I'm Bruce and I live in the Knoxville, TN area. I am absolutely brand spanking new to real estate investing and look forward to the opportunity to get to know and learn from many of you.
I have been reading, studying (on BP) and asking questions of local folks and learning much, mostly that the more I know, the more I realize I need to know. I'll try not to sound to naïve or just plain ignorant, though I know in starting out that I am needing much info and help.
I have identified Buy and Hold as the area I am wanting to specialize in to start.
My current goal is to find and buy either:
A) A single family house (I will live in it for 1 yr, then use it as a rental, or
B) Find a duplex, live in 1 (for 1 yr) and rent the other, then rent both sides.
I eventually want to get into a 4-plex and grow from there.
Any thoughts, ideas and opinions are greatly appreciated.
I have just done the pre-qualification and am now looking for info on finding a good Real Estate Agent that specializes in working with investors. (My next step.)
I look forward to working with and getting to know you and I thank you all in advance for everything!
@bruce park welcome to BP. Adding a photo will add more credibility to your profile.If you have any specific questions let me know and I would be glad to help.
Hi Jeremy, thanks for the reminder. Oops!
Specifically, what I would like info on is how to best find then qualify a good real estate agent that specializes in investment properties.
We are buy and hold investors who got started with a personal property and rented it out when we transferred. Here is the podcast, 103 that I did on our strategy, shttp://www.biggerpockets.com/renewsblog/2015/01/01...
I personally am a mls buyer. We look online and ask for recommendations of great realtors. Than we interview them and pick from there. In my opinion our realtor makes it or breaks it, at the same time you need to respect the realtors time. Understand they aren't going to make 100 offers low balling every time. Our realtors reputation is what gets us our houses, on the other hand, they have to preserve it too.
I Like @Elizabeth Colegrove answer and @Bruce Park Welcome to BP
@Bruce Park , welcome to BP! I am new to real estate investing in the Knoxville area as well. As I'm sure you have already discovered, BP is an excellent resource. I can't give you any recommendations on a seasoned agent at the moment but would like to know if you come across one. Good luck, and feel free to reach out to me if you have any questions or need anything!
Wow, thank you Elizabeth, my struggle at this moment is I am required to move after being a long time renter (landlord sold the property.) It has served as the impetus to get rolling with my r/e investment strategy. I have another place to stay until the end of Feb. My conundrum now is figuring out if I should focus on a duplex (I like the idea of positive cash flow right off the bat,) or a single family home (a few of which I am interested) that I can turn around and rent after a year.
Thank you everyone for the welcome! Cory I will be happy to share any info I get. I'm looking for an agent now.
Morry, thanks for the hello and I agree with you on what Elizabeth said.
Thanks again everyone.
Welcome to BP! I use the MLS to look for deals but also watch craigslist and network with a few wholesalers. I think it makes a lot of sense to get a duplex or something with another rental space. There is nothing better then someone else paying your mortgage for you. Good Luck.
Thank you Chris, that's my line of thought as well. Any tips for finding a good agent that works with investors?
Sorry a good agent is hard to find. The one I am working with now is new and learning so is willing to do more for me then one that is making lots of money in sales. I think you are just going to have to try them out till you find one that works for you.
I have found that using the listing agent on properties your interested in can be very helpful. The agent will be motivated by double commission and can tell you if your offer stands a chance with the sellers.
Welcome to the forums. Knoxville is an awesome place and has a lot of active investors for a smaller metropolitan area. "House hacking" is a great way for someone to get into this market because the margins are not as good as they were a few years ago. With that said there are still opportunities around.
I will PM you.
Thank you everyone that is giving me such good information. I've thought the same on just calling the listed agent so there's a start. I also have a few calls to make on Monday to a few I know and talk with them about my goal. Thanks William for the tip on house hacking, I'll be investigating that as well.
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