All Forum Posts by: Audrey Parzyk

Hi all

I'm relocating to Nashville in the next few months and hoping to find a multifamily to live in one unit and rent out the other(s). Any suggestions on good areas? I want to be in a safe area and no farther than 30 minutes from the downtown.

@David Rushton if you're looking for cash flow that will be hard to get in Lincoln Park. I would suggest looking in more up and coming neighborhoods that are close to the train. Those areas still attract young professionals and will get more cash flow.

Hi David

The area you choose depends on what your goals are. If you want to do a fixer upper and will be doing the work yourself, something close to where you live will definitely lower your stress and give you more time to work instead of commuting. You also need to consider what type of tenant class you want to focus on. For example, if you want to rent to families then you would probably want a neighborhood with high ranking schools. 

I always give the appraiser a folder with comps that are the same price or higher. They have always appreciated this as it saves them time. This is especially important if they do not focus in the area you're in since home values change block to block. I also like to leave the home staged. Just like when doing a showing, you want the home to look its best. 

Welcome @Patryk Swietek! Feel free to reach out if you have any real estate questions. That's awesome that you are getting started so young!

I personally like to use the MLS, but I am sure other websites where landlords can post their rentals would give you that info as well.

All of the things you mentioned are important to look at. I also like to look at other properties that have recently rented. Then you can find the average amount of days a similar property takes to rent in the area. 

Welcome @Chris Gundersen! I am also in the process of acquiring rentals in the burbs. Feel free to reach out if you would like to connect.

@Anthony Gayden it never hurts to ask. Even if you did agree to buy it as is, you were not aware of those specific problems. The seller may be motivated to give you credit because they don't want you to walk away from the deal and cause them to start the selling process all over again. You just need to decide if a few grand is worth walking away from the deal.

I work a lot in Arlington Heights/Mt Prospect area and there are definitely condos that could be good opportunities. If you would like to be set up with a MLS search I would be happy to help out. You may also want to look at HUD properties on hud.gov. With foreclosed condos you need to be aware of unpaid assessments because that could potentially add a lot to your initial costs.