Downtown Nashville Primary turned into Investment Property
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $309,000
2016 single family home (technically an HPR) in the downtown Nashville core (Historic Buena Vista). I bought it using a VA loan, so it started out as a primary residence. Refinanced to a conventional loan in 2021 in order to free up VA eligibility for a house hack which is planned to close early 2022.
What made you interested in investing in this type of deal?
I needed a home, and because I was single w/o kids at the time I wanted to pursue property in the downtown Nashville area.
How did you find this deal and how did you negotiate it?
Found by my realtor on the MLS. Some of it was luck and the seller's realtor was not that great. Original posting price was $315,000 and I was able to come down to $309,000.
How did you finance this deal?
VA loan
How did you add value to the deal?
N/A-- property was in nearly perfect condition since the original/previous owner essentially lived in it 6 months out of the year she owned the house.
What was the outcome?
Although cash flow is not fantastic right now, appreciation in this part of Nashville has grown considerably. Comps for the house from the previous 6 months are coming in around $431K. There is currently a comp
under contract for $465K.
Lessons learned? Challenges?
I had recently done a VA IRRLL in 2020. I did not learn about how to utilize my CA loan a second time around until 2021, so I wish I had just refinanced into an alternate loan program then instead of doing it after the fact in 2021.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Andra Brewer!