I live in Nashville, TN and I'm looking to buy my first home so that I can move in Jan 1st. After buying my first home, I want to begin buying investment properties. Since I'm a first time home buyer, I'll qualify for the 3.5% down. I want to use this to my advantage. What would be your suggestions for my first purchase?
Do I buy a nice primary residence home in Nashville and rent out my additional bedrooms and then save to buy an investment property outside of Nashville?
Or should I be looking for duplexes, tri, and quads (which are not in the nicest areas) live in it for a while to save money for a nicer residential home?
My main concern is I do not want to live outside the city at this point in my life. Right now, i'm in the hub of everything.
Hi Jill,, My name is Matthew and I live in Nashville as well. I am in the real estate business so my choices may be a little biased but here they are. Yes, you can buy a duplex with an FHA loan. I believe you can rent up to two units. If you can buy a duplex, and rent the other side out that would be huge. Otherwise, you could buy a house with extra rooms and could use air BnB to also pay your house down very quickly. I have a few friends doing the air BnB deal, and they are loving it.
If you are not working with an agent already, I would love to talk and see if I could help you out!!
Thanks Matthew! I do have an agent right now...do you have any suggestions on ares to look?
Depends on what route you are going. But, Bellevue, East Nashville, Mount Juliet, Cane Ridge, Hendersonville.
Your agent should be able to help with locations.
If that relationship doesn't work out, let me know would love to help. :)
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