh, if you get an investment property
through an email, you'reprobably you're not getting the
best deal on it.
Um, now, granted there, there'ssome out there.
I mean, uh, I would say one.
It depends on how much, uh, howmuch you've got to invest.
You know what, what your goalis If you're trying to make a
(40:24):
living off of it.
Um, I would look at thingswhere you can keep a lot of
capital so you can diversify itinto multiple properties and
generate cash flow.
Um, but then that's.
The other thing is, what areyou trying to get from that
investment?
Do you want a monthly paycheck,that's passive income, um, or
are you looking to park somemoney in a safe investment that
(40:45):
uh is going to grow in equity,that you could borrow against
later down the road or you couldcash in on later down the road?
Um, really first determine whatyour goal is as an investor and
then, uh, and then, once you'vedone that, determine how hands
on you want to be, how hands off.
You know short-term rentals aregreat because there's a ton of
property management companieshere that, uh, you buy the
(41:08):
property, you give them the keysto it and they do everything
for you from photos, listing,cleaning, supply, um, all of it
and you pay them.
You know percentages each month.
But you know you're justcollecting a check, um, or you
can, uh, you can buy one, thatthat you are the property
manager, you can go long-term umrentals where you're, you know,
(41:31):
putting people in there for sixmonths plus and you're managing
that um, whether it may be avalue add, like a fix and flip
um, there's a lot ofopportunities.
But also, I would say, uh, andI'm bad at this, I look at
investment properties here everyday.
I mean, my brain is constantlyspending of new ideas for
investment deals.
(41:52):
Um, but don't be scared to lookat investments outside of your
own market.
Um there's a lot of great returnout there in other cities you
know and um, and there's a lotof.
I mean, you can get connectedwith the right people.
Property management companiesfind a good one, um, and and
don't be scared to pay a littlebit for that, because it'll pay
off in the end.
Uh, if you've got somebodythat's managing your property
(42:15):
well and marketing it well andtaking care of it, um, but it
can be fun to do that.
You know, look at, look atother areas and see what returns
people are generating.
And Now there's a millionpeople sitting out there going
damn, I wish I'd bought in theNashville real estate back in
2010.
Speaker 1 (42:29):
Even, yeah, I'm one of those people up in here for
10 years and I'm like some ofthe houses I looked at when I
first moved here down in areasthat have just exploded like 12
South, and he's Nashville man.
That's one of those things Likeif I could only go back in time
, yeah, I know my, uh, I wish myfolks would have held on to
some of the houses they had umreturns would have been crazy
(42:52):
yeah.
Um, the first house that Ibought uh, winslow, connecticut,
was a farmhouse 1888 farmhouseI bought for $100,000 on a
little farm about an acre, anice stream next to it, a barn,
and me and my dad worked on thatproject together.
So we just did everythinginside the outside um roof, we
(43:16):
did new porches, we did kitchenbathrooms, um age family house,
house, house, house backeverything.
But it was uh, it was a lot offun and I was just out of
college.
But my dad came over on theweekends and I had some
roommates too.
He said let's go and I'd be inbed hungover like still young
partying age, you know.
But man, I cherish those times.
(43:38):
And it was uh a deal that Ifound through like a family
member, a kind of word of mouthtype deal.
Speaker 2 (43:46):
Yeah.
Speaker 1 (43:46):
And it was so much fun though.
Speaker 2 (43:48):
And you lived in the house and I lived in the house,
so that's why it was you know,made sense.
Speaker 1 (43:52):
I lived there, had a couple of buddies on my
roommates, my sister lived withme at 1.2 and um would work on
it throughout the week.
Yeah, but that's obviouslyideal.
But for most people who are inflipping properties, they're
trying to flip that thing asfast and as quick as possible.
You only got a couple months todo it.
Speaker 2 (44:09):
Yeah, they want to get in and out and you know, I
think it depends, like if youcan go in and do it yourself,
that's great, you're going tosave a lot of money, um, but it
takes longer, you know.
So I think, uh, like from aninvestor standpoint it'd be look
at it and see are you trying tojust make as much profit or are
you trying to get your money,your return, back quicker, maybe
(44:32):
lining with with a contractorthat could go in and do that?
