Starting out on Knoxvlle - better to target high end or lown end?
Hi, my wife and I are just starting out with expanding into long distance investing in the Knoxville area, so looking to build a team and get some local advice.
Two questions we have to start:
- Our original approach was to target cash purchases for distressed properties at the lower end of the market. But with the seemingly high level of competition in the area, as well as super low rates currently for financing, is there a case to be made for significantly more upside at the higher end of the market (ie. 300k+).
- 2 particular areas I have heard mentioned recently are Sweetwater and Cleveland...any insight into those areas for buy and hold potential?
The main reason we have chosen to focus on the Knoxville area is that we have local family there who have agreed to help with boots on the ground support to see properties, manage contractors, etc. It also makes the plunge into long distance investing just a little less scary! We have 3 rental properties so far in the Denver, CO area, but looking to really scale our portfolio now, and try our hand at the BRRRR method.
Any insights or advice would be much appreciated!