All Forum Posts by: Account Closed

@James Orr but wait, what if I wanted to purchase properties in Dickson, Ashland City, or Clarksville, TN, where property is much cheaper?

If I wanted to use aforementioned ~300k (still don't want to use the full amount on the first project) to purchase flips in those areas in TN? Nashville has been booming but Clarksville is about to undergo some interesting business developments.

Virginia is a separate plan, I still like the numbers but to do both simultaneously?

Also, considered becoming a real estate agent in VA to earn additional income specifically for investments.

Thoughts?

@James Orr thanks so much!!! It was very much appreciated.

The rental is occupied, breaking even with mortgage, taxes, insurance, and capex. Honestly, probably wasn't a smart investment. I had intended to sell it to the occupier but there are issues that I'd like not to discuss here.

Nomad sounds doable, house hacking, then, is not possible in my current situation.

Will probably forgo the personal loan/ credit card. Wasn't 100% on it to begin with but I wanted to hear different perspectives.

@Michael P. Yes I completely agree that the credit card is not for investing, nor do I want to use it to purchase properties. That would be a business card, used solely for the purchase of materials, if at all. I understand where you're coming from, but again, that's why I was asking for advice lol

@Russell Brazil thanks! But that loan is separate from the VA that I'd mentioned. It's two different loan vehicles.

I am relatively new to investing and I have a couple of options in front of me during the next year. I need to chat with someone who can help me understand the implications of these decisions on my financial health.

I have one rental that I'm basically breaking even on.

I want to purchase a house in Northern Virginia, with my VA, for personal use. This will likely be a house hack down the line, I intend to rent it out in about 3-5 years. Maybe sooner.

I've been speaking with a lender who can offer up to 300k personal loan to get started, 7% APR with a 5-7 year term (I wouldn't want the full amount), and also a 250K business credit card.

My day job is in the DC area, and it can be quite busy. So I don't want to take on more than I can handle, and also if my finances become ruined, I also lose my day job.

Advice is much appreciated!!

Thanks for the inspiration!!! *I think I can, I think I can, I think I can*

Hi @malia Irvine! I am single mom of three and I bought my first house outside of Nashville in 2015 using an FHA loan. I then moved to DC in 2016 and rented the home out - unwittingly house hacking it. I put 3k down into the purchase, which I received from my tax return. Even as a nurse, you should get a nice return and you could use that as your down payment. I had zero dollars saved. It's a slow way to start, I'm only working on getting my second deal now. I'm doing extensive market research so I can rent out the basement for $1000 a month. You can do it. You can find a place in Memphis, using an FHA loan, if you choose the right market - you can then rent it out a year later.

But, also, I feel I need to be really real with you - reading over your responses, I'm seeing a lot of "No, I can't because X" please consider changing your mindset from "No I can't" to "How can I?" I think you'll find more solutions than problems this way, which will lead you to the financial freedom you're looking for. 

Best of luck to you!