Updated about 5 years ago on . Most recent reply
Introduction and Outlook - Nashville to 30A
Hello everyone!
Lots to say and lots to figure out still, but I've got to start somewhere.
First: my wife and I are looking to get some more real estate deals and grow a portfolio of some strong, income generating properties.
More specifically, we have a goal to find, purchase, and manage a single family or duplex that generates approximately $100 per month in net income. Purchase within the next 12 months.
We have an additional goal of scaling that to generating $5,000 per month in the next 7 years. And $10,000 per month in 10 years.
Now some background:
My wife and I first purchased a vacation rental on 30A in June of 2018. We had a few property management companies, and were certainly not involved enough on the property management-side. We were living and working in Nashville, TN, and having the vacation rental 6 hours away meant we were a little less involved in the day-to-day. Lesson learned. IMO, property managers should be partners in your investment. Not necessarily in the legal sense, but in terms of conducting business and generating income.
We purchased on 30A for several reasons: it's a vacation spot we love visiting; we got in while prices were still affordable; we wanted to invest in real estate; friends and family in the area; eventually we wanted to move to 30A.
Well fast forward to the end of 2019: we had a pipe burst on an outside hose in November. That was the catalyst for us to decide to make our move. We were ready. We had the damage fixed, cleaned up the basement and garage where stuff had gotten wet. We decided to list the house for sale in February and were going to wait until March to put it on the MLS. Thankfully, we listed right around February 17 and beat the wave of 2020 pandemic.
It was definitely concerning with the way February and March developed, but we ended up accepting an offer. It wasn't super-smooth, but we ended up closing in May with one week of rent from the buyers.
My wife and I decided to move into our rental on 30A especially since there was a ban on short-term rentals until the end of May. At the time, it was undetermined how long or how much of an impact the short-term rental ban would have on our investment.
We were able to refinance our property while we lived here, and are on track to purchase a new primary.
We are committed to the 30A area, and love to call it our home! We are looking forward to some great real estate investment opportunities. We plan to purchase another investment here on 30A, and then start looking to multi-family and multi-unit properties.
My ultimately goal is to get into real estate development. Together, our goal is to amass a huge real estate empire!
Most Popular Reply
@David A Lisowski
Welcome to 30a. I can't think of a single person who ever regretted moving to the area. You may get caught in traffic but that is just the price you pay to live where everyone vacations!
Lately, the market has been WILD here, much like elsewhere.