Nashville HPRs - Croley, Charlotte Park, Nations

[Allison Littman]

Hey Nashville area,

I recently moved back to middle TN from the San Francisco area. I already own a rental property in North Nashville (single family home 3bd/2ba) that I'm renting out, but I am currently looking for a primary residence in west Nashville (Croley Wood, Charlotte Park, or even Nations) based on proximity to my office in Belle Meade.

Obviously, I have missed the boat in these areas and prices are inflated. However, I do not expect prices to decrease in the next 2 years, so I would like to purchase in spite of the market being so hot. If I can find an HPR (tall-and-skinny) 3BD/2BA, I plan on renting out 1 or 2 of the bedrooms, so my mortgage will still be significantly less than renting. I am targeting a new build based on its marketability if I decide to go the AirBnB route, although otherwise I am not opposed to an older ranch.

I work as a Project Manager for a custom (very high end) builder in the area, so I have a relatively strong network of subs for work I need to put into a property. 

Finally, to my question: If I consider my access to subs one of my purchasing advantages, will a spec HPR builder in the area consider selling off just 1 of their 2 homes on a lot before completion? I would like to purchase after drywall is done and build-out finishes myself.

The HPRs on the market in these areas (and there are quite a few right now) tend to list only one on the MLS and the other one sits until the first sells. It seems like a builder could be motivated to get one off their books and focus energy on marketing and selling the remaining one once construction is complete. I'm not looking for a smoking deal (not going to happen in these areas/markets), just a way to get creative to save a marginal amount of money and install finishings I actually like.

Any thoughts? I know very little about the HPR strategy, margins, carrying costs, etc. Any creative ideas are very much welcome.