New real estate investor

7 Replies

Hello BP!

I am new here and interested in investing in real estate. I am 23 years old from Nashville,TN. I've been doing quit a bit of background research and navigating through BP for sometime now. I'm looking to invest in properties in the Knoxville, TN area. Any tips, or information would be greatly appreciated!

Hi @Candace McDowell , welcome to BP! I applaud you for your interest in investing in your future, YOU GO GIRL! So are you looking at turnkey or BRRR? There are pros and cons for both methods, with BRRR you have the ability to force appreciation and sell quickly, but with turnkey the company does all of the rehabbing and repairs.

For people who work a full-time job and don’t have a lot of time on their hands to rehab and do a full renovation, trading their potential for forced appreciation for convenience is more valuable. The turnkey company does all of the work on their time and dime. The turnkey company has
systems and networks in place to find the best properties and rehab to a high quality and
standard. This also means that you won’t have to worry about vacancy risk during the rehab
process. Investors who choose turnkey are probably looking for passive income or they live in more expensive markets. 

Nevertheless, if you have free time on your hands and are handy, and you know people and have a good network of people you can contract to do any extra work you don't know how to do, BRRR is a good option.

This all depends on your goals and what you would like from your investment. Before you decide on turnkey or BRRR or any other REI methods, have a discussion with yourself (and/or your partner) about what your objectives are in REI.

Best wishes!! :)

@Candace McDowell Hi! Where to start... Get your finances in order and start networking. If Knoxville is where you want, then learn all about it and it's submarkets / pockets. Analyze deals (once you know if you're doing turnKey, BRRRR, flipping, etc), that way you'll know what a good deal looks like.

Originally posted by @Candace McDowell :

Hello BP!

I am new here and interested in investing in real estate. I am 23 years old from Nashville,TN. I've been doing quit a bit of background research and navigating through BP for sometime now. I'm looking to invest in properties in the Knoxville, TN area. Any tips, or information would be greatly appreciated!

 Hello and welcome! Best of luck to you! 

Welcome to BP. Knoxville is a good market with lots of diverse areas, but if it has a downside, it's the competition between like-minded investors. 

Best advice I can give is build a good team of people you trust willing to do the things you don't want to do, do your homework (run #s then run them again) and don't get discouraged if your bids aren't accepted. With the economy humming along, lots of people want to buy a rental or try their luck flipping an old house. 

Originally posted by @Candace McDowell :

Hello BP!

I am new here and interested in investing in real estate. I am 23 years old from Nashville,TN. I've been doing quit a bit of background research and navigating through BP for sometime now. I'm looking to invest in properties in the Knoxville, TN area. Any tips, or information would be greatly appreciated!

 Welcome to the site Candace.

@Candace McDowell

Welcome to the BP family! Good to have you here! Here are some recommendations for you:

Find and connect with other BP members that are in your area: https://www.biggerpockets.com/search/users
Set up keyword alerts to be notified of the topics that interest you:http://www.biggerpockets.com/alerts
Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing
Check out BP Podcasts: https://www.biggerpockets.com/podcast

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Wishing you the best!

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