Buying a Duplex to house hack

[Jeff Prather]

I'm just starting out. I'm in Nashville and am interested in buy and hold small multi-family. Ideally I'd buy a duplex, live in one unit and rent the other to cover my living expenses. I'm keeping my 9-5. To put it honestly, I'm picky about the place I live in terms of location and living in a decently nice place - doesn't have to be luxury but not run down. Regarding location, I'd live in any of the nearby neighborhoods like 12 south, Greenhills, 8th & Wedgewood, and maybe as far out as Brentwood. If I could successfully cover my living expenses while the other unit is rented, I wouldn't be too hurt by occasional vacancy as I currently pay $1,700 in rent monthly. Is the purchase price in these areas cost prohibitive to employing the strategy? 

What else would y'all need to know to help me?

Would it make sense to pivot and just go for single family or small multifamily in more affordable areas and just keep my present living situation?

[Cody Holbrook]

@Jeff Prather "Is the purchase price in these areas cost prohibitive to employing the strategy?" Yes. Unless you find deals not listed on the MLS. Good luck. The areas you listed are some of the most competitive in Nashville. The people who already have deep and extensive connections snap up anything like that before you even know it exists. You would need to network to make connections with investors, real estate agents, lawyers, etc., get on wholesalers' buyers lists, and/or market to potential sellers yourself.

"Would it make sense to pivot and just go for single family or small multifamily in more affordable areas and just keep my present living situation?"  It would be easier.  You could definitely find a multifamily in a more affordable area and live in one unit, paying down the principal instead of paying $1700/mo. you'll never see again.