Um, but they're fun.
Speaker 1 (44:38):
A fix and flip is fun .
Yeah, I want to find some here.
Speaker 2 (44:41):
Yeah, I know I've I've been looking and there's a
lot of opportunity out there forthem.
Um, but you know it takes timeand that's where I'm at.
It's like what do I want to do?
Do I want to be hands on or doI just?
You know, front the bills Um,but I love your big interior
design guy?
Speaker 1 (45:01):
Yeah, Is that where you're going?
That's.
Speaker 2 (45:03):
I was just about to say, like the design and and the
shaping of a home andrepurposing it.
I, uh, most of my work is isnew construction, which I love,
um, but there's nothing that issexier to me than an older home
that's got a?
Uh, you walk in and it's got agreat modern, contemporary vibe
on the inside.
(45:23):
And kind of pulling that best ofboth worlds and um you get so
much character with some of theolder homes and, uh, I think I
get this from my mother and alot from my brother too, but
they're, they can see a finishedproduct before it's ever there.
And um, and I can do that too,I can, I can look at a space or
(45:46):
a house or even a room, anything, and I can kind of already
envision and visualize whatthat's going to be.
And, um, that's what gets meexcited.
Speaker 1 (45:55):
Yeah, you got a good eye for that.
Yeah, you know what type ofhomes are my favorite
mid-centuries.
Speaker 2 (46:01):
Yeah.
Speaker 1 (46:02):
Yeah, Love a mid-century modern.
Mid-century modern.
Love it.
I don't know it's um, they'resweet.
Speaker 2 (46:09):
I mean, they are, they are.
They are unique.
You think you love them becausethe furniture's back installed.
Yeah, I don't know.
Speaker 1 (46:16):
It's uh, it's got a cool vibe to it, but not I like
modern, but not too modern, andI like the uniqueness.
It is pretty popular.
Speaker 2 (46:26):
Yeah.
Speaker 1 (46:27):
But I mean even the farmhouse that I had.
It had original 10 ceilingsfrom 1888.
Like, what are the chancesyou'd find those anywhere, right
?
Speaker 2 (46:34):
now yeah, you're not.
Speaker 1 (46:35):
You're not.
Speaker 2 (46:36):
Yeah, what um the mid-centuries?
You know we've looked at acouple that are, uh, new
construction mid centuries yeah.
Do you like those as much asyou do?
The older mid-centuries thathave been done?
Do you think they're hitting um?
Speaker 1 (46:55):
I do like those because it's got that modern new
feel to it.
Yeah, Um, there's one we lookedat in East Nashville.
I was like man, I was goingback and forth on it.
Speaker 2 (47:04):
But it's almost.
Speaker 1 (47:05):
It wasn't, yeah, but I was like, is it just because
of furniture in here?
Like, is that one?
I'd want to buy all the stagingthere.
Yeah, so I guess it depends howit's staged too.
Speaker 2 (47:13):
Yeah.
Speaker 1 (47:14):
And how big of a deal is that when you're showing a
new house?
Speaker 2 (47:18):
Oh, I think it's.
Speaker 1 (47:19):
Everything.
Yeah.
As opposed to just walking intoan empty space, you're giving
the clients an actual visual,yeah.
Speaker 2 (47:24):
They can.
They can, you know, see how thebest optimal use is for a space
, See what a bed is going tolook like in there and, um, you
know, a lot of times rooms feelbigger with staging in it, which
is kind of crazy.
Um, that's one of my probablymost nerve wracking moments is
the uh, the moment a client seesa house that's not that that
(47:46):
they've bought, that doesn'thave the staging in it anymore,
and it's like, oh, I hope theystill like it, I hope it you
know, looks the same to them.
But staging is very importantfor sellers.
I mean, if you're not staging ahome, you're not doing
yourselves any better.
Speaker 1 (48:01):
Yeah.
Speaker 2 (48:01):
I mean it costs a couple thousand bucks and it's
worth every penny of it.
I mean even photographs.
I mean and doing content, youknow.
