All Forum Posts by: Timothy N.

I've read some conflicting information I was hoping You guys could help me with...

I live in PA. I'm a subcontractor for a company who flips houses. I'm more on the construction side and less on the acquiring property and financing side. My wife and I are looking for our first home. Since I do not have 2 years of tax records, because I started my own business, we are going by my wife's finances. We want a fixer upper. Something we can make our own. It seems the houses in our market, at the top of our budget, still need updating. So we would pay full price just to redo almost everything. We've put a few offers on properties and always seem to get beat out by someone with cash. 

So, I'm trying to get creative on purchasing a property for ourselves. My plan is to use hard money to get a property at an auction or off market. We would rehab the house. Then use a home equity line of credit to pay off the hard money loan. If it's the right house, we could be in it forever. But likely we would sell it in 3-5 years. 

Is this even possible? Would a hard money lender even loan a deal like this, knowing we want it to be our personal property? We figure we could always sell it if the line of credit didn't work out. 

Also this is my first time posting (besides the new members forum). Let me know if I should post this in a different forum. 

Welcome to BP. Good luck on your flips. Let me know if you every need any work done. 

I'm also a wannabe investor who is moving to the Nashville area in June/July. I think my wife and I are going to buy a fixer upper home with a 203K loan. We are going to live in it for a year, maybe buy a rental in there and then probably try to sell our primary resident in hopes to make some capital and do the process again. 

Can anyone recommend a contractor who is familiar with the process of an FHA 203K loan in Nashville, TN?

Very nice. 

Curtis, I will be moving to Nashville in the next few months. What I'm seeing and hearing about Nashville is that it is super competitive right now and prices are being driven up. I plan on starting my investing a bit outisde of Nashville to get some experience and build a decent portfolio. It might be best to figure out what direction you want to go in in real estate investing (flipping, buy & hold, house-hacking)and start in markets outside the city that aren't so competitive right now. Then as your experience grows, go where it is competitive. 

I'll be moving to Nashville during the summer. After I get settled in, I plan to start looking for properties to rehab/flip. Maybe we can do some business in the future. 

This is great. I'm moving to the Nashville area here in a few months. My wife and I are looking for our first house. I'm leaning more towards a duplex/triplex, and she would like a single family home. We will see what becomes available here in the next few weeks. 

My wife and I just got approved for an FHA Loan with Matt Smith at Envoy Mortgage. Shoot me a message and I'll give you his contact . He will get you set up and you can do almost everything online.

My wife has the opportunity to transfer for her job. He parents are also moving South (SC) and my parents are in the South (AL).