Investor · Knoxville, TN · Member since 2017 · 2 posts · 1 vote
Hi! I am looking at moving my Fam to the Knoxville area. I have done flips in Vegas for over 10 years now and wanted to see if anyone has purchased home at the TR sale in the Knoxville area? Is there a steady supply of deals in the area for flips? I am sure it is competitive like everywhere but right now in Vegas homes are selling for 90% of ARV at the sale. or are most flippers there working pre sales and getting off market deals? Any directions would be great! Going to fly out this week to watch some sales. I would be interested in buying for any one that whole sales as well? Thanks
Real Estate Agent · Knoxville, TN · Member since 2017 · 10 posts · 1 vote
9y
Available investment homes come in all mentioned varieties. While we are not at the 90% ARV mark, yet, houses can still be on the high side for investors because of competition for them. In addition, new mortgage loan types from various lenders make some of these homes doable for regular home buyers. Previously they could not get loans (other than a 203K) for homes needing renovations. That generally took regular home buyers off the market for them. Now they are back in the market for many of those homes. That will only increase competition since they do not generally worry about cash flow or ROI.
As always location, location, location determines home values especially on those good for flips or buy and hold. Schools (families with school-age children and college students) and 1 level living (retirees) are big drivers of that here. In addition, we anticipate seeing some folks from the hurricane Erma area coming this way over the next couple of years thus increasing the need for inventory. This also means opportunity.
Get someone that knows the local market and you should find some opportunities. Relationships determine results!