All Forum Posts by: Account Closed

@Casey Crites

That would be my PITI and yes, I would am planning on doing the "rent-by-room" house hacking method. I don't mind giving up some privacy and found it easier to cash flow on.

@Kyle Deutschmann

Hey Kyle would love to chat with you if you had some time.

Hey that # would be my PITI

Hi everyone, I want some advice on a house I am looking at. It is a new build in Nashville, TN and is in an "up and coming" neighborhood, about 4 miles from downtown. When I went to the property in person, you could tell the area used to be rough, but has been overtaken by new builds and higher-income residents. I did a deep look into crime around the area and nothing too horrible came up. It is improving rapidly and the home prices have been reflecting that. There is a new development project happening not too far away from the property and I truly expect property values in this area to soar, as it becomes more "livable" for people.

I believe that I can add value in this situation by purchasing the property in a neighborhood that most aren't willing to move into yet, but eventually will based on proximity to downtown. It is going for $380k and I planning to use an FHA loan that would cost me $2325/month. If this property was in a nicer area, you probably wouldn't be able to get it for under $500k (?rough guess).

However, when looking at rent comps I see most going in between the range of $700-$800 and would consider $700/month a safe estimate. However, I think I can be more aggressive with asking for rent because I have a decent network from college and can offer a private bathroom/bedroom with fellow chill young professional roommates. I already have a friend willing to pay $800 + utils.

My problem with this is that I went into house hacking focused on producing a slightly positive/break-even cash flow. While I never wanted to make a ton of money off it and was willing to pay a premium to avoid rehabbing(I work 50-60 hrs/week in another industry), I am not sure if I am talking myself into making a dumb decision. I honestly believe the worst case scenario of this deal will put me in the red monthly by $500 max (still def less than the rent I pay now lol). But I see potential in the area and want a piece of that market as a longer-term, appreciation play (I know its the risky option), so I am conflicted. It is hard to find anything much cheaper in this area suitable for house hacking that doesn't require a ton of work.

Thanks for your time.

Hi everyone. I went to college here in Nashville (any Vandy alum out there?) and have called it home since graduating last year. After extensive research and saving up for a down payment, I have decided to it is time to execute my first "house hack" on a single-family home.

I plan on doing the "rent-by-room" strategy and have been focusing on 3/4 Bed & 2/3 Bath single-family homes. I have spent the past couple of months following the market and have been spending a ton of time on Realtracs analyzing properties. I like the West Nashville area and have a max price of $375k, which I pre-qualified for. However, I want a property that is not overvalued and I am open to all areas within a 30min or less rush hour commuting time to Green Hills.

 I am looking for anyone willing to chat/comment about the current market conditions or a realtor who would be able to help me achieve my goals. I work about 50-60 hours a week in a different industry and realize that this will be an uphill battle, but I am ready for the challenge. Thanks for your time and I am looking forward to connecting with you.