All Forum Posts by: Cassidy Melhorn

Investment Info:

Single-family residence buy & hold investment in Alcoa.

Purchase price: $54,000
Cash invested: $60,000

Single family rental purchased at 20% cap rate in a competitive rental area.

What made you interested in investing in this type of deal?

There were opportunities beyond rental income that interested me in this property.

How did you find this deal and how did you negotiate it?

Called from billboard.

How did you finance this deal?

Check book.

How did you add value to the deal?

New paint and carpet and removing old damaged shed in rear. Property looks great.

What was the outcome?

Rented quickly.

Lessons learned? Challenges?

Lease structure can be just as creative as purchase structure.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $60,000
Cash invested: $60,000

Leased duplex purchased at 22% cap rate with value add opportunity.

What made you interested in investing in this type of deal?

I get my money back in a little over 4 years. Everything after that is profit... for life.

How did you find this deal and how did you negotiate it?

A friend of the seller knew me and referred the seller to me.

How did you finance this deal?

The old fashioned way.

How did you add value to the deal?

Having cash available to invest.

What was the outcome?

Im getting paid.

Lessons learned? Challenges?

Relatively new to landlording so it forced me to grease the wheels on that side of my business. Now we're up and running and have purchased 4 new rental units in the last month.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Realtor is Victoria Melhorn (also my wife). She's a beast in the Knoxville metro area.

No worries boss! Let me know if I can help.

Hello from Knocksville! I'm a native and have experience with flips, wholesale, small multi-family, single family rentals, and commercial. Let me know if you'd like to connect or If I can help you in any way.

3/2 off woods smith rd in west/northwest Knox. ARV is 179k and needs 40k but it's livable now and I could sell for 95k. I generally hold duplexes and multi family as rentals. Message me if interested

I do flips and wholesales in Knoxville area. I’d love to connect with anyone looking to buy or sell wholesale properties. I’ve got a few that I’m considering offloading now because we’re so far behind on our rehabs

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $130,000
Cash invested: $32,000
Sale price: $259,900

3,400 sqft house in neighboring county that was purchased from a beautiful seller who had a bad experience with a wholesaler continually extending a contract they couldn't seem to assign at 279k. After she refused to extend she called me and I bought it a week later for 130k. We put 20k in paint, carpet, staging, and a few other knick knacks and sold it above list price at 259k. We owned the property 59 days.

What made you interested in investing in this type of deal?

The seller was motivated and she had paid cash when she purchased the property so I knew a deal could be made.

How did you find this deal and how did you negotiate it?

Website Opt-In. I just shoot straight. My number is my number and thats where we'll need to be if were going to do business.

How did you finance this deal?

Hard money for the purchase and cash on the rehab.

How did you add value to the deal?

Lipstick rehab and being honest with the seller.

What was the outcome?

Netted 92k in 59 days with only 32k invested.

Lessons learned? Challenges?

Truly motivated sellers with equity value honesty and integrity over sales price.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

As always, my beautiful wife Victoria Melhorn of Realty Executives in Knoxville sold the house above list price at 2 days on the market

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $90,000
Cash invested: $90,000
Sale price: $349,900

Beautiful Queen Anne circa 1899 purchased in Knoxville. Over 3,000 sqft that originally had an awkward mother in law apartment and crow's nest above. We converted the upstair kitchen into a master en suite and walk in closet, making the house 4 bedroom and 3 baths. The reno took approximately 4 months and was extensive but it turned out great. We broke a price barrier in this neighborhood and several houses have subsequently come on the market close to our price point after we sold this house.

What made you interested in investing in this type of deal?

Restoring a Historic property

How did you find this deal and how did you negotiate it?

I found the deal by researching the property and keeping up with its seller status.

How did you finance this deal?

Initially with cash and then with hard money when necessary

How did you add value to the deal?

Complete Renovation

What was the outcome?

The pictures speak for themselves. The house was stunning.

Lessons learned? Challenges?

Big houses are hard. Old houses are hard.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Victoria Melhorn, Realty Executives did a fantastic job finding the right buyers who love the house as much as I do.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $90,000
Cash invested: $90,000
Sale price: $349,900

Beautiful Queen Anne circa 1899 purchased in Knoxville. Over 3,000 sqft that originally had an awkward mother in law apartment and crow's nest above. We converted the upstair kitchen into a master en suite and walk in closet, making the house 4 bedroom and 3 baths. The renovation took approximately 4 months and was extensive but it turned out great. We broke a price barrier in this neighborhood and several houses have subsequently come on the market close to our price point after we sold this house.

What made you interested in investing in this type of deal?

Restoring a Historic property

How did you find this deal and how did you negotiate it?

I found the deal by researching the property and keeping up with its seller status.

How did you finance this deal?

Initially with cash and then with hard money when necessary

How did you add value to the deal?

Complete Renovation

What was the outcome?

The pictures speak for themselves. The house was stunning.

Lessons learned? Challenges?

Big houses are hard. Old houses are hard.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Victoria Melhorn, Realty Executives did a fantastic job finding the right buyers who love the house as much as I do.

There are many neighborhoods in South Knoxville that are interesting. Generally speaking, the closer to UT and downtown, the better. As for neighborhood outlook, I think it would depend on your goals and exit strategy. The faster rate of appreciation in South Knox that we've seen in the past five years could could collapse if your strategy is to rent for a few years and then sell and if you believe that a market correction will occur in the next few years. Obviously, market ups and downs are less meaningful if your strategy is to rent long term. We are cash buyers in the Knoxville market if you decide to sell please send details. Hope this was helpful. Thanks.