All Forum Posts by: Cory King

Hey all! I am a real estate investor and agent from NY. I am most likely going to start purchasing small multifamily/single-family homes in the Tri-Cities TN area this year. I would love to connect with investors who own rentals in the Tri-Cities area and hear how they like the market. Thanks!

I've got some friends who invest up there I'm happy to connect you to. I'm in Knoxville and invest here and have been looking at the tri cities as somewhere to invest. There's also Jefferson City which is just east of knoxville that has some upside too. college town near a lake which gives some upside for students or short term rentals depending on what you like to do.

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Knoxville, Tennessee

Hey Landon,

I'm in Knoxville too. Happy to collab sometime.

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Knoxville, Tennessee

Quote from @Matt Smith:

I would like to know more about Knoxville area. I'm looking at potentially moving/investing in that area

Let's connect! Send me a PM and I'll do same.

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East Tennessee home sales increased 8.9% from the previous month, but were down 1.4% from a year ago.
The median sale price was $354,000 — up 10.3% from the previous year.
Total housing inventory increased from the previous year – up 24.0% from a year ago.
Half of the homes sold were under contract in 28 days or less, up from 25 days a year ago.
45% of homes sold for the asking price or above, with 21% selling for more than the asking price. 8% sold for at least $10,000 over asking and 2.6% sold for at least $25,000 over asking.
The sale-to-list price ratio increased to 97.8% – up from 97.6% last month.
New construction represented 16.5% of total home sales.

If you want to dive deeper into some numbers in the Knoxville and surrounding area I'm always happy to nerd out.

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Quote from @Eric W.:

Quote from @Cory King:

Quote from @Eric W.:

Quote from @Cory King:

lots of options depending on your goals. i focus primarily in knoxville with long term holds and a few flips. my long term holds are focused in 37921 and 37912 zip codes and focus on long term tenants and student rentals. oak ridge has a great upside for long term renting as well as mid term with the lab and all the contract labor that goes in and out of there. happy to pass out some references if needed.

Thanks I’ll research those zips. Would you say there are opportunities there for a first timer that warrant pulling money from an HYSA earning 5.5%? I’ve had this itch to get into real estate for a long time, but everytime I start to dip my toes in I get the feeling that with prices/rates where there at it’s hard to justify pulling money from risk free 5.5% ? I feel like I missed the 2021 boat and it’s never coming back.

I want to own hard assets just tough finding one in this market!

totally hear you, pre 2021 in knoxville was a totally different ball game. again depending on your goals and strategies, your expectations aren't unrealistic. some deals may require more of an investment to make the numbers work like one of my student rentals that was a full gut project and took nearly a year to complete yet it spits out 15% cash on cash returns annually and i purchased that late 2022.

investing in general is a risky endeavor, it's all relative to ones own risk tolerance depending on their position. we try and make calculated risks and look to evaluate multiple exits before pulling the trigger, yet there is still some risk involved.

maybe a reit or syndication is the way to go if you want to be in real estate yet don't want to take on the properties yourself. either way i'm happy to make some local connections.

Thanks for that! Ya I own some REITS, but trying to break into hard assets.

what’s your opinion on new construction homes as investment properties. Seems there’s some in those zips you mentioned in the 350k range. I know the builders are offering more incentives to buyers, but does new construction typically pan out well as investment properties?

New construction offers a solid upside regarding maintennce costs. Typically new construction can appreciate at a slightly higher rate that other homes, especially if one is buying in a subdivision and on the early side of getting into it. We've also done some build to rent with some local smaller builders. Happy to connect more on this

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Knoxville, Tennessee

Quote from @Pacha Monzutu:

hello my name is pacha i live in knoxville tennesse. i am new to investing and looking to connect with local investors. thank you

Pacha! Hi and welcome! I'm in knoxville too

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Knoxville, Tennessee

Short-Term & Vacation Rental Discussions

Post: introduction to the STR world.

Cory King

Posted April 24, 2024 14:45

Real Estate Agent
Knoxville, TN
Posts 122
Votes 48

Quote from @Samuel Kelly:

Hello! I'm Sam,

I am completely new to this world and I am super eager to jump in and learn from the incredibly knowledgeable community in this forum.

To give you a little backstory about myself, I grew up in Sevier County TN and lived in Knoxville for most of my adult life. For the past 4 years I have been in Colorado working a corporate job. My whole life so far have been to climb the ladder and invest in retirement but I recently read Rich Dad Poor Dad and Be Obsessed or Be Average and it has completely changed my mindset on money, wealth, and life in general. My wife and I currently own and operate a small 2br 1ba STR in Knoxville that does well. Our plan is to buy our next rental in the GSM market. I personally know the area very well as I grew up there but I haven't lived there for over a decade so I know a lot has changed. I have a realtor in the area but I'm not sure of her experience in the STR world. We have some liquid capitol, some other assets, and a good amount of equity in our Knoxville home. We have not even begun looking for a lender in the area yet and I am hoping to find the right one here. The plan is to get a second home loan or any kind of loan really that allows a 10% down.

