All Forum Posts by: Matt Castle

I'm biased, so please that into account, but I'm seeing great #s in Knoxville, TN. One of the few places with a strong economy, growing population and can still buy under 100k/door. 

The one issue is the Class A & Class B rentals need to look the part. Can't be some 20yrs old interior design to get top $$ b/c we do have good inventory for renters to select from. 

Lots of things: 

1. minimum 2 years rent roll and P&L statements. 
2. List of repairs for last 2 years and mandatory/expected repairs list. 
3. ask to speak to resident/property manager(s) directly. 
4. look up any local/city, state complaints against the complex. 
5. drive through it several times of day over a weekend to see for yourself what it's like day & night. 
6. check police reports for criminal activity, noise complaints, etc. 

I could go on but I've managed property for a while so once bitten twice shy. 

If you're open to any US state, look up those which are landlord friendly versus tenant friendly, have lower tax rates, better economies, growing populations, etc., etc. 

If you're investing this much $$, it's worthwhile to stack the deck in your favor by making the best $$ decisions you can make. 

@Jeremy Durham Sent you a DM. May have 1-2 others you can try. Are you looking to buy another investment property or owner occupied? 

He's not in Nashville, but I think Gregg still does these. Apologies if he doesn't. 

Gregg Pechmann
Branch Manager
NMLS# 585429
You'll have to Google his phone# or DM me. 

@Jeremy Durham I've heard good things about MCB Bank in Knoxville but I haven't worked with anyone directly. I know a few good loan officers if that doesn't work out as well. DM me for their specific info if MCB doesn't work. 

As an investor myself, I've gone through this. MLOs will ask for P&Ls, tax docs, pictures, leases, and goodness knows what else when it comes to proving rental income. It took a week or more to get through my mortgage so I feel your pain. 

@Craig Wastell Gatlinburg/PF is red hot. Well priced listings are gone within 24hrs b/c the STR income is there in a big way.

@Justin DeMontier if you're young and just getting started in real estate, plus working a full time job, house hacking with BRRRR or slow flips is the way to go. There are some tax benefits to living in the house for a while before flipping it so you get to take your time, which usually works out well for folks who work 40+ a week.

I see a few flip potentials at multiple price points every week, so look me up if you want.  

My best advice is don't take it too fast. Since you're just starting out, find something with good bones and only needs cosmetic repairs and not much on the skilled trades (electrical, plumbing, foundation repair, etc.) side. 

Welcome, @Wei Yan. Finding a cash flowing townhouse will be tough in the DC commuter zone. I lived there in early 2000s and even then, it was difficult to cash flow without a sizable down payment or you buy a fixer/upper distressed sale but then you'll be competing with professionals who know far more about buying distressed and rehab costs. 

I don't think you'll have a worry with vacancy in those markets. Even during the recession, DC area had a far more stable real estate market b/c the Fed Gov kept more people employed than almost everywhere else. 

@Sean M Neff You can absolutely manage it yourself. The trade off is pretty simple: how much of your time do you want to give up on the learning curve of STR management, the tenant headaches, scheduling repairs/cleaning, etc. Like all things, the more you do it, the more proficient you become, but it takes time.

I've seen a few PMs advertise a 10% management fee for Gat/PF prop mgrs. They will probably chime in on this thread eventually. 

@Wendy Fate I like the idea. 

Read up on fully accessible residential ideas and ADA laws. My wife and I are under contract right now on her prior home b/c she had an accessible mother in law suite built for her parents. No step showers, no step entrance, extended doorways, etc., etc. Buyer had a family member who needed this use, and we had the only one available in an upscale price range. 

If you need more proof Tri-Cities is a good place for your idea, my brokerage just sent around a nationwide survey listing the Tri-Cities as one of the top 10 places in US to retire b/c the Almighty $$ goes farther.