Updated about 7 years ago on . Most recent reply
- Realtor, General Contractor, and Developer
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Tennessee - Best investment areas
I know someone thinking of investing in Tennessee. Their daughter will be going to college there in a few years and they're thinking of buying a house to rent and hold. Nashville, Cleveland, Cattanooga or ? Thoughts? Student housing?
Also, when buying in Tennessee, what differences are there that you know of from buying in California (other than pricing)? Process, etc.?
- Karen Margrave
Most Popular Reply
You can make a good deal just about anywhere with the right strategy. Knoxville and Memphis are strong rental markets, but appreciation may be modest. Many parts of Nashville have good appreciation, but finding a strong rental property with cash flow is challenging, but can be done. Chattanooga can go either way depending on the part of town. Smaller towns have fewer buyers, so buying with value can be done more easily.
Prices in TN are much lower than equivalent property in CA. Also purchasing is much easier and straight forward here than CA. Nobody submits a resume or essay with an offer. You send an offer (or a contract), along with proof of funds or credit letter, and you are done. Many offers expire in 2 or 3 days, so sellers have to make a decision quickly. If you are getting a bank loan, you can close in about 30 days. Cash buyers can get it done in 4 or 5 days if needed.