First experience getting into real estate

[Scott Garvin]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $311,000
Cash invested: $62,000

Covid made me realize that you cannot just rely on a single stream of income. After our pay reductions and cuts at my FT, I decided to start getting into real estate.

The market in Tennesse was rapidly growing pre-covid, and with large companies moving into the metro I realized the opportunity in the outskirts of Nashville and surrounding cities.

My primary focus was on class A props for longevity and stable rents, so after a thorough analysis of rents and property costs, I dove in.

What made you interested in investing in this type of deal?

High growth around metro Nashville, anticipated growth trickling into surrounding neighborhoods.

How did you finance this deal?

Traditional

Lessons learned? Challenges?

This was my first property. Approached it initially thinking I would self-manage the prop. Realized that it would be another full-time job so hired prop managers to manage for me. Also, recognize that you have to do a rental analysis and DON'T just rely on the prop manager's suggestion. Ended up getting it rented out for 200/mo higher than their recommendation.