The Lake House Project

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Mount Juliet, TN

It is easy to see that buying and holding in Nashville right now is a good investment strategy (if you don’t overpay) – the property values are steadily rising and the population is ever-increasing. So, Stephen and I have been looking at some opportunities for a home on the water, because you might as well be able to enjoy your investment, right? With resources like airbnb.com and vrbo.com (Example Listing in Mount Juliet for $250+/night), it is feasible to cover your mortgage (and write-off costs), while the assets appreciates.

Last month, we headed out to Mount Juliet – see Waterfront Home listed at $385K (I know, it’s so affordable! Also, a good sign that it has already sold). If Nashville real estate is increasing at the current rate, waterfront homes 30 minutes from it are going to be in demand in the long-term. But, when walking through it, the floor plan was just okay, I would have to do a full cosmetic renovation, and the lot was very open and unprivate. I didn’t exactly get the feeling I could spend the weekend snuggled-up with a good book in my PJs. Hello, neighbors.

As we drove away, however, it was like magic-we spotted the perfect lot around the corner. The home was in horrible shape and looked abandoned, so we walked around. It was incredible- long driveway approach, enclosed by trees on a bend of the river, with views of the water, huge front yard, and a new boat dock. The house – well, that’s what I do, right?

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So this is my husband- he hires a private investigator to track down the owner. We found the owner’s son, and got of sense of their situation. They inherited the property, clearly don’t take care of it, and wouldn’t be opposed to getting rid of it. The long story short is that we got it under contract for a very affordable price. We went out Easter weekend to explore a little more, and do market due diligence, and after viewing homes trading for double in Old Hickory (for example: 613 Lakemeade Pt., Old Hickory and 1007 Riverside Dr., Old Hickory) that aren’t nearly as private or designed well; I think this is a very good play. I was pretty much closed when we drove by this precious yacht club a few miles down the road (sounds pretentious, but think Craig Morgan), we might as well be back in San Francisco!

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I don’t really have a plan for what to do with it yet, or when we will be able to get started (or exactly how to pay for it, ha) but sometimes you just have to go with your gut.

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