All Forum Posts by: Jacob O'Malley

Hello BP,

I'm wondering if anyone can give some insight into the current state of the Knoxville and Chattanooga markets.  I'm looking to move out of Wisconsin this May to a new location.  I'm interested in a city with a lot of outdoor activities (mountain biking, camping, fishing, etc.) and other things to do (I'm 25 and single, so looking for a place that's easy to meet people my age), that also has affordable housing that I can actually buy.  My plan is to house hack a duplex or single family home (probably the latter).  I have a work-from-home tech job so I don't have to worry about commuting. I was originally looking in the Charlotte and Raleigh areas, but given how burning hot that market is, I honestly don't think I'll be able to find a home that I would enjoy house-hacking anywhere near the city.  So, for those who are familiar with the Knoxville and Chattanooga areas, I have a couple of questions:

1) Given my interests, age, etc., are these good areas to look into in today's market?  Would you move to either of these locations if you were in a similar situation?

2) Are the Knoxville/Chattanooga markets also so hot that I won't be able to reasonably get an offer accepted in a nicer part of town?  I plan to use a 3-5% conventional loan, and can't offer cash.  I realistically don't think I have much leverage in a bidding war.  Google tells me Knoxville has ~1.5 months inventory on hand compared to Charlotte's ~.75, which gives me a little hope.

3) If my plan does make sense, which city would you choose between Knoxville and Chattanooga in my situation?  Or, if neither of these seem like good options, I'm open to other suggestions outside of Tennessee.  I'm trying to get other peoples' opinions on cities that might be right for me in terms of my personal and real estate goals.  To me, this means a city with good outdoor recreation, large enough to meet others my age, good weather, and an area where I can actually get an offer accepted on a home.

Thanks so much for reading and any feedback or advice would be greatly appreciated! 

@Jim Kittridge  Thanks for the reply Jim.  Like the Mt. Holly area?  I see some new builds available there.

@Mike Davis  Thanks for the feedback Mike.  I'm definitely open to a duplex, I just didn't think I'd be able to find one in today's market.  Also, it's just me and my cat at the moment so I have the ability to be flexible!

Hello all,

I'm hoping to move to the Charlotte area this spring and wanted to get some opinions on my approach. My plan is to look for a SFH to house hack. Obviously, these are not very easy to come by at the moment. I'm looking for something that can make sense as an investment property, but also something I will be okay living in for a couple of years. I work from home so I would like a property that has enough space for me and my renters (maybe a 4/2 or 4/3 2000+ sq. ft.) I'm planning to use a 3% down conventional mortgage as this is what i can afford at the moment. Once (if) I find a place, I would live there for ~2 years while I pay off my student loans and get the LTV on the property to <80% so the private mortgage insurance will fall off.

So, my questions is, what is my best bet in making this work? I can't offer cash or 40k+ over asking like others can. I don't think I realistically have any leverage to win a bidding war. I've never owned a house. My realtor suggested looking at Offerpad and Opendoor as possibilities. What about new construction? I just thought of this last night, but wouldn't this eliminate the bidding war issue? It looks like you can still get a brand new house in the Charlotte suburbs for ~$200/sq.ft., which is like the same price homes are going for on the MLS. What's the catch here? Can you buy a new construction for 3% down? Do people bid on new construction like they do the MLS, or is it first-come-first-serve? Is there a waiting list for the new construction builds or are they sold out instantly? I looked on Zillow and actually see a good amount of 'new construction' homes that are 'available' in the Charlotte suburbs for under 400k. (see zillow link below). This doesn't really make sense to me though as the market is so competitive right now. How are there perfectly good new-construction builds just sitting in nice suburbs that aren't being snatched up within a day or two? I feel like I'm missing something here...

I appreciate any feedback from those in the Charlotte area, as I'm trying to wrap my head around my options here. Am I just flat-out crazy for trying to buy a SFH in Charlotte spring of 2022? Thanks again for reading and any feedback provided to this first-time homebuyer!

https://www.zillow.com/communi...

Hello everyone,

I'm considering moving to Charlotte this spring to house hack a SFR for a year or two, then rent it out as a unit. I'm hoping to utilize the Bank of America down payment grants which give a significant amount toward down payment/closing costs. (I've been saving money, building credit, and got prequalified for this program recently).

I’m hoping to meet an investor-friendly real estate agent in the Charlotte area that I can talk to. I don’t know anyone in Charlotte currently. It would be awesome if they have heard of/worked with the program I am trying to utilize as well. Please let me know if you or someone you know fits this description. Thanks !

@Nathan Gesner Interesting, I didn't know insurance companies did that. I also believe property owners can add to their application something along the lines of: "Do you currently have or plan to have an animal that will be living with you" and because the language uses "animal" and not "pet", the applicant must respond yes if they have an ESA.  Then you can go with another "more qualified" applicant.  I'm not positive on whether this method conflicts with any laws but I've seen other posters talk about it on here.  Might save some headache if people really don't want animals on their property.

@Nathan G. Correct. And this must be done without the use of specific forms like I mentioned above. Which means the person with the disability can ask their doctor to draft up a letter explaining the need for an ESA and the landlord cannot tell them that they need to go back to their doctor and have them fill out their own special form. The landlord has the option to (and should imo) check into the doctor's letter and make sure it's legit (to the best of their ability) - but if they deny the ESA based on not filling out their special form or because they didn't get to chat with your doctor about your disability then that is against the rules outlined in the document I provided (which is up to date) and the person with a disability can file a complaint with HUD.

@Nathan Gesner Sorry, what I mentioned before is actually a change in the HUD regulations, not specific to Wisconsin. I've had multiple landlords tell me I need to have my doctor fill out their specific form for my ESA and have had to show them this document with the updated regulations (which changed in 2020 I believe) for them to believe that they can't require that. Because these changes are relatively recent I don't think a lot of landlords are fully aware of what they can and can't ask for. See screenshot and link to the full document. Also I think you're right about states not being able to overrule federal law. I'm not sure exactly how that works though, I wish I payed more attention back in high school :/

https://www.hud.gov/sites/dfil...

@Amanda Thompson

I’ve noticed some comments about requiring them to get an ESA letter from a specific doctor, or create your own ESA form and have a doctor sign it…. I know in Wisconsin this is now illegal. Not sure about other states, but here you cannot take these actions.

@Dan Guenther

Hi Dan, thanks for the reply. What are some cities in CO you would recommend looking into that are on the cheaper side but still near the mountains? Denver is way out of my budget but I was thinking maybe an out skirt of Colorado Springs. Any advice?