All Forum Posts by: Peter Apockotos

@Brian Mulligan, thanks much for your willingness to help! We may very well do that as we don't have too many friends familiar with the area. Are you aware of what an attractive price to rent ratio or cap rate would be in these areas by chance?


@Gabriel Amedee, my friend and I are both analysts in the finance industry and I'm not sure if I'll be able to stay in Nashville due to the lack of capital markets action once I outgrow my current track at the firm I'm at right now. Would it be sensible to buy and hire a property management company if we were to move out of the area? Obviously, our office jobs are very demanding so managing ourselves would be difficult out of state.

Hello,

- Myself and a friend from college are both 23 with 750+ credit scores and ended up with full-time offers in Nashville after being fortunate enough to finish school debt-free
- We currently each pay about $1,000/month for rent and are considering purchasing a 3 or 4 bedroom home to move in and rent out open rooms to friends
- We've been qualified for being able to put 10% down without needing to pay PMI on a mortgage as co-applicants. We're looking at homes primarily in the Germantown/North Nashville area that are going for around 400k. From my understanding, it seems like we'd be betting on appreciation/capital gains to a heavy-ish extent if we were to go through with purchasing and then exiting/selling 4 years from now.
- Would anyone be able to give advice or input in regards to if they think this or another idea would be a better over renting as we currently do? It's so painful for each of us to shell out 1k/month in rent - but it's also very scary to think of purchasing a 400k home to find out a couple years later that we'd be 100k underwater if this market is truly as overheated as some think. We do value being close to areas to go out so we're looking to strike a balance between the utility/quality of life we'd get from a home along with making a sound financial decision. Furthermore, our commute wouldn't be very manageable outside of anywhere other than the downtown area such as Dickson, Murfesboro etc.
- Lastly, would anyone be able to offer a suggested price to rent ratio that we should be targeting when running numbers?

Any help would be greatly appreciated. We're very careful with our money and are just trying to explore options to set ourselves up as best as possible for the future while still being able to enjoy Nashville. Thank you!