All Forum Posts by: Cory King

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $185,000
Cash invested: $55,000

Contributors:
Gregory Crane

Sourced on the MLS. Partnered with a member of our local investor community & BP member who fronted the down payment on the private money loan. I cover insurance and utilities. We hired a local GC to manage the rehab which is largely surface level outside of some bigger cap ex items like roof, windows, hvac. Thankfully those are a once in 20 year items so we should be clear after that. Duplex was built in 1997 so newer materials used helps keep from other big updates from being done. ARV looks to be around $325k and we expect each side to rent for $1500/mo range. Planning to BRRRR this and hold.

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

Growing area of town where new developments are headed and prices are still below the median for the area w/ a 10% growth upside in the short term.

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

Sourced on the MLS. Being able to offer cash aka hard money made things easier to win seller over

How did you finance this deal?

Hard money loan

How did you add value to the deal?

New roof, windows and surface level updates throughout

What was the outcome?

In progress

Lessons learned? Challenges?

Opening yourself up to partnerships unlocks more opportunities. Leaning on each others strengths goes a long way. Trust is huge. Don't let anyone tell you that you can't find deals on the MLS.

 Hi Brendan,

Knoxville is a solid market with a number of different plays to look at. If you're looking for a fixer upper multi in that price range, it's not impossible, they're just a bit more rare. I picked up a duplex in knoxville right off the MLS 2 weeks ago for $185k. Needs $55k rehab. ARV $320k and i'll gross $1500/per side easy.

Always happy to chat about the area and the different plays available. 

 Hey Wesley,

Some solid advise so far. Here's my 2 cents. 

1) A team will certainly help with mentorship and experience getting in some reps. Certainly interview a few and make sure they can fully explain their processes and vision. Not just "we provide you zillow leads" type stuff. I've done both solo and been on a team. I currently run a team in knoxville focusing on working with investors and landlords. 

2) commercial is a whole different beast. bigger checks and also much bigger gaps in time for deals to close. way more due diligence and insights needed. if you want to talk with some commercial agents in town i'm happy to introduce you. personally my commercial experience is in mid size multi family. I don't get into other commercial stuff and largely stay in my lane of residential real estate. 

3) the brokerage is there to serve you, not the other way around. always keep that in mind. speak with brokers and agents from that brokerage to gain some added perspective and understand though that your experience may vary. someone else said it, you can always move on somewhere else if it's not a fit. 

happy to chat more if you have questions

BRRRR works in any market. There's always deals to be found. Working on a duplex right now that'll refi out just fine.

Hi Dee! I'm here in Knoxville and have found good success finding properties both on and off market. Happy to help run some numbers and share some insights into what I'm seeing. Knoxville offers a variety of investing styles from LTR, MTR, Student housing, & STR, house hacking, BRRRR...

Look into DSCR loans. Non QM product which doesn't focus on your income but soley on the asset itself and wether the rent or projected rents will service the debt. holler at me and lets chat more about it and connect you with the right people.

I'm open to a JV discussion. I agree on the glamping and "land hacking" as a strategy.

Commercial real estate can seem daunting to budding investors.

But in reality, the process of finding, analyzing, managing and maximizing a commercial property is very similar to residential rentals, you just add some zeros.

In this meeting, we will cover the basics of the different types of commercial real estate, including office, retail, industrial, and storage property.

Join us to learn how to add some zeros to your bank account.

Come for the training, stay for the networking!

in the process of it now to cash out of a private money loan on a recent flip i intend to hold