Nashville, TN · Member since 2015 · 2 posts · 0 votes
I'm 23 and finished college last year. I have a steady entry level job earning $30k at the Tennessee State Capitol. I moved back in with my parents after graduating to save some money. I'm trying to figure out my options for moving into Nashville and purchasing my first home while at the same time beginning to invest. In time, I would hope to have multiple properties.
Multi family properties (duplexes/triplex, etc.) have peaked my interest. It seems like a good gig for a single guy like me and could afford some cash flow and my living expenses covered. I want to be realistic, however, and not bite off more than I can chew.
Advice on what I should know going in, and things that might indicate my readiness would be appreciated.
I have some savings. I'm also looking at HUB and Fannie Mae financing options for low/no down payment. Thoughts on that would be appreciated too.
One more thing: I have a sub contractor for a dad, and he's plenty handy and willing to help out with upkeep for my potential renters.
Investor · Atlanta, GA · Member since 2014 · 132 posts · 40 votes
11y
No. 1 thing is always learn how to evaluate a property, so you will know how much money you may get. For example, if you have 30k budget, property A provides 1k a year, property B nets you 3k a year, and property C cost you 1.5k a year. You want to buy property B. But if you don't know how much a property makes, you may end up buying C with A and B available on the market. The concept is that simple, but it does take time to make sense of all the numbers.
Real Estate Broker · Seattle, WA · Member since 2014 · 1k+ posts · 427 votes
11y
Go for it. 23 is a good age to start. Most lenders allow around 45% debt-to-income, so make sure your monthly debt does not exceed 45% of your gross income, and you should be fine.
Do you have any particular properties you are interested in? Feel free to message me if you have any specific questions.
Nashville is a tight market but deals and opportunity is out there! I too am just out of college, but I've been investing since my sophomore year in college. Would love to meet up with you and talk with you!
I am also an agent and can help you with finding a 1-4 unit multifamily property. I actively watch the MLS and I do direct mail to small multifamily properties in Nashville. I think it's a great strategy to "house hack."