All Forum Posts by: Calvin Toulouse

Hey Chloe I am in the knoxville area and am in my first couple years of investing as well. I have a house in the belle morris area of knoxville close to where you are looking for real estate. If you have any 1st time home buyer questions or any questions knoxville related, just pm me and I will give you some insight. The advice about house hacking and using a FHA is the best advice. Also be creative and be open to renting by the room if you need to for a house hack. I know without alot of capital it can be very difficult to find a duplex for house hacking. I hope this message finds you and adds value to your real estate investing journey!

Hello, I am in my first 2 years of real estate investing in knoxville. I have a sfh that I rent out right now by the room. I've been watching the market like a hawk for the last 2 years and have a good grasp on the market currently. The demand in west knoxville is great and the appreciation is not going to stop. However if I was in your shoes I would get a sfh instead. The demand for condos is much lower than those of sfh. If you were to try to sell in the future it might be difficult and also appreciation will not go up as much. You could get sfh that will appreciate much fast in value and have more added potential in the future. Right now people can't find a sfh to rent in the knoxville area. One other pro tip for knox county is that if you purchase a sfh you can always add an adu under county code and use that for your str. Just a little info, I hope this finds you and helps in some way.

Hey @Zach A Darrow you'll love the knoxville area. I just moved here a couple years ago and started my real estate investing. I am currently house hacking a home in knoxville and it is working great. I've had a tenant 100% of the time since I moved in.  I'm looking to get into another deal soon and also looking for investing partner. Currently looking for more homes I can house hack either by the room or with the potential to become a duplex or multi family property.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $140,000
Cash invested: $5,000

single family home 3b 2ba and renting out 2 rooms $650 each while living in the 3rd room.

What made you interested in investing in this type of deal?

Meets the 1% rule. Appreciation will go up in this area. Rent is high in this area.

How did you find this deal and how did you negotiate it?

Found deal on mls and negotiated with agent

How did you finance this deal?

fha loan

How did you add value to the deal?

$5,000 of equity when I purchased the house due to apprasial being higher than asking price. Remodeled sunroom to be useable. Added a fenced in yard. Fixed the A/C unit. Electrical outlet work done. Landscaping added.

What was the outcome?

currently have 2 tenants

Lessons learned? Challenges?

Learned how to manage tenants and property.