All Forum Posts by: Cory King

@David O'Brian Do it. Knowledge is power and worst case you'll discover it's not a career you want to do but have a better understanding for how it all fits together. Courses online are relatively cheap and there's some brokerages like kw that have offered free online courses with no obligation to join afterwards. I'm part of a network w/ my brokerage that focuses on RE investing. Happy to chat sometime if you want. Been an agent for almost 6 years and it's been a game changer for my investment journey. 

BRRRR is pretty tricky locally given that Knoxville has been the most appreciated market in the country the margins get tight. Investing in new construction can make sense here given the strong appreciation and you end up leveraging basically the same amount of cash and have an asset that's not 60+ years old or more.

Like Gino mentioned East side has been a lower median income area and is on the rise, but is still block by block in large sections. West is pretty affluent and finding those kind of deals are true needles in the haystack. North and North West areas of knox county have been my bread and butter for buy and holds and flips. Happy to connect and dive into the local market. 

search for some local meetups in your area. Holler at my buddy Joshua Whalley up there. He runs a meetup. 

yeah if you can save on the furnishings and added expenses then just converting to a LTR is the way to go. STR and MTR investing is a different animal all together taking you from housing to hospitality and requires more of a time suck than many initially realize. i personally only do long term rentals and students. i do have a property in mind and making the connections to transition it into a sober living home. excited to see how that shakes out.

just be cautious when it comes to using these. ensure you've got a plan to pay that balance back in a relatively quick fashion as most HELOC rates can fluctuate which could make the numbers suddenly not work.

i've leveraged mine in instances where i'm doing a BRRR and i want the deposit for a private money loan. i'm not using it as my downpayment and leaving it out there for a long period of time.

Hi!

Best bet is to go talk with some local banks and commercial lenders bc most likely that's not gonna fly on any kind of conventional loan. I'm happy to make some connections, shoot me a DM. 

i cover pest control and lawn care on my stuff. keeps down on issues and i know the place looks good. 

for my student rentals i also build in a quarterly cleaning fee where my cleaning lady comes through and does a deep clean. extra eyes on stuff and parents happily pay it to ensure their kids have a solid spot. pass through cost for me and well worth it. 

I use Avail on mine. 

Turbo tenant is also a solid resource that also helps with credit reporting features which very few landlords ever do. 

off market right now in Oak Ridge, TN. There's 2 others available currently yet these are my 2 picks. Pretty turnkey, the 2nd a little more value add needed. $300k for the pair. Would likely be higher if sold separately.

https://drive.google.com/drive/folders/1Qxq3gYDbxKDLfr96_dMer7e4Y2ZpgPGg?usp=drive_link
https://drive.google.com/drive/folders/1ZvFCLIAZIe26jC5inujylEfjXOBobXrp?usp=drive_link

Under rented currently. All tenants on month to month lease.

Upside on most of these is going to be in the 215k-245k range w/ market rents around $1200-$1600/mo. There is a play here for mid term rentals and hit a 1% rule or slightly better and get over $2k, but you'd also have to factor the carrying cost of utilities.

Active/Sold Compshttps://www.flexmls.com/share/ASK5x/Selected

MTR compshttps://www.furnishedfinder.com/property/682957_1
https://www.furnishedfinder.com/property/574229_1
https://www.furnishedfinder.com/property/608762_1
https://www.furnishedfinder.com/property/608762_2
https://www.furnishedfinder.com/property/676529_1

Below is a link to a google drive with property photos, rent rolls & insurance info.
https://drive.google.com/drive/folders/1NK7aLQBB3_NSuRX9ATHEM8bAoQfHKAI2?usp=drive_link

144 parsons rd, 101 s tampa, 185 s purdue, 208 northwestern, 183 purdue, & 514 pennsylvania are off the table for now. 

oak ridge is known for good school systems, local parks/river frontage, proximity to west knoxville and being home to the oak ridge national laboratory as a big employer.

Lemme know if you know anyone who'd be interested or should check these out. Let's put a deal together!

 I've got some friends who invest up there I'm happy to connect you to. I'm in Knoxville and invest here and have been looking at the tri cities as somewhere to invest. There's also Jefferson City which is just east of knoxville that has some upside too. college town near a lake which gives some upside for students or short term rentals depending on what you like to do.