Investor · Nashville / Smoky Mountains, TN · Member since 2019 · 110 posts · 49 votes
How to move to Nashville, find work, and purchase property at the same time?
Hi all! Moving out of state seems to have its logistical challenges. My wife and I want to buy a house in the Nashville area, but how do we qualify for a loan? Vanessa may have an opportunity to transfer jobs within her company, but it’s not a guarantee. Is there a way to get a loan and purchase a property before we move? Like a second residence maybe?
The obvious solution here would be to find a short term rental in Nashville, secure new jobs, and then apply for the loan. But the kicker is, we have 2 large German shepherds who are destructive while we are away. They really limit our rental abilities.
So how do we time all this? Is there a way to qualify for a mortgage during a transition period in which we may or may not have secured new jobs at that time? We have great credit, a healthy savings, and debt free.
@Mason Jeffries hey Mason, first off you guys have picked an awesome new city to move to! In regards to buying a a new home here, you'll need to have a source of income to qualify since any lender will have to verify your "ability to repay" the loan based on your current income. If you are both employed now, it might make sense to purchase a property as your "second home" and then you could always refinance as a primary residence in the future. Or you could rent an apartment short term so you can get moved here and then purchase a primary once youre out here. Many apartments will allow dogs but they usually will require a pet deposit and/or pet rent. If you guys need a Realtor recommendation to help you find your new home let me know!
Buy a house here and rent it out to someone until you move down, or buy a house here, move here and then sell whatever you're living in right now.
You will be more limited in rental homes due to your dogs, but you can get a place that allows dogs. It will require a larger deposit as well as higher rent each month.
Talk to a few lenders and see if you can get pre approved.
You should have no issues finding a job down here. There isn't a place that isn't hiring right now. Everywhere is short staffed at the moment and is hiring. From blue collar jobs to executives-seriously everywhere is hiring!!!
@Kyle Deutschmann@Luka Milicevic Thanks for the great advice! Moving 2k miles away has its challenges and any information helps at this point.The second home idea is intriguing. That sounds like it might be a really good option for us considering we both make healthy income right now and our income after the move will be unknown. Awesome guys! Thank you!