Like how many times have wewalked in a house and didn't
have staging, or it had photosthat had staging in it and it
didn't have it in there.
Like we don't want to do thecontent on that?
Speaker 1 (48:17):
You want it to look like a home?
Speaker 2 (48:18):
Yeah, Um, when you're showing it and so, um, that's a
big part, yeah.
Speaker 1 (48:23):
And that's fun too.
Speaker 2 (48:25):
Yeah, kind of give it its own little feel.
Speaker 1 (48:27):
Yeah, that's exciting .
Speaker 2 (48:29):
Yeah.
Speaker 1 (48:30):
That's a that's exciting market here in
Nashville.
Is there anything you don'tlike about the real estate
business or don't enjoynecessarily every day, maybe,
besides writing contracts?
Speaker 2 (48:40):
Yeah.
Speaker 1 (48:41):
Um the paperwork.
Speaker 2 (48:42):
The paperwork can get to be a lot.
Um, you know, things I don'tlike would be, uh, the
organization that it that itrequires to be effective in this
, this, uh business.
Um, that's not my strong suit,right?
(49:03):
Um, I like to be on the go,working deals, talking to people
, looking at houses.
Um, I lack in email sometimesand correspondence, um, but as
far as don't like any aspect ofit, no, because it's different
every day.
I don't.
I don't do the same thing longenough to not like it.
(49:24):
You know, I'm not going to getburnt out.
Um, are there things I wish Icould do differently in the
market?
Yeah, Maybe so, and likethere's things I need to do
differently and like we'vetalked about it, you know, I
think we're in a good positionright now where we've built up a
good, strong base andfoundation of good clients, that
(49:45):
that we can work with from adevelopment standpoint, and
we've got a great reach to wherewe can bring in new clients.
And, um, you know, I I'd loveto find another piece of this,
this puzzle, that could reallyhelp us.
I want to create.
I think where I struggle is, uh,I get so caught up in the the
deal that I forget aboutcreating the experience for my
(50:09):
clients.
Yeah, and um, just trying to beable to like hone in on that
and really creating somethingthat is not just getting them
what they want but making surethat they have a hell of a time
while they're doing it Right,absolutely, and we've had our
team now for almost two yearsand something you want to grow
eventually as well, get moreteam members on there.
(50:29):
Yeah, We've talked about it.
I mean, I think, um, the rightfit.
You know, I'd love to throwsome money in there now and see
what happens.
Uh, I think, um, I, obviouslyyou with the gym and y'all's
mentality there, and then thispartnership me myself like I
love a team, yeah, I love tohave somebody to bounce ideas
(50:50):
off of and, um work with withanother person and then do that.
I think it's it's fun for us.
It's good and it keeps usengaged as well.
You know when somebody else isleaning on you for some support
or or anything.
I mean it keeps you a part ofit when you may not have a ton
of business going on.
Speaker 1 (51:08):
Right, um, yeah, pro Zagans teams, and there's some
people who just want to work ontheir own and spend for
themselves, but being a on ateam is always fun.
You can always count on one.
Another.
Final four, last segment here,and the one thing's top four
places to live, to move to inNashville Tennessee If you're
(51:31):
out of states.
So we're talking likeneighborhoods.
Yeah, let's go.
Neighborhoods of NashvilleTennessee.
Rank them from four to one.
Speaker 2 (51:39):
Do I get a price range Like what's my budget?
Speaker 1 (51:42):
Nope, no price range.
Oh if you came in with amillion dollars.
Speaker 2 (51:50):
I had a million dollars to spend.
Speaker 1 (51:52):
Yeah.
Speaker 2 (51:52):
Okay, just me.
No family, no, nothing, yeah,whatever you want.
Speaker 1 (51:57):
No Four.
Speaker 2 (51:59):
Number four, million bucks, would probably be.
Oh, I would say, oh, I got amillion bucks.
Number four would be thenations.
Okay, yeah, yeah, you can getin there new for nine to nine,
fifties, eight, 50 on some ofthem.
Um, I like that area.
Speaker 1 (52:21):
Yeah, I had that, uh on my list as well.
