All Forum Posts by: Zachary Zimmermann

BP I need some wisdom. 

I am in my early 20s. I got married a little over a year ago. Both my wife and I are moving to Nashville TN because of our careers (a much more expensive/competitive market than where we have been living the past 5 years, Chattanooga TN). I have spent the last 3.5 years working side hustles, cutting spending, doing anything and everything I can do to have enough money for a down payment, closing costs, and rehab expenses. I am proud to say that financially we are in a place to make a move on a house. I have spent hours reading/listening/spending time with investors, and I feel confident in my knowledge (at least the knowledge that it takes to take the first steps in buying a house and starting an investment in real estate).

But here is the issue.  

It is so dang competitive right now. We have spent the past few months putting in over 25+ offers on houses in which we get blown out of the water by cash offers (which is not rare at all in middle Tennessee right now, why would anyone not want to move here!) Offers where we have even stated that we are willing to pay 30k+ over the asking price. We have managed to have 2 houses now under contract but one fell apart due to inspection red flags, and the other fell apart because it didn't appraise for what we were willing to pay for it and the seller wouldn't come down at all.

If the definition of insanity is "doing the same thing over and over again and expecting different results", then I am insane. I cant compete with these cash buyers from out of state. I think I have to look at it differently, and thats why I am coming to y'all. 

As I stare at a lease agreement ready to hurl thinking about having to rent rather than owning, since we HAVE to find a place to live, I need your advice. Is it ok for me to rent for a while? Do I just shut up, stop complaining, and keep looking? Is this just how the market is right now and I should wait until it slows down? 

I am welcoming any advice you have. Your words will be going to help a young married couple, a minister and a nurse, start on their path to financial freedom.   

Currently being a college student at UTC (University of Tennessee Chattanooga) I spend a lot of my time downtown specifically in the Highland Park area. Although there are lot of areas around there that are rough I have noticed that that area specifically is on a rise. I discover a few potential deals each month on the MLS but mostly by driving around and looking to find the clues of a property about to be for sale or foreclosed. The ARV of these properties are high. I have watched house go for any where between 150k and 200k and I've watched the neighbors sell for 300k+. A lot of college students are looking to rent in that area so finding tenets would not be hard. I think that area is a good market.