All Forum Posts by: Cory King

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $180,000
Cash invested: $50,000
Sale price: $305,000

Lipstick level renovation project. Brought to me from an agent in my investor networking group. Money came from a private money lender from same networking group. Contractors are ones I've worked with before mostly in a handyman capacity. He did an ok job but took a little longer than I'd have liked. Worth giving him the shot.

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

Solid quick flip with a decent upside. Would work well as a BRRRR also.

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

Deal came from an agent in my investor meetup group

How did you finance this deal?

Private money lender locally

How did you add value to the deal?

Home needed pretty much a surface level update but had some higher ticket items that went into it as well. New roof, siding, windows, fixtures, paint and landscaping. Lucked out with LVP flooring, granite counters and stainless appliances already in the home. Windows took the longest to get in at 4 weeks from order to install, otherwise we'd have had it knocked out sooner.

What was the outcome?

Sold to a hedge fund cash buyer buying properties in the area.

Lessons learned? Challenges?

used my usual handyman to handle the reno and he took a little longer than I'd like. Did decent work and worth the shot

Hi @Bill Grenier

The amount of structures can have an impact on financing but there are options out there. I know some solid knoxville mortgage brokers who'd be worth asking & would be happy to connect you. Same w/ the folks down at planning & zoning, they're super helpful. 

i'm in knoxville so happy to talk property specifics. sounds like a cool play. you'll be fine as an owner occupant and city STR rules.

@Cole Harris what's the benefit of making the move? 

Location sounds great, but I know that market has slowed down significantly for sellers.

Hi @Chris Primavera

Def sounds like still in the info gathering stage. Feeling overwhelmed is par for the course, like drinking from a firehose. 

Local meetups are awesome, my friend runs one in Springfield, OH. IDK where that's in relation to you. Happy to make an intro though if it helps.

Ohio certainly has it's charm and lots of investors are in that market, what has you looking at the STR space in Tennessee and Alabama?

Happy to connect & help however I can

@Ethan Brackin what's your goal over the next 3 years? happy to chat as i'm up in knoxville and have some connections in that area. 

I know a HML lender in the area worth connecting with. Talk w/ Cheree at Simpli Funded

@Mason Edwards I live and invest in Knoxville. Happy to connect

What's up! @Andy Moffit

I'm in Knoxville and have referrals for all those needs you've got. 

Knoxville specifically has some rules regarding STR in the city limits, county is a different set of rules (little more lax).

Let's connect

I'm not an loan officer, but I know some banks locally like ORNL Credit Union have offered a 0% down conventional loan product. Typically people think FHA because it's what's thought of as the least amount down which is commonly the goal when we all get started. I remember for my first house that was my goal and I house hacked that home for a few years. There's a few mortgage brokers in the area I'm happy to connect you with do dive deeper into your options.

Hey @Zachary Kotiadis congrats on getting started on your investing journey. I believe there may be special exemptions around a job relocation or other extenuating circumstances. I'm curious as to what's important specifically about the FHA loan? There are other loan products available that are still a low down payment.

Out of curiosity, have you talked with your lender about this? I've often found that just going right to the expert in the space is going to be the most direct source of info. Forums are great and all, but verify with the bank. Unless you're using all cash we've all gotta talk to the bank. If you need some referrals I'm happy to connect you to some loan officers who are also investors here in Knoxville.