Investor · Knoxville, TN · Member since 2016 · 7 posts · 12 votes
I’m a hard working person who doesn’t like to give up. I strive for what I want and keep my goals in mind 24/7. This allows me to see exactly what I want and plan on how I will get it. And am outgoing and love people. I am truthful, honest and sincere. I love myself and the world around me. I love my family and do everything I can to make sure they have what they need. I love nature, animals and kids.
I have 5 rental properties estimated be worth of value $700,000 three of them are long term two of them or short term. I started about 10 years ago in real estate investing in rental properties and I love doing it. I am looking for other investors possibly doing a investment together.
Welcome to BP, Michael. I just closed on a property in West Knox and will be out there to furnish it this weekend. Are your short-term rentals marketed towards vacationers or corporate/relocation-segments? I am planning to do a bit of both, depending on the season and whichever provides a better time/profit tradeoff.
Welcome to BP, Michael. I just closed on a property in West Knox and will be out there to furnish it this weekend. Are your short-term rentals marketed towards vacationers or corporate/relocation-segments? I am planning to do a bit of both, depending on the season and whichever provides a better time/profit tradeoff.
Welcome to bp. looking for a local investor. trying to get into flipping homes full time. let me know if you would like to maybe help with some ideas to find funding to help this business take off.
Jake the property I have in Knoxville off the zoo exit it setup to do business rental and vacation rental it seems like the weekends people rent it for vacation and during the week business people rented it has worked out really well I use Airbnb VOB the calendars will sink to one another.
Hello BJ well everyone is looking for money specially 100% loan money and it is hard to find if you got good credit and if you go to the bank they want you to put 20% of your own money on a project. I have talked to dozens and dozens of banks trying to fund my project at a hundred percent none of them will do it and I got excellent credit and experience. But I would recommend going to a local small bank and ask them do you have any houses is foreclosed on as to take it over that's how I got two of my properties and a used 0 of my money and the property also had renters already in there it worked out really well for me and the bank.
Michael, can you clarify for me how you were able to obtain the property with $0 of your own money. I understand that it was foreclosed and you went to the bank. Did you not have to make any payment to take it over?
Some banks will basically let you just take the loan over but you still would have to do a credit application and a credit check and they will rewrite the loan and the deed in your name basically but I went a little further and told them that I only want interest only for one year and able to skip a payment if something happened and the reason I did that I wanted to build up some extra cash from the rental income that is coming in on that rental property.
but be careful make sure you do your homework on a house and be able to pull in the correct amount rental cuz it would not make sense is someone owe too much money on a house and you're not able to make any money on the rental
Make sure you add all costs up mortgage payment insurance taxes City and County taxes homeowners association you need to make a few hundred dollars a month profit