First property advice

[Brendan Jones]

I am very new to learning about real estate and am looking for advice on my first home and how I can best use it to help offset my mortgage and generate cash flow. My fiance and I are in a unique situation as I play baseball professionally, and she works online and plans to live with me during my season. The baseball season lasts 6-7 months, and I am given free housing during this time, wherever I am currently assigned to play. Our current plan is to purchase our first home and live in it for 2-4 years before moving to a new home and using this first property as a rental, so my fiance and I are currently in the market for a home that we could use as our residence during the offseason and then use as a short term rental or something like that while we are away for 6-7 months. We are wondering what would be the best option to do with the property during this 6-7 month period, whether that be Airbnb or what other short term rental options might there be that could make more sense? We are also wondering whether it would be better to try and find something located closer to Nashville within 5-15 minutes that may not be as nice of a home or property for our budget or find something that is around 20-30 minutes from Nashville in the White House Tn area, but a nicer home within our budget. We did not know if our proximity to Nashville would be more important because of the fact that we would be doing a short-term rental with the property for half of the year and then using the property exclusively as a rental in a few years? Would love to hear any thoughts, advice, and input!

[Melissa Justice]

Hello @Brendan Jones

It sounds like you have a great opportunity with your unique situation. Here’s some advice to consider for your first home and cash flow strategy:

Using your property as a short-term rental during the baseball season is a smart idea. Airbnb and VRBO are popular platforms, and corporate rentals or mid-term rentals like on Furnished Finder could also be an option depending on demand. Proximity to Nashville is key—properties within 5-15 minutes of the city tend to attract more guests, but a nicer home 20-30 minutes away could provide more value in the long run.

Make sure to research short-term rental rates in both areas to determine which offers the best return. A property closer to Nashville could generate higher nightly rates but might come with higher costs. You can look that data up on AirDNA.

Once you move, turning the home into a long-term rental could offer stable income. The White House area might appeal to families or professionals wanting to live near Nashville at a lower cost.

If you're open to exploring other markets, Memphis, TN also offers strong rental investment opportunities. With affordable property prices and a growing rental market, it can be a great option for long-term cash flow.

If maximizing short-term rental income is your priority, a home closer to Nashville could be worth the extra cost. If you prefer a nicer home with future equity growth, White House might be the better choice. Ensure that the cash flow from short-term rentals will cover your expenses.

Ultimately, it depends on balancing location, property condition, and cash flow goals. If you're aiming for short-term rental income, Nashville’s proximity is important. If you prefer long-term stability and future appreciation, White House may suit you better. Additionally, don’t overlook Memphis, which has great potential for rental investments as well. Do some research into both areas to see which aligns best with your financial goals.

Good luck, and feel free to reach out if you need more help!

Best,

Melissa

Investment Strategist at Rent To Retirement