Beginner Real Estate Investor - Nashville Plan

Beginner Real Estate Investor - Nashville Plan

Property Manager · Nashville, TN · Member since 2018 · 22 posts · 16 votes

Hey Guys! 

I thought it best for me to take the leap and make my first post. I want to state my goal and plan of action, and get any advice and see if there are any people I can connect with. Always looking to learn and work!

I started off as a rockstar. After college we did a little touring in the southeast and released two albums. Now that my band has broken up, I'm looking to build wealth and invest in the next generation of rockstars. I want to teach them the stuff I wish I had known when I started.

The Dream: I want to own 30 properties. 

  • Longterm rentals in greater Nashville area (considering Spring Hill)
  • Short term vacation properties in the Southeast (Houston, Orlando, Atlanta, Savannah, Chattanooga). 
  • Owning triplexes where I rent two units out to bands, and convert the third unit to be a practice/studio space. I want to make this a living community of aspiring rockstars to be surrounding, inspired and challenged. 

The Plan

  • Pay Off Debt - All I have left is 30k of student loans. 
  • Buy Duplex - I want to flip a duplex, live in one half and rent the other. This would be a small start and practical.
  • Buy House - After living in Duplex (for probably 1-2 years), I want to buy a house with a basement that I can rent out. Ideally I would love for this house to have a big enough yard to have a cool vacation property. Flip an Airstream or Cargo Freight. 
  • Mini Venue - Promoting Concerts is one of my specialties, and I would love to combine that with real estate. I want to build an additional room, that can hold a max of 50-75 people crammed. I want to work with new bands, to do an intimate show once a month. I would promote the show, and give the band a space to play for free. The idea is that every month, we would decorate the room to have a different theme. Doing a show once a month, I could make an extra $350-500 as a house hack.
  • Expand The Empire - Once I get the hang of my two properties I want to start buying potential vacation properties in the South East or properties in the greater Nashville area
  • Rockstar Investment - Once I have established 30 properties and am doing real estate full time, I want to do the triplex(es) and offer special rates for touring bands for my vacation homes. 

This Year

I quit my job in downtown Nashville to work full time in downtown Franklin. I will now be saving at least $250 a month on gas and parking, which is $3,000 a year! 

My estimated income is $49k-$51k + my wife's income. 

I plan to pay off the last of my student loans between September 2019 - January 2020. 

I am worried that quitting a job I worked at for nearly 2 years will make it harder when proving my income for a loan. Even if my job change was for an increase income and more savings.

My real estate mentor and supportive family have urged me to try and buy a duplex now instead of waiting to pay off my student debt. They say that student debt does not affect my credit, and that I should get started in REI now and not wait.

Thoughts, advice? Are there any people in the Nashville area that would want to meet up?

Thanks for reading all of this, and any thoughts are much appreciated.

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Rental Property Investor · Chantilly, VA · Member since 2017 · 104 posts · 149 votes
7y

Hey @Scott Anderle, I would like to introduce you to @Kyle Deutschmann. He is very active in the Nashville market and will be able to help you reach your goals! Best of luck. 

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  • Luke CarlPro Member
    Rental Property Investor · Tennessee Florida · Member since 2016 · 4k+ posts · 5k+ votes
    7y

    @Scott Anderle good luck finding anything that will cash flow within an hour of Nashville. It’s just not going to happen. 

    Never give up read lots of books! 

  • Lender · Orlando, FL · Member since 2018 · 173 posts · 66 votes
    7y

    @Scott Anderle Great post Scott!  You have already done more than most by detailing your goals and writing them out.  I am sure you will be on your way to financial freedom after a little.  I can't wait to see what you do on your journey.  I love the idea of renting out triplex's to bands and making one room a studio room.  That is very creative!

  • Investor · Nashville, TN · Member since 2009 · 483 posts · 228 votes
    7y

    @Luke Carl I wouldn't say that. You can still find properties that are $100,000 in Nashville. It'll probably be half of a tall and skinny or a shack in the hood ; )

    I still follow my old saying.

    The only place to buy rentals in Nashville is outside of Nashville.

    -Wayne

  • Real Estate Agent · Orlando, FL · Member since 2015 · 13 posts · 7 votes
    7y

    Hey, @Scott Anderle,@Scott Anderle the student loans are only really an issue if your debt to income ratio is too high when looking for a mortgage.  Otherwise, the interest on student loans is tax deductible. Purchasing a duplex now that not only potentially cashflows the loan payment, but is also paying off the mortgage will allow you to save more money and hit your goals faster. 

  • Honolulu, HI · Member since 2018 · 21 posts · 9 votes
    7y

    I like the sound of your plan. I have similar interests, but for a different industry. Best of luck on your real estate investing journey!

  • Investor · Nashville, TN · Member since 2015 · 688 posts · 607 votes
    7y

    @Scott Anderle if you need a property manager for those rentals, I would love to talk to you more! Great plan laid out above, go kill it

  • Rental Property Investor · Chantilly, VA · Member since 2017 · 104 posts · 149 votes
    7y

    Hey @Scott Anderle, I would like to introduce you to @Kyle Deutschmann. He is very active in the Nashville market and will be able to help you reach your goals! Best of luck. 

  • Property Manager · Nashville, TN · Member since 2018 · 22 posts · 16 votes
    7y

    @Kevin Dean thank you!

  • Rental Property Investor · Clarksville, TN · Member since 2014 · 85 posts · 37 votes
    7y

    @Scott Anderle

    I'm a realtor in the clarksville area about a hour north of Nashville. I would suggest looking around exit 31 to exit 24 on 24. These are the more "up and coming" but still somewhat affordable. We do have investment properties in clarksville area as well, but as others have said, cashflow is an issue for this whole area because buyers will pay outrageous amounts. I do think its possible though. Just make sure you run the numbers before you purchase.

    If you want to know more about the clarksville area, or hooked up with a realtor closer to you that serves Nashville, let me know.

  • Bernadeau C.Pro Member
    Rental Property Investor · Orlando, FL · Member since 2014 · 540 posts · 230 votes
    7y

    @Scott Anderle I would definitely pay off your student loans as they do affect your credit. I plan on paying mines off by the end of the year before acquiring my first rental.  

  • Rental Property Investor · Gallatin, TN · Member since 2016 · 21 posts · 9 votes
    7y

    @Scott Anderle Love that you have found a niche for yourself. If you haven't checked out Nashville's REIN program it may be worth looking into. They have a "Deals, Deals, Deals," meeting twice a month where people can come and pitch their properties to other investors. Sometimes the numbers work, other times they don't. It just depends on what you are looking for really. 

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