I am eager to get started in real estate investing. I live in the Antioch area and would love some tips on getting started. I have attended a couple of seminars but still trying to figure things out. I am searching the market for my first property. Any advice will be greatly appreciated!
I purchased my first duplex using an FHA loan. This allowed me to put less money down and use that extra cash to put into the property and increase the value. I will be refinancing over the next couple of months now that I have the equity I need and will get rid of my PMI which will help boost my cash flow.
Chris how long do I have to have the FHA loan before I can refinance?
There's a REIN group in Nashville proper which seems pretty active. I just recently bought my first deal (Live in flip) in north Nashville off Trinity Ln- and in the last 6 months the property values of those houses around me have gone up by about 10k, based on what they're selling for.
What are your specific goals? Are you looking for a buy/hold rental SFH, a Multi-Family, or are you looking to flip? I'm currently looking for a flip now, and would absolutely love to have someone else on the deal to make it go that much more smoothly/painlessly.
For SFR's, there's some good forclosures in north Nashville, but the market really seems to change mile by mile here, and where I'm at, half mile by half mile. For example, there's serous appreciation happening where I'm at (C+), and it's significantly hotter just a quarter mile down the road west of here (B, but half a mile in the opposite direction is a C neighborhood that is not experiencing any growth.
Hi! Welcome to BP! Couple different investor meetings around town I am starting to attend so hope to see you at some soon. :)
Hey Karelle! That’s awesome to hear you’re getting into investing. What kind of investing are you looking into primarily, fix and flip, buy and hold, wholesale? I’d love to connect and help with whatever I can!
@Karelle Johnson - find your why. Once you've discovered your why, then you can set some meaningful investing criteria and goals that will support your Why. Doing this will allow you to RUN with blinders on and keep you focused. Discover your Why.
@Brandon Leiser Hello! I'm looking for small Mutil-family to house hack. I would love to connect and learn as much as possible.
@Karelle Johnson House Hack is a great way to get thing started. As previously mentioned, FHA can be used to put as little as 3.5% down and is a great entry way into Real Estate Investing.
You will learn what it is like to be a Land Lord and you will have a property under your belt that could potentially pay for itself if done right.
I am doing this now, let me know if you have any questions!
@Kelly Kormos Hi Kelly. What other meetings do you attend besides R.E.I.N?
@Steve DellaPelle yes Steve, I'm excited to get started. I've looked at several duplexes but the numbers just haven't worked out.
There's a TN REIA group too that does lunch every Monday and has a few other events. Then there is also an informal group formed through bigger pockets. I am trying to tag the guy that runs it so you can be informed of the next meeting but it won't let me. Shoot me your email and I will send it to him!
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