Real Estate Advice (Beginner)
Hello,
I am newer to real estate investing and would like some feedback on a current situation I am stuck in. I am really getting close to purchasing a home in the next 7-9 months, but do not know the best way to approach where. I currently live in an 3br apartment close to downtown and cannot stand paying my rent each month knowing I am not building any equity. I have a steady income and have been able to save some money for a down payment. Where I am stuck is below on two different options:
I could buy a nice home in a decent up and coming area (Germantown, Sylvia park etc.) after our apartment lease is up and my 2 apartments roommates would be my tenants for at least the first year (maybe longer). I would pay the mortgage and essentially they would be my tenants.
OR
I could look for a much cheaper home in an area like Nolensville, Mt. Juliet, Brentwood, Franklin etc. and rent it out to random tenants who would essentially pay my mortgage and I would gain a profit off them. This would help pay my apartment rent, so I could stay close to downtown. This scenario keeps me close to downtown in a nice apartment with amenities while also gaining a profit/having a home. I do have fear in not being able to find a tenant, but I believe that is because I am new to this.
Any input in a what would be the safer strategy to take on for my first home purchase? Pros and Cons to each scenario? I am open to grabbing a coffer or meeting up to further discuss as well.
Thank you,