Where to invest? TN market is too hot!
Trying to find a good market for rentals. I live in Nashville. Great flip market but not great for rentals. I bought one property in Memphis but even there competition is now fierce and for me as a person using financing it’s almost to find even off market properties. Then there’s East TN. Too hot! Higher price point than I’m looking for! Where are you guys investing that has a lower price point, a place where those using community banks are successful? Preferably in TN or a neighboring state! Also if you can suggest community banks that finance rehab as well in the area you suggest that would be great! Thanks much
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@Marco Morkous - have you considered house hacking in Nashville? The house hack in a hot market is definitely best bang for your investment buck in terms of monthly net worth gain - for a variety of reasons (appreciation, leverage, interest rate, out of pocket $)
Understand that the cash flow might not be there - but it's very unlikely that you'll increase your net worth 6 figures from a cash flowing property in meh market in a couple of years. I'll bet you could do that in Nashville if you bought right with and FHA loan. Just something to think about.
I took that approach in Austin in 2017 and it has worked out very well. And if I wanted to I could sell and buy 3-4 cash flowing properties today. Not bad for $10K out of pocket to start out with.