Closed On My First Project In Tennessee!

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Belle Meade, Nashville, TN

The last (stressful) week before closing, everything came together – the financing, insurance, title company documents – and made for a very smooth closing.

After brunching with the Nashville lender at his country club the week before last, I felt like it was the proper Southern thing to do to go with the local guy (even though he was 5% more/year); luckily, he also decided to go with me! He required less money down, and I felt like we would have a good working relationship after getting to know him personally. Maybe his rates will decrease after I dazzle him with an on-budget, on-time project. I think this is important because it’s always hard when you have a bean-counter type just number crunching without an understanding of construction. Usually, it is a lot more difficult to submit invoices (draw requests) to get paid and pay your contractors, because they will want a lot more paperwork and proof, which is time consuming and can cause delays.

The day of close I went to the Building Department to apply for the interior remodel permit. A complete night-to-day comparison to California: I filled out a 1 sheet form and emailed it to the inspector. I didn’t have a way to pay him electronically, so he offered to give me the permit and have me drop it off later! It was less than $1,000! I had to stop myself from hugging the guy.

In California, a similar permit would have taken 4+ weeks to receive and taken me 5+ hours to submit in a florescent light lit room, with numbers called out over a blaring microphone like at DMV. And, it would have likely cost over $15,000. Basically, I am beyond excited about doing real estate in the South.

I had my contractor on site the day after we closed, beginning demolition. Here are the official before photos of the project.

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