Hello BP! Real Estate has always fascinated me since I was late into my high school years. I have owned a few homes only one rental but there came a time where I moved away from Memphis and honestly didn’t know what to do when the tenant moved out so I sold. (I wish I would have found this site at that time) Since finding BP I have been obsessed with the amount of information available. I have been listening to tons of podcasts and reading the forums. I have a good 8-5 type job that pays me well. I feel now is the time to start investing in real estate.
My goals are more along the buy and hold lines than flips. Honestly flips scare me because I don't know a ton about doing the work myself and there are quite a few bad contractors in our area. Memphis is a great place to invest and I keep hearing that but I don't have the cash to drop on a purchase right now. My wife would not be thrilled with emptying out the savings. I have looked at hard money lenders, HELOC, and taking a loan against my 401k. I have around an 800 credit score and not too much debt.
I’m currently searching for my first deal in the Memphis area by the end of the year just want to get my finances in place first which should be done by the end of July. I hope this isn’t too long just wanted to quit lurking and actually jump in.
Not sure what your schedule is like but there are a few meetup.com REI events if you look for them.
Also something to think about with your 401k is converting it into a Self-directed IRA and using that to fund your rental (we use Quest for our custodian). You may also want to start talking with your bank to to see what kind of loan you could get and in what price point.
Best of luck. Look forward to meeting you soon!.
Welcome to BP! Memphis is a great place to invest. I’m seeing really good cash flow with my properties and I’m still finding really good deals!
Best of Luck!
Thank you all for the warm welcome! I am trying to read and soak up as much information as possible so I am fully prepared for my first purchase!
@Wesley Read welcome aboard! BiggerPockets is definitely a great place to meet like minded investors and gain a TON of knowledge! Glad to hear you are looking into Memphis, the city of cash flow! It will help that you lived here and are familiar with the area as well.
You've definitely got plenty of options to get started utilizing your credit for your initial purchases. As you stated, you could look into a hard money loan to make an initial purchase then refinance after 3-6 months. There are short term lenders (2-10 year) where you could refinance without title seasoning requirements and pay off your cash in loan quickly, then refinance again for a better rate with a more traditional 30 year loan.
I'm fairly positive you could even snag an unsecured loan from a lender and utilize that for initial investments.
Feel free to reach out if you have any questions!
Good luck on your ventures!
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