Heloc + brrrr + Nashville

[Lizzie Harrigan]

Can someone review my strategy and help steer me in the right direction? I’m new to REI and intend to buy my first property this year. I’m in a somewhat unique situation...I live in a home I own free and clear (~450k) and I intend to utilize the equity for financing. #1 I’m going to use my HELOC for down payment, then take a rehab loan for repairs, then rent it and refi into a traditional loan and hopefully earn enough back to pay off the heloc. Does this sound doable ? What am I missing? #2 I live in Nashville. The market here is not super friendly for me right now. Any Nashville investors have ideas about which micro markets I can focus on? Im considering Murfreesboro and Clarksville(for students) and Columbia for sf rentals. #3 I cannot seem to find the Nashville forum! Arg! It’s not showing up under local tab and there’s no search feature that I can find for the local forums. TIA!!!

[Brandon Leiser]

Sounds like a great idea! Fixing up and refinancing is a great way to build and expand your rental portfolio. In terms of where to invest, all the markets you named definitely have good opportunity in terms of cash flow as well as appreciation. I think it partially depends a little bit on your preferences as well. For example, some want to be a certain distance to their property, others may have a particular price range, etc. I’m an investor in the area as well so if you have any questions feel free to reach out!