All Forum Posts by: Cory Anderson

Welcome to the site @Scott Carr! I am in the Knoxville area as well and also a new investor. Please let me know if I can ever help you out with anything. Good luck with your new journey into real estate investing!

Great story @Josh Key and extremely motivating! It's awesome how things like that fall in to place. Welcome to the site. As you have already discovered, it is an incredible resource. Good luck with your new journey!

Bruce Park , welcome to BP! I am new to real estate investing in the Knoxville area as well. As I'm sure you have already discovered, BP is an excellent resource. I can't give you any recommendations on a seasoned agent at the moment but would like to know if you come across one. Good luck, and feel free to reach out to me if you have any questions or need anything! Cory

@Jim Viens , @Marco Carrillo , & @Account Closed

Thanks guys for the input and encouraging words! This is some really good stuff to think about. Thanks!

Hey guys,

I am looking to buy my first multifamily and am in need of some advice. Below are the numbers on a 4-plex that I went to look at yesterday. The asking price is more than I am willing to pay based on my numbers but I would like a place to start negotiating due to the fact that I think the property has lots of potential.

Asking Price: $249,000

Estimated Repairs: $0 currently however, 3 of the 4 air conditioning units plus a couple of the hot water heaters are worn. They may last 3 more years, they may last 3 months...

Down Payment: 20% on a 30 year mortgage

Current Monthly Cash flow: $2500 however, I have done my research and there are 7 other similar duplexes on the same street and based on their rents there is no reason this place should not cash flow $2800/month with a 95% occupancy.

Below are the estimated monthly expenses minus the mortgage payment:

Vacancy	$208.25
CapEx	$125.00
Management	$250.00
Property taxes	$220.00
Garbage	$34.00
Lawn Care	$60.00
Repairs	$150.00
Insurance	$90.00

The 4-plex has 3 of the 4 units rented at the moment due to the fact that the 4th unit was recently updated and is left open for showings. It is all brick with a good roof and has been very well taken care of. It is a turnkey 4-plex but as previously mentioned could need some updates in the near future. If you have any questions please ask and I really appreciate you taking the time to read my post and give me a little insight as I learn how to properly analyze properties.

Thanks,

Cory

Welcome Jason! As I'm sure you have already discovered, Bigger Pockets is full of valuable information and helpful folks. Looking forward to seeing you in Knoxville!

Thanks to everyone who made recommendations on this post, I really appreciate everyone's opinions! I have read some good things and like to see so many different viewpoints. I hope to see more good advice!

Hey guys! I'm sure this has been asked in the past and I have read a few threads that help but just thought it would be better to ask and get your opinion on my specific situation.

I am wanting to buy my first single-family rental property this year and need advice on loan strategies. I have some really good opportunities in my area to buy great homes for little money and rent. They typical property I'm looking at is 3/1, 1000sq.ft. brick rancher, 1960's - 70's, asking $35k - $50k depending on the situation. This particular house would rent for approximately $800 in this area. I have done my homework and feel very confident that this is a good investment for me to start with.

The problem is, I have talked to some of my mentors who have been doing this for a long time and they said, typically, the banks/credit unions in this area want 20%-25% down for an investment property. I am 28, been married for 4 years and have a 7 month old daughter and do not have $10k - $13k just laying around to buy one of these properties. I make decent money and feel confident that I could cover the mortgage payment for a few months if need be but if would take me quite some time to come up with that kind of money to put down.

Any suggestions??

@Chuck W.

Thanks for the info Chuck, it's great to meet someone who will be working in my area! I will definitely take you up on the questions, I am just starting out and still have a lot to work through. Let me know if there is anything that I can do to help you and your business. Thanks!

@Brandon Turner

Hey man, you have a great thing going here! This is definitely the most informative site that I have found on the subject. It is amazing how many helpful people are involved and willing to share! I stay tuned in to the podcasts and look forward to hearing more, keep it up!