I'm Micah, a 22 year old guy who would like to become a real estate investor in Tennessee. I have no prior experience of any kind, no money, a meager job, and a will to learn. After listening to the bigger pockets podcast and reading a few books I think I can get by with just the last part.
I heard it would be wise to pick a niche, so I want my first attempt in real estate to be small multi-family rentals. Thus I would like my first deal to be either a duplex, or a tri-plex, or a quad-plex that I could live in and possibly finance through a FHA loan. My issue is that I don't know exact areas I should be looking at or not be looking at and I have yet to begun to build a solid group of people to help me. So, I would greatly appreciate any info on any cities specifically around Nashville that I should look at and any referrals to general contractors, real estate agents or any brokers that I can cooperate with and learn from. I also, specifically say around Nashville because I currently live there and have some familial support in the area and would like at least my first property to be around there either it be in Smyrna, Clarksville, or the east end of Nashville.
So, I'd greatly appreciate any feedback/advice you guys can provide!
Hey Micah! It sounds like you are off to a good start and thats a great area to start looking for your first investment. Its a hot market in middle Tn but that doesn't mean there are still not deals to be found. I live in the clarksville area and have one quad there. Our MLS inventory of multi family is thin (15 to be exact) but as long as you run the numbers and it works for you thats what matters
- Best of luck!
@Micah Vigeant Welcome to BiggerPockets! It is great to have you and please feel free to jump in the community - there are certainly great people around here
Welcome to Bigger Pockets.
Welcome to the forums,
Starting in RE with no money is your biggest advantage. You can’t afford to pay for a bad deal, therefore you will be picky and choose the right deal instead of just buying something because you have money.
Sounds like you are leaning towards house hacking.
I absolutely recommend this strategy, especially for folks starting out. I wouldn’t say it’s necessarily the best strategy, but probably the easiest for getting your foot in the door.
If you go the route of an FHA loan you should be able to qualify if you have a pulse.
In terms of areas, it depends how much marketing and or networking you want to do. If you want to get a multi in Nashville proper you are going to have to really hit the pavement and look under every rock you find. If you venture out of town, the numbers are slightly better. Rentals are not all that easy to come by so it will depend on how hard you are willing to work to find your right deal.
Good luck out there.
@Micah Vigeant do you literally mean you have no money? You’re going to need money to do any of these strategies, especially if you’re buying in Nashville.
If you have no money I’d read and learn while
You get money before you buy anything. Purchasing real estate is not cheap and making mistakes is even more expensive.
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