The nations it's about lessthan a 10 minute drive from
downtown.
It's this cute neighborhoods,uh, younger population
demographic yeah.
You see everybody walking theirdogs, uh, out on the streets.
Speaker 2 (52:40):
There's some new restaurants there, breweries and
you're close to West Mead, ifyou need or West Nashville.
If you need to get out there,you can jump into Sylvan Park.
Um, you got I mean, yeah, thenations is a great spot, right,
and uh, it's got some goodoptions.
Number three I just want to seeif our number one's going to be
the same.
Number three would be uh, justnext door would be Charlotte
(53:04):
Park, which is a little bitfurther West.
I guess you'd say downCharlotte, um, but you get a
little bit more neighborhoodyard.
Feel to me a little bit biggerof a home.
Some of them aren't.
Um, you know the nations hasgot a lot of uh of your HPRs.
Your some call them tall andskinnies, which I don't really
(53:26):
love.
Speaker 1 (53:26):
But yeah what they are.
Speaker 2 (53:28):
Yeah, Um, Charlotte Park.
You can get a little bit moreof a traditional style home
there.
Speaker 1 (53:33):
Gotcha.
Number three I'm going withWedgwood Houston.
Wedgwood Houston is just southof downtown.
It's actually where we'reputting the new BC gym, so it
might be a little biased there,but it is a another neighborhood
that's.
That's a growing youngerdemographic.
Again, a lot of restaurants and, uh, things to do.
(53:53):
Short drive to everything.
Speaker 2 (53:55):
Yeah, yeah, Number two Number two, million dollars,
is going to be tough, but I'mgoing to say green hills.
I'm going to say Sylvan Park.
Speaker 1 (54:07):
Okay.
Speaker 2 (54:08):
I love Sylvan Park.
Um, you've got McCabe golfcourse, the walking trail right
there.
Um, my favorite restaurant,cafe Nona, small Italian joints
and, uh, in there Neighbors barand grill, is just um, and I've
done a lot of business there.
That's where I saw my firstever house.
Um, it holds a special place tome, but a million dollars I
(54:31):
don't, it'd be stretching it, itwould be stretching it.
Speaker 1 (54:34):
Yeah, um, my number two.
I want to say I was going to gooutside of Nashville and say
Franklin, but that's not aneighborhood in Nashville,
that's like 30, 40 minutes fromNashville.
Yeah, there's just beautifulproperties out there, like some
really nice piece of oldhistoric homes.
Speaker 2 (54:51):
I mean it's great, A lot of the States yeah.
Speaker 1 (54:53):
Yep.
So uh wonder, if you're goingto say 12 South, your number one
.
No, I'll go number two, I'll goWest Mead, west Mead, nashville
, a great neighborhood.
Again, I'm somebody even thoughI mentioned the other two
neighborhoods being close toeverything.
(55:13):
I also like to be a little bitaway from everything and have
some privacy, some land, andWest Mead offers that.
Right near the interstate,short drive to downtown, you can
make it there in about 14minutes every morning If you're
going to work and I love the bigyards you get.
It's one of the fewneighborhoods left in Nashville.
You know that creve hall, Ithink, are some of the only
(55:38):
houses you can get now that haveabout an acre of property.
Speaker 2 (55:41):
You got.
I mean, it's gorgeous ridingthrough West Mead.
You know some of the homes arebuilt now.
They're ridiculous and crazyand but they're beautiful and
you've got the mature trees andit's a well-matured neighborhood
.
You know it looks like a reallystrong neighborhood.
Speaker 1 (55:57):
Yeah.
Um number one.
Here we go, number one.
Speaker 2 (56:02):
Wedgwood, houston, wow.
Speaker 1 (56:04):
Wedgwood, all right.
Speaker 2 (56:05):
I've lived there before.
I love it.
I just there's something aboutthat neighborhood that I love.
I think the demographics greatthere.
I think you've got some goodrestaurants, a couple of cool
little bars right there, got agreat gym.
Coming to the neighborhood.
It's close to everything and Ilove uh, you don't live in
Nashville.
