All Forum Posts by: Cory King

I own a student rental near downtown & campus. Happy to chat about my experience. Outside of Fort Sanders, I'd look at Mechanicsville, Western Heights, & Oakwood Lincoln Park neighborhoods. 

I can help. You're structuring a syndication and there's for sure steps to go through to protect all limited partners (that's you). 

Definitely sounds like an interesting play to condo each of them out and sell individually.

I just structured a duplex purchase with a partner, but we intend to keep it and split the profits. Happy to chat. 

 both are solid options. i'm stretching into the tri cities as well as continued activity in knoxville. 

Love it. Happy to nerd out on some numbers. I'm an active agent/investor here in this market. Let's chat about the area and I'll share my buy box should you come across something.

Investment Info:

Single-family residence wholesale investment.

Purchase price: $90,000
Sale price: $95,000

Lead came from another wholesaler in the area who couldn't close it. We were prepared to flip it if needed, but wanted to assign it out as our workload was full at the time. Numbers made sense for someone to come pick it up for a nice flip or BRRRR. Buyer came from our local investor meetup. win win deal. seller got their home sold, buyer picked up a good deal, we made a quick $5k.

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

Opportunity was there for us to flip it or assign it out. Had a bigger work load at the time so assignment made sense.

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

Deal came from another local wholesaler who couldn't close.

How did you finance this deal?

Had private $ lined up. Ended up assigning it. That buyer used private money

How did you add value to the deal?

Didn't eat all the "meat on the bone" of the deal. Made a quick $5k assignment and kept things moving.

What was the outcome?

Found a buyer in our local investor meetup group. He and another member partnered on the deal. One brings the cash, the other brings the work and project management.

Lessons learned? Challenges?

Almost ran out of time ourselves. When doing an assignment always be prepared to close it yourself if need be.

 for sure. sent you a PM

@Jeremy Tallman Hi! Happy to share some insight into this as I live and work nearby to this market. Bookings are down a fuzz when compared in a year over year context. I can't say the area is oversaturated when we receive nearly 11-14 million visitors annually through here. It's the most visited national park by a massive margin, seriously not even close. Those that bought at the peak of the market and based purchases on those 1-2 years of data might be hurting, especially if they're mis managed. Smaller cabins 1 bedroom style do well in that it's typically last minute bookings by couples so things can stay consistently busy, conversely the big ones 5 bed plus with movie theaters, pools... tend to book further out as the cabin itself is the destination for families and large gatherings. You have to stand out. Be different. The dated lincoln log cabin w/ bear decorations w/ no view gets lost in the ether. We just did a deep dive on this at our local investor meetup. Search GRID Knoxville in youtube and check out the recording.

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