Just Starting Out - Very Motivated - A few questions on my approach

[Patrick Camuso]

Hello Everyone,

My name is Patrick, my plan is to fix and flip properties in order to build sufficient funds to purchase buy and hold properties which I will speak about in more detail below.

I graduated college this past May with a degree in accounting and finance and I have been working at a Big 4 accounting firm for the past three years while in school. I am still working at this company and have been saving cash to fund my first purchase for a fix and flip or hold. I am currently working in NYC and living in New Jersey but I plan to relocate to Tennessee within the next six months to a year. I am planning to start investing when I am settled in TN so basically in about a year. 

I am trying to figure out to best way to get started with limited funds. When I move to TN at first I will most likely be renting. So I think that getting and FHA loan and purchasing a two or three family house could be a good way for me to get started while also leaving enough funds for me to have a down payment to invest into a fix and flip. From this point I would continue to work and try to flip properties on the side to build up more capital to ultimately buy more rental properties.

I was curious what everyone here thinks of this plan? When is the earliest that I should begin contacting lenders and vendors in the TN area? Could anyone ballpark how much money would be required to initiate this plan?

I would love to get involved in these markets in some capacity now remotely but I know that this is very hard for a newbie so I am trying to be patient. I plan to start actively investing real estate very soon and I will run and grow this as my business not a side job. Please know that I am motivated to learn and any advice or commentary is greatly appreciated! 

[Patrick Camuso]

Hi @Curt Davis :

It will depend on which office I transfer to so either Nashville or Chattanooga. I am saving money now and I have been so I will have enough to do 20% but I was considering putting less down and using the rest of the funds to invest into a fix and flip.

Thanks for the advice. Ive been trying to learn as much about the area as I can from people on forums and researching the internet. I am anxious to get started!