All Forum Posts by: Hollie Parrish

I'm a Nashville resident, and I'm hoping to buy my first home and house hack in the next year or so. I'm open to both long term and short term rentals, but am leaning short term rental because it seems more lucrative. Ideally, I would buy either a multi-family home or a single family home that could easily be hacked for STR (has a basement, etc.). I have some cash and also have a relative who is interested in investing with me. However, my resources are somewhat limited, so I am looking for something around $400k or lower. I know the 400k budget is limiting in Nashville, but I am not picky about where I live or what the house looks like, as long as I can make the numbers work.

I'd love to connect with someone who has undergone this process before or has some experience with STR or LTR in Nashville. I am a little confused as to which neighborhoods I should zero in on, what I can charge for rent (airbnb or otherwise), anticipated vacancy rate, etc. Because I live in Nashville, I have a general idea as to which neighborhoods would be attractive to renters, but am overwhelmed. Also, how do I find renter data (vacancy/prices to charge)? I know Zillow and similar sites can be used for LTR info and I imagine there are airbnb data sites, but am curious as to what people use re: data. 

I'm a new lawyer (graduated from 2019). In typical lawyer fashion, the most accurate answer to your question is "it depends" (sorry lol). 

If you truly do not think you will be happy as a lawyer, you should drop out. However, unless you have a lot of resources/savings, are independently wealthy, or have connections in the real estate industry, you most likely will not be able to transition immediately from law school to a career in real estate.  A "day job" that provides income, health insurance, a 401k, etc. will be invaluable. Law does not have to provide that day job, but you should have some backup option. If you are attending law school for free (or cheaply (via scholarship or family) and think practicing law could be an enjoyable day job until you have the ability to invest in real estate full time, completing law school may be the option for you. Otherwise, I would drop out of law school, but find some other full time gig to support yourself.