You may not understand this,but it's on the East side of 65
(56:29):
and Wedgwood, which means youdon't have to fight the traffic
at Wedgwood and eight and um.
It's easy access.
Whether you want to go north orsouth, you can be downtown in a
couple of minutes, um close togrocery stores.
Speaker 1 (56:42):
Best pizza joint in town Dices.
Speaker 2 (56:43):
Dices is awesome.
Yeah, you can go to E Rose andget you a.
Speaker 1 (56:46):
BC Bowl.
If you want to be a Soho member, so right there, right there.
Speaker 2 (56:52):
Um, there's a lot going on.
I wish they would fix the onstreet parking issue Right.
That can get a littlefrustrating, but, uh, I think,
uh, I think that neighborhood isgoing to see a lot of growth in
the next, um, probably three tofive years.
I already know.
When I lived there in 2017 or18, I guess it was and was
(57:18):
renting um, the guy offered tosell me the house for 425.
And I said no, um, because Iwas an uneducated first time
home buyer.
I should have reached out tosomebody who knew what they were
doing.
Um, but, uh, two years ago,that same house sold for 775.
Speaker 1 (57:38):
Yeah.
Speaker 2 (57:39):
Yeah, whoops, I missed out.
Yeah, and now it costs me 850to get that out.
Speaker 1 (57:44):
Yeah, as wild.
Yeah, all right, my number oneI am going with just next to
Westmead, I'm going Belmead.
Now, a million dollars mightnot go very far.
Speaker 2 (57:56):
What house are you renting?
Yeah.
Speaker 1 (57:58):
But Belmead is very similar to Westmead.
They're obviously right next toone another Historic Belmead is
what they call it and thoseneighborhoods are just gorgeous.
Speaker 2 (58:07):
Oh, it's incredible Gorgeous.
I mean there's nothing, you gotto do it.
You got to turn on BelmeadBoulevard.
Speaker 1 (58:15):
Right there, yes.
Speaker 2 (58:16):
During Christmas time .
See the country club on yourright.
You're looking straight at thesteps of Percy priests.
Speaker 1 (58:22):
I mean it is gorgeous , yeah, All their homes
beautiful mansions, yeah, themature trees.
Um, that's a nice place to live.
Yeah, maybe one day.
Speaker 2 (58:34):
If you had to pick one neighborhood outside of the
urban core, outside of Nashvillesuburban area, what would you
pick?
Speaker 1 (58:43):
Hendersonville, old Hickory, that'd be a top one for
me, old.
Hickory's got the water.
I had a house out there andnice golf courses out there,
yeah, so it's a short drive.
It's also developing more.
Yeah, I'd say probably OldHickory, yeah that's a good area
.
Speaker 2 (59:02):
That'd be.
That'd be right up there for me.
I may would go Brentwood.
It's a little bit more.
You're a.
Speaker 1 (59:08):
Brentwood guy.
Speaker 2 (59:08):
Yeah, I live down there for a little bit and uh,
great school system, um, you'regetting a lot of new
construction out there.
That's kind of uh, given it alittle bit more.
Uh, it got a little old downthere for me.
You know Brentwood blew up inthe nineties, a little bit
before that.
Um, but Bellevue, if you wantedan area that was going to see
some growth.
I think, uh, I think Bellevue,but you'll have to look at two
(59:32):
If I went to Brentwood.
Speaker 1 (59:33):
I don't want to be in the governor's in the
governor's club.
Yeah, yeah, that's his uh,insane neighborhood.
Super fancy they have a golfcourse private neighborhood.
That's for all those big shotsin Nashville A little, I think.
Yeah, the governor's club.
Speaker 2 (59:49):
Well, if we're going to do that, I'm headed down to
Truthable yeah, all right.
Speaker 1 (59:53):
Well, there you have it.
Um, if you guys have any realestate questions, feel free to
ask us.
Check out our Instagram page,bghometeam.
We'll get K-thibs informationthere.
My information love to help youout with anything.
Whether you're looking to buy,invest, sell here in the
Nashville area, let us knowCaleb Gainlund.
Thank you for joining us on Inthe Booth.
Thank you, team on three.
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