Noob from Gallatin TN

[Brad Taylor]

Hi all! I am new to BP and wanted to introduce myself, but first I wanted to say how excited I am to have found this website. I actually found it through searching for podcasts to listen to while I mow my 5 acres. There seems to be a wealth of information here that I haven't even scratched the surface to.

I am a real estate lover who hasn't had the opportunity to fully scratch that itch just yet. I work full time as an engineer, so my career has been my main focus up to this point.

I purchased my first house in 2004 (and paid top dollar to a flipper). I wanted to buy a fixer, but I (and by "I" I mean my wife :)) knew that my time was non-existent to actually work on the property. So we moved into a house that needed nothing.

In 2013 we found a foreclosure through the homepath website and fell in love. It looked like I would be buying $40k in equity at closing, so we couldn't go wrong! 

During the transition, I became an accidental landlord, which has been a good experience because I was blessed with perfect tenants. There is a long story behind how this happened, and I won't go into the detail here. But the short story is if you are considering homepath financing I would give it a lot of consideration!!!

Both properties have appreciated considerably in the past two years because real estate is going bananas in Nashville right now!! So I am trying to educate myself on REI and patiently decide how I want to proceed. I would still like to flip, but am concerned that values could easily start going the other way, so there seems to be a lot of risk.

Thanks in advance for all the answers to questions I may have in the future. 

[Brad Taylor]

Originally posted by @James Wise:

@Brad Taylor

Welcome to the site.

Are you going to hold that rental indefinatly or just waiting to sell for the right price?

@James Wise I am not sure yet. In my short time on BP I have already learned how important an exit strategy is, and that I don't have one. So I plan to read and learn, and make a decision based on the experience of other REI's. Right now my top options are to hold it and pay it off for residual income or sell it and use the equity to go towards a flip. So that is the decision I need to make.

I will search BP and see what type of information is available to help me make this decision.