All Forum Posts by: Joseph High

@Alessandra Verbena

 How broad is your asset criteria? Are you exclusively looking for commercial and multi-family properties or are you looking at residential as well?

@Kacie Benson I hear you on that one! I'm currently looking at house hacking in Nashville and it's difficult, but not impossible to find a house that is desirable, but there is some margin if things go sideways. 

@Luka Milicevic

Anyone specifically from that brokerage you would recommend? 

I work for a private real estate firm in Nashville and we are looking at acquiring multi-family units in the following submarkets: Chattanooga, Clarksville, Huntsville, & Knoxville. What brokers would y'all recommend for those areas? Looking forward to connecting! 

@Kurt K.

Glad to hear that you're ready to get started on your journey of financial freedom!

I am live in East Nashville as well and am a Realtor/Investment Analyst for a property management firm here in Nashville. Those are great numbers to be shooting for, but that is on the higher side of returns for the Nashville area. The Nashville average CoC Return is 6%, so if you're above that, you're getting a good deal.

I've looked a purchasing a duplex myself, and most of the duplexes I've seen wouldn't cover the mortgage if you were only renting out the other unit. However, I've seen properties that are above that 6% mark, but they go so fast! 

Come 2022, new permits for AirBnbs in residentially zoned areas will no longer be issued. 

@David Anaya

When it comes to out of state investing, what specifically are you looking for? Tips in general or advice on investing specifically in Nashville as a California investor? 

For multi-family units that hit the 1% or 1.5% mark, those are going to be tough to find in the country, and Nashville is no different. The National average cap rate for multi-family properties was 5.5% while Nashville's average was 6%. 

If you really want to hit that 1-1.5% rule, you're probably going to have to look at the broader Middle TN area rather than Nashville. 

For the Greater Nashville area, I would recommend looking outside of the Downtown area. Areas like Madison, Murfreesboro, Smyrna, or Old Hickory. 

@Mark Gliebe

I would realistically expect to pay more than 200k per unit.

@Mark Gliebe

What is the age/condition of the property? The Vandy/Belmont area is a great spot, but some of those complexes are more than 100 years old.  Additionally, I would say that 200k per unit is probably on the lower side for acquiring units in that submarket.  

@Zhi Qiao It will take some work to find properties that are in the correct zoning, but it is possible to locate them. The bigger issue is finding a property that is both zoned correctly, and the returns support acquiring that property. 

A couple concrete steps to take before investing your hard earned money:

1. This has already been mentioned before, but take the time to learn as much as you can. You have the the BP community, blogs, and forums. Read What Every Investor Needs to Know about Cash Flow. 

2. Start attending networking events. Take a look at Meetup - there should be events in your area.

3. Meet with people that are working in real estate. Ask if you can buy them lunch and if you can learn about what they do and how they do it.