Nashville, TN · Member since 2020 · 2 posts · 0 votes
Looking to invest in real estate just outside the Nashville area. My current goal is to mortgage a duplex and rent out the other home to cover mortgage payments and other expenses. However, I’ve never owned property and I’m currently employed full time through a temp agency as an accountant, so I know traditional loan means won’t be easy. Does anyone have advice? Thanks!
Real Estate Agent · Nashville, TN · Member since 2015 · 2k+ posts · 2k+ votes
5y
@Account Closed
First lesson of real estate. Real estate agents don't know much of anything about real estate, LET ALONE investment real estate. Most of them are an absolutely terrible resource. If an agent isn't actively investing themselves, then they don't know anything outside of the MLS.
Why don't you try and get a pre qualificaiton with a lender? I had a buddy that had to talk to 17 different lenders on a property in spring hill before he found one that would lend on it.
Talk to many lenders, ask questions, get in touch with the right people. Just bc some agents, who most likely suck at their job, and lenders that didn't look at your full profile said you can't get a loan, does not automatically disqualify you.
Real Estate Agent · Nashville, TN · Member since 2020 · 4 posts · 1 vote
5y
Steven,
House hacking is a great way to live "for free", but you need to run the numbers to see if you can rent that other half out to match the fair market value of monthly rental comps. I'm not sure what if you're interested in doing any work to the property, but receiving a mortgage should not be that tough of a problem if you are employed full-time and have good credit score. Interest rates are low and refi's are high, so getting a fixed rate mortgage could be beneficial to you. I'd be glad to help you out with your venture. Send me a message and let's connect!
Nashville, TN · Member since 2020 · 2 posts · 0 votes
5y
@Luka Milicevic I honestly don’t know. It was something suggested to me, when I spoke to real estate agents and lenders they made it sound unlikely I’d get approved.
Real Estate Agent · Nashville, TN · Member since 2015 · 2k+ posts · 2k+ votes
5y
@Account Closed
First lesson of real estate. Real estate agents don't know much of anything about real estate, LET ALONE investment real estate. Most of them are an absolutely terrible resource. If an agent isn't actively investing themselves, then they don't know anything outside of the MLS.
Why don't you try and get a pre qualificaiton with a lender? I had a buddy that had to talk to 17 different lenders on a property in spring hill before he found one that would lend on it.
Talk to many lenders, ask questions, get in touch with the right people. Just bc some agents, who most likely suck at their job, and lenders that didn't look at your full profile said you can't get a loan, does not automatically disqualify you.
Specialist · Nashville, TN · Member since 2019 · 75 posts · 50 votes
5y
@Account Closed
RT to what @Luka Milicevic said above. Haha, especially loved that description of agents. I hear it all the time from investors, "But my Realtor told me that it would rent for this much!?!?"
Find an agent that is willing to be your partner and who is invested in your success. Unfortunately, most agents are scrambling from commission to commission and can't offer the value that most investors are looking for.
A lender should be your first conversation, they will give you guidance on what type/amount of financing that you can receive.
New to Real Estate · Spring Hill, TN · Member since 2019 · 15 posts · 4 votes
5y
@Account Closed Do your research and understand the process of buying a home property. Don't be afraid to ask more questions to your agents and lenders, clarify what they mean so you just don't take it all. I agreed that you should talk to lenders and get approved first. Discuss your situation and figure out who you will like to working with.
When I bought my first property three years ago, I didn't expect I could afford it and got approved. I lived overseas five years prior and didn't have enough history in the US to show my employment and residence. The lender assured me he would discuss my case to the underwriter, yes a little bit more of paperwork but eventually they offered me a FHA loan. Good luck in your search.