All Forum Posts by: Joseph Miller

Quote from @Russell Brazil:

Yes

 Hey Russell, thanks for clarifying!

Hi all,

I'm planning on navigating a tight window later this upcoming winter and looking for some wisdom. My fiance and I are in a lull waiting to hear back from University of Tennessee's ABSN program with their decision. My question is whether I can be pre-approved for two separate loan products at the same time. We just bought our first house last year here in DE (Conventional 5%) last spring and it will make a great LTR (Cash flow roughly $500/monthly). In a perfect world, we'd find a turn-key property under 250k with house hacking potential in Knoxville but I'm finding inventory over the last 3-4 months to be discouraging. There are houses out there but any that are decent are off-market within a day or are wildly over MP. I have no interest in buying a flip. Therefore, I've been trying to find a property that on the surface doesn't appear to have rental income potential but could be converted into a house hack feasibly. 203K FINANCING FOR BOTH -> At the moment, I'm entertaining either snagging a 1) SFH and building an DADU for STR/MTR or snagging a 2) Multi 2-4 unit that needs work and can have renovations done while residing in one unit. Otherwise, we'd just be using CONVENTIONAL and I'll get creative on how to get renovations done separate either with my own hands or with a construction loan. The window: we will not hear back from UT until roughly mid-jan/end-jan. Her program begins May and orientation is end of April. If accepted, we need to move down, at the latest, by end of march. I'm thinking that unless we immediately find a home (say in Feb), renting month to month starting March will give us a bit of cushion to continue the housing search while having a place to live in Knoxville. THE Q: I'd like to go into the house hunt with pre-approvals for both 203k and Conventional just to have more options at my disposal. I spent time this morning looking for answers whether this is possible or not and didn't find an example of my scenario. Thanks everyone and I'd appreciate any thoughts!

Quote from @Jaron Walling:

@Tanner Sandoval Why not buy a STR in Denver instead? Demand is higher hands down over Knoxville and you could self manage, save money, and LEARN more. Real estate would be more expensive but assuming constant mountain/city tourism I could see a greater ROI.

Hey Jaron! He’s interested in having an STR in Knoxville to use for him and his partner when they come and visit family. His partner’s family lives in the Knoxville area. Totally agree that Denver would be a hotter spot though. 

Hey Tanner, I'm moving down to Knoxville later this winter with my Fiance. You absolutely could do a STR long distance and the permit process wouldn't be tough as long you go through a PMC. I love the idea of having a STR so that way you can occupy when you come and visit family. I've had the same thought with the Philadelphia area and my family. Send me a PM. I'd love to help your hunt.

Welcome to the world of Real Estate Chloe! I second Jewel's thoughts. I just purchased my first SFH earlier this spring. I was looking to house hack but inventory was low and I was getting beat out by other buyers. I would highly recommend you become familiar with power of leveraging FHA and house hack. Read all of BP's books and persevere! Best of luck.

Hi Tony, I'm working towards my RE license currently and will be moving to Knoxville, TN later this spring and am looking to hit the ground running. I'll send you a DM. Thanks.

Hi all, planning on moving to Knoxville later this upcoming spring with my fiance as she finishes her degree out at UTK. ISO of neighborhood recommendations/resources on local market. 

Looking for a potential duplex or triplex house hack under 450k. I just purchased my first home this past spring and will be renting out. I would love to be able to home in my search a bit and hear from some local investors who have followed a similar course. Ideal property: good bones, old school charm, in need of cosmetic TLC, green space, potentially source an off-market deal with PropStream/deal machine. Moving from Wilmington, DE, originally from Philadelphia, PA and fairly over any downtown-hustlin'-bustlin' concrete jungle prospects. I will be making some weekend trips the next couple of months to tour in person and would appreciate any advice or fellow members who would be interested in sharing a beer and a stroll to point out in person some possibilities. 

Thank you!

Hey everyone! I'm new to the BiggerPockets family and wanted to make the introduction. I am currently living in Philadelphia but will begin commuting to Wilmington 1/2 of the week for work starting next week. I am looking to make the connection with any fellow investors in the area. I've just been pre-approved for $300,000 and will hopefully be moving into the Wilmington, DE area come the new year. I'm looking specifically in the 225-250k range for a 3br/1.5bath. This will be my first home purchase and I'm debating whether to house-hack a multi-family or buy a single family home, rehab and have as a rental within a year or two. I jus finished Brandon's book "Investing In Real Estate With NO (and Low) Money Down" and am looking for any more resources (besides the podcast) that any of you guys would recommend. Thank you so much and I'm looking forward to being immersed in this community more and more in the coming months/years!

Joseph Miller