House Hacking w/ Single Family Home in Nashville, TN

[Austin Pond]

Hey all. Thanks in advance if you take the time to read this and help me out. I live in Nashville - currently rent a 1bd apt for $1800 down town. My lease is up in October and hoping to utilize my VA loan so I don't have to renew my lease. First time homebuyer, wanting to house hack a single family home. Currently preapproved for $400k but want to stay under $350k if at all possible. Primarily looking in East but open to just about anywhere. Any advise to get the ball rolling and lock something in soon? Outside of reading set for life I don't really have any exposure to real estate or house hacking.

[Cole Bossert]

Since you’re new to real estate and house hacking, my biggest piece of advice would be to get super clear on the numbers before making any decisions. Run the numbers on potential rental income and make sure you’re comfortable with the property’s cash flow after covering your mortgage, taxes, insurance, and any maintenance. A great tool for this is the BiggerPockets Rental Property Calculator. 

As far as VA loan specifics, remember that you can use it for a multi-family property (up to four units) as long as you live in one of the units. If you find a duplex, triplex, or four-plex, you could rent out the other units to significantly offset your mortgage.