MTR Townhome in Nashville

[Kane Waterbury]

Investment Info:

Townhouse buy & hold investment.

Purchase price: $199,900
Cash invested: $15,000

We bought our first property to live-in flip (cosmetic update really) near the airport before looking for another property around the 1-2 year mark.

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

My girlfriend and I wanted a place to live in for a year or two while renting out the extra bedroom to a friend. We knew we wanted to buy in a closer to work part of town later & rent this unit.

How did you find this deal and how did you negotiate it?

We bought this during the peak craziness of Nashville home buying - so we submitted an over asking offer with an escalation clause up to $210,000.

How did you finance this deal?

FHA loan w/ 3.5% down.

How did you add value to the deal?

All new tile flooring on the 1st floor, updated hall bathroom, painted everywhere, new light/fan fixtures, took out builder grade kitchen island with one a lot nicer, new windows, & added some Nashville touches to the place.

What was the outcome?

We rented out our guest room to a friend who paid a little over half our mortgage when we first purchased. Now we MTR to travel nurses / anyone looking for 30+ days in a furnished unit in Nashville since September of 2022 (so far we have had 3 tenants with 2 days of vacancies!)

Lessons learned? Challenges?

For this being our first property, we were thankful to be in a cheaper HOA neighborhood who takes care of all trash, has a pool, and does all exterior maintenance / lawn care - that has made the management portion of this one super easy.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

We have a loan officer, Roman Rodriguez at Northpointe bank who has helped my fiancé's family with multiple deals & he was great to work with on ours.