Just getting started

[Kris Schonewill]

Hey y'all,

My name is Kris and I wanted to introduce myself to the BP world. I am new to BP and REI in general. I live in Nashville TN and have been here for about 7 years. My wife and I are currently starting the process of getting a HELOC on our primary residence as it has a good bit of untapped equity. We will likely be able to take out around 50-60k, which I would love to use to invest into some rental properties. Being new and still in the learning phase, I am reaching out to seek a bit of guidance. What do y'all think would be the smartest play with this type of money? Should I look into a down payment and some cash reserves on 2-3 properties? Would you look at a small multi family property? Would you put all of that money into one home to make the remaining mortgage super small? I have sort of ruled out major renovations/flipping as my strategy just because I have a full time job that I am not looking to exit. I am good at my job and not good at renovations, therefor want to treat real estate like an investment rather than a full time job. Also, I do not yet have the reliable contractor connections to pull of a major reno and just feel more comfortable starting smaller. That being said, I am not opposed to something that requires some cosmetic changes to add value. What do y'all think?

Also, I am just starting to talk with a few realtors in the area and it seems like it is harder to get a lot of bang for your buck in Nashville these days. Is anyone else feeling that or have I do I just need to be more patient for the right deal? Anyone have luck in areas like Clarksville, Huntsville (AL) or other up and coming markets?

Thanks for the help in advance

-Kris 

[Kris Schonewill]

@Michael S, thanks for the input 

@Craig Curelop yes! I have been trying to do all those things. I joined a local Facebook group, have been reading books and listening to podcasts and trying to make as many connections as possible, thanks 

@James Wise thanks James. Cool that you were a guest on BG podcast. I need to check that episode out