All Forum Posts by: Matt Castle

@Daniel Huynh I relocated to Knoxville this year for some of the reasons you mentioned... lots of solid economy things happening and lots of room to grow. New construction, both residential and commercial, are happening in many areas of the city and periphery, but also lots of older inventory that can be rehab2rent or flip. 

Occasionally, we find some low hanging fruit, but with the economy buzzing along, any "good deal" has like-minded investors interested as well. Competition is good but you just have to stay positive and keep submitting the offers. 

The Smokies are usually a good fishing spot for all types... active fly-fishing to slow motion party pontoons. 

@Sam Leon If you have specific provisions within your leases, you can always gather proof they are violating them on a consistent basis, then move to evict. Just get a good lawyer to do it for you. 

1) Occupancy: if you know they are allowing non-lease renters to stay over, drive by the place at 11pm to take a picture, not once but 10 times. It's reasonable a judge would see your side of the story. If you're paying water, or can somehow access the water bill, if the amount of water seems high for the # of people on the lease, use that too. 

2) Parking violations: you've seen this yourself multiple times. Document it. Use it in court. 

3) Address search: google the property's address and find out if they're advertising rooms for rent on a short term basis. If so, print it and use it. 

I'm not saying evict them, but you can definitely use it to justify inspections or raising rent. 

@Joe Pilkenton I'd suggest checking the type of mortgage you got b/c you may have to get their permission BEFORE renting it out. Ex) FHA will allow it but: 1) you have to live there 12+ months 2) they have to approve it. I could be wrong but you never want to upset the bean counters.

Without seeing any house info other than size & 3BR/2BA, I'd lean towards renting it. I'd have to see pics, run comps and all that to give ballpark #s.

Happy to help so DM me if needed. 

Welcome to BP. Knoxville is a good market with lots of diverse areas, but if it has a downside, it's the competition between like-minded investors. 

Best advice I can give is build a good team of people you trust willing to do the things you don't want to do, do your homework (run #s then run them again) and don't get discouraged if your bids aren't accepted. With the economy humming along, lots of people want to buy a rental or try their luck flipping an old house. 

@James Staples V it sounds like you've answered your own question. If ANY party of ANY transaction sounds shady, especially your first, it's likely not worth the anxiety and lack of sleep due to your entrance into such transactions. 

I'm not suggesting you walk away, but sounds like you should do significant due diligence on all parties. 

Moreover, a 10k profit split 2 ways is a very low ROI. Taking closing fees, commissions, your capital gains taxes, etc., into account, the final $$ you come away with may not be worth your time.

I know two good agents in both Johnson City and Knoxville. Forum rules generally prohibit phone numbers, so shoot me a private message and I'll shoot you their contact info. 

Just my 2 cents... it all depends on how much you value your time. 

If you're looking to save money, you'll probably save a bit if you're buying & listing them yourself, but with all the extra add on fees of being an agent (broker fees, MLS fees, E&O insurance, etc.), the money saved would depend on the type of homes you're flipping. Plus, you're dealing with added time doing your own research, bookkeeping/accounting, taxes, etc.

The biggest pro for me, from your perspective, was not having to wait for an agent to schedule the showings. If I wanted to go see something, I could go as soon as I saw it or get a showing with the agent/occupants. 

@Asia Bacus Welcome to BP. I'm an hour west of you in Knoxville. I've been in the REI biz for nearly 20yrs so ask away anytime you have questions.

Knox Rail is awesome but thought it might be too far from Greeneville. Good place to visit if you're in Knoxville but has odd weekend hours. If RTA cabinet makers are an option, I'd likely go with the best deal I could find. 

Moved here in February 2019. Love it. 

Real estate market is hot in my opinion. A generic single family home with decent finishes and correctly priced usually sells within 30-45 days. Under contract within 2 weeks or less. 

We have every major and minor chain you can think of but my latest thing has been Jet's Pizza. Has two locations close to I-40.