Exploring/Understanding Potential Target Neighborhoods for Investing

[Daniel Villa]

Hello Everyone,

I previously posted about wanting to invest in Nashville real estate. While I am still saving money and deciding between moving out there now and "househacking" which would involve a job/career switch or buying as an investment property, I have a trip planned for next week to Nashville. The purpose of the trip is to get a better understanding of the area as my cousin who has lived there has been my constant source of information and of course part will be to experience all the great things I have heard about Nashville.

I was planning on looking at the following areas: Donelson, Bellevue, Whites Creeks, Madison, Charlotte Park, and Antioch. These areas have peaked my interest for different reasons and will of course be narrowed done once I make my final decision on how to proceed with my job. I have no specific properties in mind as of now, but wanted to reach out to all of you and see what factors I should be looking for/at once I am physically there. Other than speaking to locals, I cannot think of stuff that can be done in person and not online (schools, crime rate, employment opportunities, etc.)

However, I am still a novice in all of this and was hoping to hear from those who have been there, done that. 

Thank you all for your time in advance

Respectfully,

Daniel

[Karen Wanamarta]

Hey Daniel - I am an investor and realtor in the Nashville market. My two cents - be careful on the timing of switching jobs while trying to qualify for a mortgage. I've seen some of my clients get burned this way. A lot of the areas you mention above are affordable but not every area has a strong rental market. My advice is to take your time in Nashville and try to hit at least 10 properties across the different neighborhoods you are interested in. Run your comps and be conservative on rental rates. Watch out for HOAs - not every HOA allows rentals and not every HOA that allows rentals allows you to rent out a unit immediately after purchasing it. Hope this helps. Feel free to reach out.