I’m in the military and I travel very often. My fiancé is from Knoxville and her family lives all over Knoxville. I am looking into buying some smaller rental properties in North Knoxville and then renting them out until I retire from the military.
Probably 1-2 bedroom SFH in North Knoxville starting out. if it goes well, I'd like to expand into small multi-family units.
I would change my residency to TN after marriage, and i would probably visit there at least once a year for Christmas.
Thanks for your time!!
The beauty of long distance investing is it doesn't limit you to one particular market. Aside from your wife being from there what else intrigues you about that market? Have you analyzed any deals specifically?
I would first suggest reading David Greene's book on long distance investing. It's a great book.
My goal with my first out of state rental is to NEVER go there. I have wanted to, several times. But the whole point of doing it this way is to have the right team in place and doing the unthinkable (trusting that they will get it all done to standard).
As a Knoxville native (pretty much) I heartily endorse the area, of course I'm biased! :). North Knoxville is coming into its own and has a number of cute little communities. It also has some not as nice areas, so your mileage may vary and it's a good idea to have boots on the ground you can trust (who aren't tied to your purchase and be 100% honest with ya).
Good luck, and let me know if you have questions.
@John Cole Great plan! Thanks for your service. However, don't limit yourself to just one market because that's where you have family. If the numbers don't make sense, I'd definitely recommend venturing out to other locations. You can build a team in other locations, or find an existing team that can help you along the way. Good luck!