Slow and Steady - 1 bed/1bath Condos in Hot Spot Cities

[Stephanie Ro]

I haven't bought a property yet (very nervous, but it will pass after getting more educated). I rented a 1 bed/1 bath in Las Vegas. It was a small space, but in a great spot. Since duplexes aren't easy to find, I was thinking about buying a 1b/1b in a popular city, Nashville, TN specifically. I'm overseas, but just hopping around on Redfin. (Not going to buy until I get back to the States). Slow and steady is how I'd like to go. 
There are a few inexpensive 1b/1b in nice neighborhoods that are old, but turn key. Several were $85k-$100k. They actually looked nice. Surely, I can fix up and rent out to someone who will likely rent out b/c Nash is such a hot spot much like Austin (Texas property taxes are high though). Even if it weren't TN, wouldn't this be a "safer" way to go to slowly build cash? Find the highly sought after cities? Even 2 beds 1 bath (or 2).
(I would go through a property manager in an HOA by the way. I like safety nets when starting out. I would also consider 2-3 bed house but don't want to deal with having to fill rooms. Also - want something less expensive to start.

[Michael Dumler]

@Stephanie Ro I think you're on the right track. Many investors start their portfolio with turn key properties for the simplicity and overall ease of the first deal. It's also a plus that you have identified your target market, Nashville, property type, SFH 1-2 bed/1-2 bath, and budeget, 85-100k. I would take action and start developing your core four (agent, lender, pm, contractor). Continue to network here on BP to assemble your team and other investors will proivide more insight on the market, and what's working for them. Last thing to note, be careful with HOA communities, many have rental restirctions that could therefore limit your investment strategy. Hope this helps.