Looking to take plunge into real estate!

[Daniel Villa]

Hi everyone,

I am looking to invest in out of state real estate. Currently in CA and looking at Nashville area. Looking to do house hacking via FHA loan. Ideally would like to look into a multi unit property so I can have one unit for myself but willing to be uncomfortable for as long as need to and do whatever I need to succeed, whether that be live in a basement and rent out the rest of the home to someone else or whatever the case may be.

Looking at working in the health/fitness industry as a personal trainer while I take the plunge in real estate as I have spent the last several years saving and have just over 80k.

The problem I am now is the prequalifying for the loan. I spoke with one lender and they would need the offer letter from a job out there in order to get the ball rolling on the price range I qualify for. 

Has anyone ever had/heard of an experience like this? Is what that one lender said the only way to go about the process? I’m trying to get the ball rolling but feel stuck 

Any info would be greatly appreciated!

[Lauren McNary]

Welcome to the forums! If you are looking for a good investment market in Tennessee, you should look at Memphis!

Memphis has a strong and healthly rental market and the rents have continued to increase year over year. Memphis has historically been known for its relatively low cost of living, including affordable housing. This can make it an attractive option for renters, leading to a stable demand for rental properties. The city is home to several Fortune 500 companies and has a diversified economy with industries such as healthcare, manufacturing, and logistics. A stable job market is generally associated with a steady demand for rental housing.