Nashville New Investor
Hi everyone,
This is my first BP post and I'm looking for some advice on investing in Madison, Tn 37115. I have 45k cash to spend as an investment from a family member and think I can get a rentable 3.2 for around 160k. I could get a traditional 30 year fixed mortgage. From the way the area currently seems, I could charge around 1400-1750/ mo rent. My main question is, with $45k is this a good first investment AND I would be paying the family loan back at no interest after 1 year. What is the best way to finance that? Pull out equity? An additional loan?
Wondering if I'd be better off trying to find a multi family home in Murfreesboro or somewhere else outside the city. Maybe an REO.
Thanks!
Allison
Most Popular Reply
I agree with @Curran Scarlata - I think there are better options with $45k. If I were you I'd house hack a duplex or quad and put down 3.5% down with an FHA loan, live in it for a year. I'd then use the remainder towards a 15-20% downpayment on another non owner occupied property. For $160k you could get a duplex practically anywhere in middle TN.