New in East Tennessee

[Tara Kneiser]

Hello all. My husband and I are in Oak Ridge, Tn. We bought our current home (our primary residence) from FHA as a HUD foreclosure, and in 5 years we've got a decent amount of equity and are wanting to move up in homes in the next 2 years.

About 2 years ago, a very small house across the street went up for auction and I snagged it for a little more than $20k.  We renovated it ourselves (my husband spent 10 years as a residential carpenter) for about $3k.  We had a tenant move in 2 months after we closed on the house.  So far, so good, as the tenant is basically paying the loan.  In 3 years, that rental property will be paid off, and we intend to save up & buy another.  

My biggest problem is patience.  There are a lot of great deals in our neighborhood.  For example, there was a foreclosure down the street from us that sold for $59k, while it's worth about $100k.  I can find the deals, but not the cash.  I'm sure I'll be told to jump all over those houses and quit dragging my feet! 

We'd love to purchase properties for cash, as the idea of thousands of dollars of debt is extremely terrifying.  I'm sure there are plenty of articles here that will help me out.

I'm here to learn.  Thanks for taking the time to read my intro!