Lots of investors are looking to get started, and as active real estate experts in Nashville Tennessee, we get asked to share our secrets quite a bit.
Fortunately, we love to share 🙂
One of the biggest questions we get from local investors is ” How to find a good investment property in Nashville Tennessee?“
With the flood of foreclosure deals all but dried up (compared to where they were a few years back)… people are having to get more creative in finding the best deals on great local Nashville investment properties.
We source our properties from a variety of marketing routes… online, offline, etc… so there is no one way that is the best way to find good investment properties in Nashville. With the Nashville real estate market still outpacing the national markets, the attention of investors has shifted the hottest areas of Brentwood, Belle Meade, Forest Hills, Belmont, Brentwood, Burton Hills, Nolensville, Cool Springs, Edgefield, Green Hills, Spring Hill, Vandy, and Nashville’s West End are all booming right now.
But the info below walks you through some ways you can put into action to find great properties to add to your investment portfolio.
Most investors are afraid of competition – they think that if they share their secrets, someone will steal their ideas from them.
That’s not how we work. We work with other investors to accomplish things together that we can’t do alone.
We share our learning and our philosophies here because we want to improve the quality of investment in Nashville to build stronger communities. Ultimately, we’re all investing in the same places, so it makes sense to do it right.
How to Find Good Investment Property in Nashville
There are a few core principles that are important to understanding if you want to get the best investment property deals.
First, think long term.
Real estate doesn’t move like the stock market. It’s where people live, work and play – not just numbers on a screen. It’s almost impossible to make a huge amount of cash in a short-term real estate deal, those come few and far between.
So don’t expect to get away with fancy tricks, or that you’re smarter than the people who have been doing this stuff for years. Thinking long-term means learning from the past to better anticipate the future. This also means looking for properties to provide you with rental income for years to come. Your long-term goals will seriously impact the types of property you should consider to make quick money or long term gains.
It also means that if you don’t find the local investment properties you’re looking for right away… just know that this isn’t a sprint… it’s a marathon.
That’s why it’s a great idea to find several sources of properties that fit your criteria (like our Nashville Investment Property Buyers List >> ) so you have a heavier flow of great deals to look at.
Second, focus on relationships.
The investment community in Nashville is much smaller than most people think.
There are only a handful of brokers and investors who conduct most of the business in the market.
They’re used to working with the same people on a regular basis. It’s worth the time and effort to find them and learn from them. If you can, work with them. They’re your best source of good deals, now and in the future.
How do you get to know them? Go to your local REIA and find the people who are active and talk to them. Ask them which real estate agents they use, what wholesalers in the area are active (and get their info) and let everyone you can find know that you are looking for investment properties that fit your criteria. Learning how to find a good investment property in Nashville isn’t a hard thing… but relationships can be a key element in getting some of the best deals on properties that no one else has access to in the Nashville Tennessee market.
Who should you get to know?
- A few of the top investment friendly real estate brokers in Nashville
- The top handful of property wholesalers in the area
- A couple real estate appraisers who deal w/ the types of properties you deal with
- Title agents that deal with investment properties a lot
- The top handful of property rehabbers/flippers in the area
Third, identify your target investments.
Investment is like many other aspects of life – the people who are the most focused often succeed the most. You have to find your niche. Some people make millions just in parking garages or storage units.
Others specialize in residential apartments, while others deal strictly with retail. If you take the time to do your homework, you can analyze the different segments of the market to see which opportunities are truly the best for you – and not just the best marketed. Once you find exactly what you want to own, you can create a plan to find out who owns it and make sure that they know to call you when they want to sell that property.
This takes a lot of work, but it’s a tried-and-true method for creating long-term wealth.
Four, Understand your financial capabilities:.
It’s possible to make a lot of money in the Nashville real estate marketplace. But in order to do so, you need to understand your personal limitations or financial capabilities. Question to ask:
- How much money can you reasonably dedicate to the purchase of you investment property in {market_city]?
- If you are making major improvements, have you allocated funds for permit costs, architect’s fees, and other improvement-related expenses?
- How much of your own time and labor are you willing to invest in your property? Can you afford to hire contractors if you cannot complete the work yourself?
- How long can you hold each property before it becomes a financial burden to you?
- How much will the property appreciate or depreciate in the time you intend to hold it?
- How much money have you allocated to insure your property, and for how long?
- How much money can you dedicate to the renovation and subsequent upkeep of your investment property?
- If you decide to rent or lease rather than sell the property, will you pay a property manager to oversee tenants and maintenance, or will you do it yourself? Do you have funds allocated for emergency repairs to of the property?
- What are the tax implications of a quick sale versus a long-term investment? Will the property taxes on your investment property change once your improvements are completed?
Finally – use technology…Want to buy off-market investment properties in Nashville Below Market Value?
We Buy Houses in Nashville, Tennessee and we can help find discounted property in Nashville. You get deals at rock bottom prices, whether its handyman fix-and-flips or turnkey rentals.We want to work with you if you are:
- An investor looking to add cash flowing properties to your rental portfolio.
- A seasoned or new landlord looking for turnkey properties.
- A rehabber looking for great deals with wide margins to fix and flip for profit.
- Just looking for the hottest real estate deals in Nashville, Tennessee
Sign up for our list of exclusive properties, and we’ll notify you instantly when we find a great investment.
We frequently source properties for deep discounts, secure them and then sell them for a discounted rate to the people on our list who are ready, willing and able to invest. There are other ways to get notified about properties on the open market – you should get familiar with searching the multiple listing services with the rest of the herd because every once in a blue moon a great deal shows up.
We don’t deal with average deals – we only pass along great deals to our partner investors. We’re not real estate brokers, and our business is a niche within Nashville.
If you’re looking to seriously invest in Nashville, we’d love to chat with you to learn your wants, wishes, and objectives.
So hopefully you now know how to find great investment properties in Nashville. If you have questions give us a call or join our buyer’s list below!