All Forum Posts by: Justin Vogelgesang

Hey Jane! Like you said, there's quite a bit that goes into that question, but I'll throw out a few key points. I sold investment properties in Nashville and now DFW, so I can speak a bit on both of those mainly. 

1) Spend a day and research the STR regulations in each location. I believe it was in 2021 that Davidson County (Nashville) began restricting who could receive a permit for an STR. If a property already had one, then it would be grandfathered in. As for applying for a new permit for a property that you purchased, you can only do so under certain conditions. If you were to rent it out at monthly intervals, then it wouldn't need that permit anymore though. It has been a minute since I've been in this market so definitely do you due diligence on that one still, I don't remember all of the details anymore.

2) Cash flow is important of course, BUT that shouldn't be the main factor. I would focus on whichever market has been experiencing the most growth, as appreciation will be more valuable to you in the long run. If you can find a semi-distressed property, that would be ideal. Do a bit of research into the BRRRR method.

I know Austin and Nashville are two very good markets! Admittedly, I don't keep up with Santa Rosa Beach, so I'm not suggesting that it is subpar in any way to the other options. Find a couple properties in each location though and see which will be the best deal with these factors in mind. Hope that helps a bit!

For all of the investors and fellow agents in Fort Worth, are there any good meet ups in the area? If not, who would be interested in starting a monthly get-together for networking and building business? 

Hey Juan, welcome to BP! Fellow veteran here also (USMC). You're definitely in the right spot for advice and connecting with like-minded people though. What areas are you currently looking in?

Hey Michael, 

There's definitely several good areas to choose from in the metroplex! What price point you're looking for and the distance from you will be the bigger factors in narrowing down your search of course. Jennifer^ is definitely right about Arlington being one of the ideal areas, I'd also recommend Fort Worth as they had the largest population growth in the US in 2022 (per the Census Bureau). Burleson, Southlake, Colleyville, and even Alvarado are all worth looking at as well in my opinion. Feel free to reach out if you ever have questions or need some further direction

Hey @Jason Hill, there are plenty of opportunities around Nashville in some of the nearby markets also. I think you'll find that being a new investor, a property closer to you will be more comfortable to manage since you're just starting out. Connect with investors on here and see where they are having the most success, and a local agent as well who focuses on investment properties and let them know what you're looking for. That will help point you in the right direction

Hey @Dominic Bruni, I'm an agent in the Nashville area also. Always happy to connect 

@Tina Gionis the Nashville market is growing rapidly for sure, but that's also spreading to the surrounding cities. In the neighboring areas, you can find deals that will benefit from the growth, so you get the appreciation in the long term. While you also get a better RTV ratio since the prices are more affordable in these other pockets as well. Feel free to reach out if you have any questions or if you're looking for some guidance

Hey @Robert Willard, an STR is still good idea in the area around Nashville. Nashville is Davidson County, and as of this year, they are no longer giving permits for STRs due to the uprise of complaints by the hotel industry and some of the neighborhoods where the rentals were present. The permit does not convey with the sale of the property, and as to my knowledge there is only one remaining zone type that would allow for an STR to be utilized, but it is very difficult to find. If you rent out the property in monthly increments, it is no longer considered to be an STR (hint hint).

Bonus Answer: get with an investment minded agent, that will help you find deals and make the right connections. Learn the market. 

@Cayla Walker it depends on what market you're buying in. In Nashville for instance, we ideally look at deals where investors make 18-20% profit, although if you look in some of the other areas around Nashville, you can make a bit more 

Hey @Ryan Tiano, there's plenty of places to find a property that will provide positive cash flow in middle TN. I know the market seems "bonkers" here, but it's definitely staying on the positive growth trend, so I would suggest using that to your advantage and stay local. Just find the right areas where you get a better RTV ratio. Feel free to reach out if you have any specific questions in regard to that.

 I saw it mentioned above also, it's ideal to have boots on the ground in whatever market you invest in, if it's out of state. I'm not too familiar with Indy though so I can't speak much on that subject