I have been listening to Avery Carl's podcast and really enjoy it. I have a few more books and podcasts on my list as well but I figured I would jump in here and introduce myself. Everyone in this industry so far has really been emphasizing building relationships and networking so here I am. I am excited to hear your words, stories and advice. thanks!

Happy to share some insights and connect you with anyone locally. While I can appreciate the spirit of what Collin said above, I would disagree on the not worrying about networking thing. There's lots of great local meetups with all the resources & connections you'd ever need. Also disagree with the 90 % mortgage line. There's still solid deals to be had in that market, people who bought in 2021/2022 and poorly manage are looking to exit and we've helped secure a few sub to deals in that market + we have some clients who've bought as a 2nd home recently and done extremely well. A good deal is a good deal.

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Knoxville, Tennessee

Managing Your Property

Post: Knoxville, TN Property Management Recommendations?

Cory King

Posted April 24, 2024 14:41

Real Estate Agent
Knoxville, TN
Posts 122
Votes 48

Quote from @Justin Stearns:

I'm closing on a property in Knoxville, TN later this month and looking for a recommendation from someone that has SFR's in Knoxville and really likes their Property Manager. Please share!! Thank you!

totally. Jacob Lei property management are studs. Dan Mckee with Key Renter is also super solid. Jesse Houston w/ Baine Realty Group is a stud and has one of my properties under management.

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Knoxville, Tennessee

Quote from @Franco Irakoze:

I'm currently involved in new construction development. I have done 15 deals in the past year and half, and I currently have 20 new townhomes waiting for build permits. I have been reinvesting my capital back into my business and acquiring more land.My next goal is to expand into multifamily development and secure additional land. However, it’s been challenging when it comes to financing. Many hard money lenders are hesitant to provide loans solely for land acquisition, and conventional loans have been somewhat limiting, especially for land deals.What is best strategies for raising private funds.

come to some of the meetups locally in knoxville. our next one is literally called where to find the money and will have a panel of private money lenders and capital raisers.

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Knoxville, Tennessee

Multi-Family and Apartment Investing

Post: Question about investing with a DSCR Loan

Cory King

Posted April 24, 2024 14:38

Real Estate Agent
Knoxville, TN
Posts 122
Votes 48

Quote from @Matt Randall:

Im hoping someone can give me some advise on this, I'm looking at buying a triplex and putting about 25% down and using a DSCR loan for the rest, has anyone that has used a DSCR loan have anything good or bad to say about them? id like to know what someone that has done it thinks about it. Any and all input is much appreciated!

Thanks, Matt

Yeah for sure. I just did one as a refinance on my most recent BRRRR. Solid overall process, downside is typically it commands a bit higher of an interest rate.

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Knoxville, Tennessee

All Forum Posts by: Cory King

Cory King has started 22 posts and replied 118 times.

Post: Investors in Tri-Cities TN?

Post: Hello BP Community!

Post: EAST TN Market Update

Post: EAST TN Market Update

Post: Good neighborhoods/suburbs to look into

Post: new member from knoxville tennesse

Post: introduction to the STR world.

Post: Knoxville, TN Property Management Recommendations?

Post: Private money for new construction and land acquisitions

Post: Question about investing with a DSCR Loan

Cory King has started 22 posts and replied 118 times.

Rounded Star Post: Investors in Tri-Cities TN?

Rounded Star Post: Hello BP Community!

Rounded Star Post: EAST TN Market Update

Rounded Star Post: EAST TN Market Update

Rounded Star Post: Good neighborhoods/suburbs to look into

Rounded Star Post: new member from knoxville tennesse

Rounded Star Post: introduction to the STR world.

Rounded Star Post: Knoxville, TN Property Management Recommendations?

Rounded Star Post: Private money for new construction and land acquisitions

Rounded Star Post: Question about investing with a DSCR Loan

Post: Investors in Tri-Cities TN?

Post: Hello BP Community!

Post: EAST TN Market Update

Post: EAST TN Market Update

Post: Good neighborhoods/suburbs to look into

Post: new member from knoxville tennesse

Post: introduction to the STR world.

Post: Knoxville, TN Property Management Recommendations?

Post: Private money for new construction and land acquisitions

Post: Question about investing with a DSCR Loan