To buy and RENT or to buy and FLIP - Nashville Real-estate

[Gage Downey]

Bigger pockets team,

My name is Gage Downey and I’m 25 years old. When corona hit, I had lost my APM job in residential construction of 60K/ year. 2 days before I was supposed to close on a house in Fairview, TN that was around 245K. With that house I was going to flip it and sell it. Fortunately, I was able to back out of that deal with the unknown and uncertainty of no income.

Since that event a lot of things have gone my way. I have secured a traveling superintendent job of 90k/ year. This is allowing me to save a substantial amount of money in the meantime since I have no expenses. I’m hoping to have 20k saved by December 2020. With that being said, I’m now looking at making an investment in the Nashville, TN area. My girlfriend and I live together, so I will need to accommodate her as well. For now, we are living with family to save money until the end of the year.

After scoping out the Nashville area I like these areas, (Bellevue, East Nashville and South Nashville) I have the capability of flipping a house even with my traveling job because I have the sub-contractors and skills to perform the work. I also made a lot of great contacts while I was in residential construction for 3 years prior to corona.

I like the idea of buying a 3-bedroom place that needs to be renovated and once renovated find 2 additional tenants. I feel confident in her ability to oversee everything while I’m not there plus she would help with rent. My goal is to propose to her over this next year and the following year get married. My thought is to buy another house if possible when we get married and keep this place to rent out.

1. 1.) Should I buy and FLIP (with no tenants) or should I buy, renovate and then RENT (with tenants?)
2. 2.) What type of loan should I aim for? No money down/FHA/Conventional, etc.?
3. 3.) Should I do no money down and use my cash for rehabbing?
4. 4.) Will my first mortgage need to be a certain type of loan to be considered a rental property?
5. 5.) How do I get approved for a second mortgage in such short of time?

My ultimate goal is to have real-estate be my primary source of income, so I can leave m y 9-5. I’ve already been on the road for 1 month and its taking a toll on me. I could really use some help formulating an exit strategy from my 9-5. I would greatly appreciate any and all feedback.

Best regards,

Gage Downey