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Updated 19 minutes ago on . Most recent reply

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Hailey Peterson
  • Nashville, TN
4
Votes |
15
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1st Property Indecision: Washington State vs TN

Hailey Peterson
  • Nashville, TN
Posted

Hello! I'm having a very hard time getting out of this analysis paralysis regarding where to invest for my first Long Term Rental investment property (Buy and Hold intention). I'm originally from WA state, but living in Nashville since 2016. My preference would be to invest in Washington (with the hopes that we will eventually end up back there), as appreciation and demand is great...but with that, there is of course a greater barrier to entry and would require significant more capital. I am also looking at Chattanooga/ Nashville, which would be much easier to get into sooner with the current inventory and prices, and has the benefit of being local. 

If you were me, would you take the easier route of initially purchasing in Chattanooga to get going, or invest more up front to get a highly appreciating property in Washington, knowing that the cash flow won't be as great (or maybe even breaking even for a few years) and I will need to save more significantly for additional properties thereafter.

I really appreciate any insight here, as I'm driving myself crazy! Thank you so much.

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Laura Navaquin
  • Investor
4
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8
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Laura Navaquin
  • Investor
Replied

Hi Hailey, 

So, my husband and I invest in 6 states, and WA is NOT one of the 6, however I would recommend starting with TN. 

First off, we do invest in TN and TN doesn't have state income tax which is an advantage, but as well in landlord friendly. WA is NOT landlord friendly which could make investing challenging depending on your strategy. 

We as well invest in NY, which as well is NOT landlord friendly and it works for us, as all of our investment properties in NY are either STR'd or made into a business, such as an event venue. I personally wouldn't want a long-term rental in NY state in the event of needing an eviction, etc and the state not being landlord friendly.

Hope to be of help. Please feel free to reach out with any questions, etc. 

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