I can afford to buy, but don’t want to stay in Nashville.

[Dasia Washington]

I’ve come into around 40k recently and had already saved up 20k for a down payment with the intention to house hack and then eventually rent out or Airbnb.

But with this new role, I am fully remote meaning I can live and work any where and realize that I don’t want to stay in Nashville. I personally want to be in a less conservative more diverse environment for my primary residence but definitely recognize the value of owning property here.

I know it’s a great market for rentals.

Is it better to buy my first rental here while I can or buy wherever I eventually end up?

The short list right now is Phoenix, Denver or back to Vegas.

[Jeff White]

@Dasia Washington Hi, I will vouch for Denver, it is probably just as competitive as Nashville, if not more right now.  I would choose a place you want to live and house hack in that location.  It is much easier to manage a rental when you live there or live in the same state vs. dealing with property managers 2000+ miles away. 

If you like great weather with all 4 seasons, lots of outdoor activities and beer, proximity to the mountains, growing city, Denver is the place to be!

There are lots of people house hacking here, and even in this market, house hacking still works. 

The best cash flowing strategy is finding a 5+ bedroom 3+ bathroom single family house and renting by the room, but that is also for people that don't mind giving up a little privacy to cash flow the most.  This strategy you will live for free and make money while living there.

The next strategy is finding a house with a basement/mother-in-law apartment, living upstairs and either renting the rooms upstairs and Airbnbing downstairs or living upstairs and Airbnbing downstairs. Both strategies work great, and you will probably live for free.

The third strategy is to buy a traditional multifamily and live in one unit and rent out the others, but Denver's multifamily inventory is very small and most of them need 30k+ of work.