All Forum Posts by: Kane Waterbury

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $429,000
Cash invested: $30,000

Our 2nd property in Nashville. We bought this newly renovated converted single family that now has a 1bed/1bath in the finished basement that we rent out furnished, medium term, with all utilities included.

What made you interested in investing in this type of deal?

Being able to have a nice, rentable part of our new house was a huge appeal. The finished basement has a full 1 bed, 1 bath, kitchenette, office room, & washer/dryer hook ups.

How did you find this deal and how did you negotiate it?

We found the listing within minutes of it going to the MLS. We reached out to the agent who was also the seller & were able to agree to their price with some of our terms.

How did you finance this deal?

5% conventional loan.

How did you add value to the deal?

By changing out some features, rerunning some ducts, to create separate laundry rooms, & doing some minor renovations/upgrades we were able to get the house ready to be ran as 2 separate units.

What was the outcome?

A great support to help pay the mortgage.

Lessons learned? Challenges?

Biggest challenge still is figuring out soundproofing for the interior doors that allow a good bit of sound through & finding a soundproofing solution for floor noise on our level to the tenants below. We can tiptoe around & they can't hear it, but anything louder than soft walking they can. We are trying to figure out best way to stop noise transfer.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

My fiancé is an agent and property manager (short & long term) & would highly recommend her to anyone needing an agent or pm!

 Hey Andreas! We have been using Furnished Finder which only charges $99 per property per year to post & we've had only 3 days of vacancies since starting. We definitely want to start our own website for direct contacts as we continue growing the portfolio. See you around the forums!

 Thanks Luka, yeah it was quite a feat! This is in Nashboro Village (over by the airport close to Antioch). 

Thanks Jacob! We've loved making the decision to MTR the townhome. Cash flow has been great, averaging about $400-$500/month after expenses (mortgage, HOA, we pay utilities, and maintenance).

Investment Info:

Townhouse buy & hold investment.

Purchase price: $199,900
Cash invested: $15,000

We bought our first property to live-in flip (cosmetic update really) near the airport before looking for another property around the 1-2 year mark.

What made you interested in investing in this type of deal?

My girlfriend and I wanted a place to live in for a year or two while renting out the extra bedroom to a friend. We knew we wanted to buy in a closer to work part of town later & rent this unit.

How did you find this deal and how did you negotiate it?

We bought this during the peak craziness of Nashville home buying - so we submitted an over asking offer with an escalation clause up to $210,000.

How did you finance this deal?

FHA loan w/ 3.5% down.

How did you add value to the deal?

All new tile flooring on the 1st floor, updated hall bathroom, painted everywhere, new light/fan fixtures, took out builder grade kitchen island with one a lot nicer, new windows, & added some Nashville touches to the place.

What was the outcome?

We rented out our guest room to a friend who paid a little over half our mortgage when we first purchased. Now we MTR to travel nurses / anyone looking for 30+ days in a furnished unit in Nashville since September of 2022 (so far we have had 3 tenants with 2 days of vacancies!)

Lessons learned? Challenges?

For this being our first property, we were thankful to be in a cheaper HOA neighborhood who takes care of all trash, has a pool, and does all exterior maintenance / lawn care - that has made the management portion of this one super easy.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

We have a loan officer, Roman Rodriguez at Northpointe bank who has helped my fiancé's family with multiple deals & he was great to work with on ours.

@Andy Pat congrats on getting into REI in Nashville! I too am looking at getting my first property towards the beginning of next year.

@Dave Madden I just moved to Nashville a few months ago as I just graduated from college as well. I will say college students aren't too picky when it comes to a house vs. townhome. Green Hills has a ton of townhomes and are close to a lot of great restaurants & bars, but not sure which college (if any) you'd be targeting. 

Currently looking at all the up and coming places in Nashville, would love anyone's input on other up & coming or still growing areas! 

Cheers & Happy Thanksgiving