Newbie from Middle Tennessee

[Jeff Heflin]

Hi, my name is Jeff Heflin, and I live a little west of Nashville, TN.  My background is in corporate finance and risk management, but I have been toying with the idea of real estate for a little while.  I've been listening to the podcasts and have found them to be very motivational.  Likewise, I LOVE the core principles of BiggerPockets and the desire of so many to come together to share information.  After doing some initial research, I bought my first property earlier TODAY!  I'm very excited about embarking on this adventure, and I'm grateful for the many contributors to this site.  I can't wait to see where this journey takes me!

[Jared DeValk]

Welcome to BP Jeff! Congrats on your first purchase! Would you mind sharing the details? Buy and hold or flip? The numbers?

[Jeff Heflin]

Thanks Jared!  It is a duplex that I purchased for $40k and plan to flip.  I intend to market the property to investors looking to add rental properties to their portfolio.  The units are currently empty because the previous owner allowed the leases to expire in preparation to sell the property.  However, they were previously leased for a total of $1,100/month.  I am planning on a rehab budget of $10k.  I believe the property will list attractively at $80k.

[Ali Boone]

Congrats! I love NashVegas. I did my undergrad at MTSU and still go back a couple times a year to hang out with friends. Definitely one of my favorite cities, and Demos' is inevitably my first stop when I get in town.

[Adam D.]

Welcome! Sounds like you are off to a good start. I lived in the Nashville area for about 5 years before coming to atlanta. I didn't do any real estate up there but am interested on how it's going up there. Keep us posted on how it goes.

[Peter Mckernan]

@Jeff Heflin 

Congrats on the new digs! I hope that the flip goes smoothly and it sounds like you have a good strong grip on the knowledge for the flip! 

Welcome to BP! I know you'll find everything on this site that you are looking for and more! 

Peter 

[Anne Wallace]

Congrats Jeff
What will you do in your $10,000 rehab to improve the property?

[Jeff Heflin]

Anne - I'm going to invest some of the money in the kitchen by putting in new counter tops and a sink.  The cabinets appeared to be in good condition, so I don't think I'll need to replace them.  I'm going to remodel one of the bathrooms to include a new toilet, sink, and flooring.  Also, I'd like to add a closet in one of the bedrooms.  The roof is good, HVAC was installed in 2011 and functions well, and the electrical looks good.  Also, I crawled under the house and it looked dry and no visible foundation issues.  I actually hope to spend less than $10K, but I tried to be conservative.  This is my first flip, so I hope I haven't missed anything major.

[Paul Timmins]

@Jeff Heflin

Welcome. Congrats on the purchase. Time to build the foundation below.

Check out the Start Here page http://www.biggerpockets.com/starthere

Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and all the cash buyers (rehabbers) you will need.

You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good luck

Paul

[Anne Wallace]

@Jeff Heflin 

Hi Jeff,

 This sounds fabulous. Make sure to take " before" and " after" photos and post them so we can see the finished " product" !

[Brandon Turner]

Hey @Jeff Heflin welcome to BP! I'm glad you're enjoying the podcast. You should definitely start jumping right in the forums! Also, if you haven't yet, try to setup some "Keyword Alerts." It's great for getting into local conversations.

See you around the site!