I live in California but I'm looking for properties out of state to invest in due to the high prices in Southern California. One of the areas I'm considering is Nashville.
This area is on the list of considerations for me because I think there are a lot of demographic trends that favor long-term growth. Strong economy and population growth, etc.
I'm looking for a modest cash-flow positive turnkey investment. I believe we are late in the real estate cycle and there might be a drop in housing prices (which I am ok with), and in such a scenario I would like the rental income to be able to at least cover the mortgage payments and would be ok with paying for other costs out of pocket. I should be approved for around $500K with 20% down. I'd be planning to use a property manager.
Does anyone have an agent that could send me a list of investments with their potential rental incomes so I can run the numbers and see if this is a viable idea?
Is this a viable idea?
Please let me know your thoughts! Would love to hear back.
Hey Brian, welcome to BP. Nashville is definitely a hot market and turnkey can be viable, but expect much lower returns with using a turnkey company. Metro Nashville has exploded in the past 10 years but still has some pockets that are gentrifying. If you have any interest looking south of Nashville in Franklin or Columbia, I'd be happy to help as this is my hometown. Much different market than Nashville is.
@Account Closed I'm pretty active in the Nashville area and I run a turnkey ship down here.
I can find deals, develop the property, renovate the property, put management in place, etc
I will shoot you a direct message so we can connect. I have deals right now that I can send you.