Nashville, TN · Member since 2017 · 12 posts · 6 votes
Looking to get into real estate investing in Nashville, TN. I'm bran new to this and trying to educate myself prior to doing my first deal. Those of you investing in this market, what real estate investment strategies have you used and what is working in this area? I'm kind of leaning toward flipping or renting a single family but am open to suggestions. What advice would you give a newbie starting out in such a hot market?
New construction is working well, rehabbing is also working well.
Single family residential is a little tough at the moment with the amount of appreciation going on in the city. It's tough to find a good cashflow deal. Not impossible, just tough. If you're really looking to do rentals, I'd recommend either sending out a ton of mail or looking in the submarkets.
My advice would be to network as much as you possibly can. Find a mentor to help you while you are getting started. Learn about direct mail!
New construction is working well, rehabbing is also working well.
Single family residential is a little tough at the moment with the amount of appreciation going on in the city. It's tough to find a good cashflow deal. Not impossible, just tough. If you're really looking to do rentals, I'd recommend either sending out a ton of mail or looking in the submarkets.
My advice would be to network as much as you possibly can. Find a mentor to help you while you are getting started. Learn about direct mail!
I hear on the BP podcast about people buying properties from a distance. Is this a bad strategy for someone just getting into it? I've had a handful of people tell me I need to live in Nashville for 6 months-1year to get a better feel for the market, neighborhoods, and school districts. My line of thinking was to purchase a single family with an FHA loan or something of the like. I would plan to live in it for the designated amount of time, during which I would make renovations to the property and then turn around and sell it or rent it. I'm leaning this way because I need a primary residence when I move to Nashville anyways and I feel like if I rent for 6 months to a year I'm throwing that money away. @Luka Milicevic when you say "submarkets" are you referring to suburbs or nearby cities? My only hesitation in looking too far outside of Nashville is that I have to live within a 30 min call time to the hospital I'll be working at so my previous mentioned plan may not work depending on the locations of the submarkets.
@Devan Mcclish If you are referring to something I said, please clarify. Like I said, I'm completely new to this and trying to learn as much as I can prior to jumping into it.
@Erin Wilging - Buying and managing properties from distance is not bad but challenging. The key to success is boots on ground, your plan to stay for certain period would enhance your chances. Read the following link and connect to OP for first hand information.
@Erin Wilging
Submarkets in this instance would refer to areas within the city that are distinct from one another in many respects (economics, schools, crime). For example a downtown area with a large financial services presence would have luxury high rise apartments and high income residents whereas uptown an area with a large industrial base would have low to moderate income residents and lower quality, lower priced housing.
@Erin Wilging, which hospital will you be working at, and will you be doing 12-hr shifts or regular 9-5? This affects your commute time tremendously. I'd look for properties that fit your drive time expectations, in addition to your other criteria. If you have someone local that understands your needs, and you don't mind viewing properties remotely, then it's a workable situation.
@Erin Wilging I would suggest doing a flip first to gain some more capital. Then do a buy and hold, to get a constant flow coming in. Something my family did when we first got into the Real Estate game we flipped our first 2 then bought a rental. Rented it out for 3 years sold it flipped another and rented our next one.
@Brian Bandas I will not have moved to Nashville yet but thanks for invite! Hopefully more of these will go on in the future and I'll be able to make it once I move down. Keep me in mind for future events.