STR, Long Term + Airbnb

[Ashley Martin]

Hello!

My name is Ashley. I currently serve as a property manager in Nashville. My husband and I want to purchase our first investment to start our journey. He’s a talented handyman and I excel at management. We seek advice on the buying/investing portion. I am a forever learner, and I am also available to assist anyone if they need help in their business, especially property management.

I’ve done all the research needed for first investment. At the moment, capital is our biggest struggle. The market is showing SOME promising deal but I would appreciate a mentor or friend who wouldn’t mind teaching me how to spot a deal in the numbers. I am also open to how to find creative financing. We are eager and we’re smart and we work very hard. 

Thank you in advance!
  

[Nicholas L.]

@Ashley Martin

hello.  can you start with a house hack or a live in flip?

https://www.biggerpockets.com/blog/live-in-flip

[Mya Toohey]

@Ashley Martin

I know coming from a Realtor, this sounds like you need a good Realtor on your side!  They can help you navigate the market and even help with some off market deals.  You can join Facebook groups and even on Meetup you can find investor groups.  I am in the Tampa Florida area and that's where I found my groups to join.  If you have any questions, I would be happy to help!  I used to Live in Louisville so, I know Nashville pretty well!  

[Julio Gonzalez]

Hi Ashley, glad to have you as a part of this awesome community!

[Luka Milicevic]

@Ashley Martin

Welcome to the forums. 

It sounds like you are just getting started on your RE journey so I'll point you in a few directions and give you some ideas and some things to think about.

Firstly, I'd recommend reading all the books on RE - preferably the ones written more recently as the market has changed drastically over the past few years. Brandon Turner's books are an EXCELLENT starting point.

Next, I'd make sure to listen to as many BP podcast episodes as you can. Driving to and from work you should be listening to podcasts

In your free time, I would analyze deals. Doesn't have to be good deals, just analyze numbers. BP offers a calculator that you can use, or just use a basic excel spreadsheet, or even pen and paper is fine.

Decide what you want to invest in....

Flips, rentals, development, STRs etc...

In terms of finding deals...you will have to put in some work. Nashville is a competitive market and to find deals you really need to do some work. Attend local meet ups, get on wholesalers lists, tell everyone what you're looking for. 

It's a slow process, but very worth it once you start to see the results

[Drew Phipps]

Welcome @Ashley Martin!

Luka is spot on-- Analyzing deals is the way to go. Eventually you'll get a feel for good numbers and not-so-good ones.

There are plenty of networking events to attend as well. TN real estate groups and associations, Meetup.com, etc. 

Wish you the best! 

[Karen Wanamarta]

@Ashley Martin Hi Ashley, I have 2 seller financed deals I can send your way. Feel free to DM!

[John Reagan Johnson]

@Ashley Martin 

Welcome to the community! A lot of great advice has been given. Reinforcing a couple of points here. First, find an excellent realtor that is familiar with Nashville and has been in the RE game long enough to have seen the ups and downs from pre/post-Covid. Lots of people acquired their RE license during this period as it was a unique market that they thought could leverage to benefit them financially. In this down market, finding someone with experience is key. Second, research all you can to figure out which investments would benefit you the most in achieving your goals concerning RE. Reflect on and assess the level of risk you are comfortable with taking on. A comparison would be a STR compared to a LTR. STRs can be good for quicker cash, but more people going in and out of that property amplifies risk. LTRs may not cash flow immediately, but offer less risk, assuming the tenants are screened well, as only one tenant is in there for the duration of the lease.

Research all you can to decide how you want to move forward, and do not hesitate to come to the forums for advice! Wish you all the best.