All Forum Posts by: Ken Holifield

Let me start by saying that I don't have ANY experience with REI clubs. I looked up the local club (there's only one) in Knoxville and it only has about 15 members. How valuable of a resource could this be with so few members (real question, not being a smartass)? Thanks for any and all input!

Yes, primarily I have been looking at the MLS. I have also been scouring the internet for foreclosures and REO's. What would you suggest?

All,

First of all, love the site, thanks to everyone on here!

A little info about my situation:
I'm a newbie with many questions. I MIGHT know a little more than a normal newbie because I did have a real estate license a few years ago and I have continued to educate myself on the subject. I am interested in rehabs, REO's and foreclosures (or any other good deals) in the Knoxville area. My plan is to fix and flip as quick as possible. Financing is already in place and is not an issue. Just within the last week, I have looked at about 100 properties with no real luck.

My questions are:
1. I'm hearing that Knoxville is an extremely competitive area for a flipper. Is this true about Knoxville? Is this true about most places?

2. The formula that I have seen many times for buying investment property is ARV (after repair value) x 70% - repair costs = max bid. Is this truly the formula for success? What would be the highest % that an investor could go up to, i.e. 75%, 80%?

3. Any suggestions on what I should focus on, or not focus on?

4. Should I get my license again? Is there a significant benefit to having a license and flipping even though I wouldn't be a normal everyday agent?

That's all for now, but I'm sure I'll come up with more questions soon.
Any guidance would be appreciated. Thanks in advance for your help!

Flipster (wannabe, for now)