Looking to buy SMF in Nashville, TN to house hack
Hello, BP! First post here from a newbie getting into the real estate game.
I currently live in Newark, NJ and looking to relocate to Nashville, TN permanently. I would like to find a small multi-family (duplex or triplex) to owner occupy, rehab, refinance, rent out and hold. Would be looking to live in one unit for 1.5 - 2 years until I build up enough capital to get into another property.
Unlike most of the posters here, I don't really have criteria for cash flow or returns on this first deal. This property will be my first purchase and willing to relax the financial returns for getting into the right neighborhood. After all, I will be living here for several years and don't want to sacrifice quality of life over that period. Treating this as a crash course education for future deals and aim to learn rehab skills and build an understanding of how real estate deals work.
Looking for some information on the Nashville market and any tips and resources for getting started there. My ideal scenario would be to find a duplex or triplex with a decent sized backyard in East Nashville or Sylvan Heights. Preferably a fixer upper that requires renovations I can do myself to capitalize on some quick equity gains. Walkability and access to parks, restaurants, bars and cultural amenities are more important than the financial backbone of the deal for me.
- Budget: $400,000 and under
- Cash on Hand: $40,000
- Timeline: Close by July 2021
Feel free to critique any of the above, I'm here to learn! Any Nashville locals here that can help an out-of-towner get started?