New investor in Nashville, where should I start?

[Keri Potter]

I'm ready to purchase my first investment and live in Nashville, but not sure how best to start.  I have a pretty good chunk of cash to invest but relatively low monthly income.  Trying to figure out what the best start would be and what would be a good next step after that.  Should I buy a duplex that needs fixing and live in half?  Should I buy a single family with cash that is rental ready further out of town? Should I buy in Chattanooga where I could buy with cash and have higher cash flow?  Should I flip to get more cash to work with? Something else??  Thank you for sharing your wisdom and experience!

[Sean Wilson]

Hey Keri, 

As for how to start, that is really up to you and your intended long-term/exit strategy.  The one caution I will give you is that there is so much demand for multi-family properties in Nashville right now, that the cash flow numbers aren't nearly as appealing as they used to be.  If that is the route you want to go, find a few potential properties and run some number on them.  If you have any questions on them, throw the numbers to Bigger Pockets and get some additional opinions.

If you want some more feedback, try posting this in the local Nashville forum.

Hope that helps,

Sean