Investing In First House Hack Property - Advice & Realtor Needed
Hello!
My wife & I just recently moved to Nashville late last year. We are currently renting in the East Nashville area and are looking to purchase a house hack in the next 3-6 months. We have a 20% down payment saved and have been doing some preliminary property analysis while researching our investment options (Ideally a small multifamily but am open to a SFH). It's obviously a very competitive market right now so I'd love to get connected to an agent that has relevant experience to help guide us. Please let me know if you have any referrals or recommendations!
Below are the two investment options we are considering and looking into:
Option 1: Duplex - Owner occupied, renting out the 2nd unit. The goal being we'd move out after 2 years and keep as rental unit.
- Easier said than done, I haven't been able to find a duplex COCROI that is more than 7% in Nashville. Personally, I'd be okay with a 10% COCROI but even that seems tough to find here. Is this realistic?
Option 2: 3/2 SFH - Rent or AirBnb a single room.
- This is a back up plan if a small multifamily doesn't pan out. I do still need to research AirBnB permits etc.
- Does anyone have experience doing this? Curious what income/vacancy rate can be expected here. Obviously there are a lot of variables that factor into that answer but generally speaking.
Thanks in advance!
Kurt