All Forum Posts by: Saunya Wenger

Did you find an international property that you were seeking? 
if I go this route I will hire a local management company in the city where I purchase. I don’t plan to take on a rehab property until I’m more comfortable with the professionals that the PM would recommend. It’s risky, but so is doing nothing!

I’m guessing that you got professional tax advice when you filed your taxes in the year you made this post. I believe that since it’s a personal use property you don’t pay taxes on it beyond the ones you paid at the original purchase for ADS and stamp duty. 
I am looking for info on investing in UK properties on Bigger Pockets. If you’re still active in the community would you please let me know?

I was inspired by the rent by the room model also. I have a four bedroom home that I am planning to rent out in a few months. I like my neighbors and want to find a good tenant for them because I may move back into my home in a few years. I think some neighborhoods would be more conducive to the rent by the room model than others. My neighbors would hate it if I had this arrangement. If I were in your shoes and getting a home that I was unattached to emotionally I would look closer to the city than the suburbs and maybe closer to Oak Ridge. There are lots of professionals in that area.
One more thought: Don’t buy on a cul-de-sac where lots of small kids live. These parents are very watchful and protective of their space. 

Have you visited Knoxville and Nashville? I have lived in Knoxville for many years and spent many days in Nashville visiting family and friends. Traffic and high cost of real estate are two big deterrents to enjoying Nashville. Knoxville has some afternoon traffic.
It also has more water access to the rivers and lakes all through the city. Knoxville doesn’t have pedal taverns downtown like Nashville, but that’s because of the zoning required to allow them, not because they want to spoil the fun. The rezoning from business to tourist zone won’t be happening in Ktown any time soon. 
There’s plenty of entertainment in the downtown area in walking distance. Knoxville doesn’t have an NFL or NHL team, but there’s other sports to enjoy. Come check it out! 

Meanwhile I’m putting down some roots in upper East Tennessee - Johnson City. It’s up and coming with no traffic!

Thanks to Marcus Auerbach for the reminder to invest for the long-term! What goes up must come down, and hopefully up again. 

Investment Info:

Condo buy & hold investment.

Purchase price: $161,000
Cash invested: $165,000

I bought a two bedroom condo that I furnished, updated the appliances and replaced plumbing fixtures. I am using it as a short-term rental for travel nurses or professional students at the nearby university.

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

I wanted to have a tenant base that was professional even though this home is located in a college town. I also wanted to be able to stay there some because my kids are attending the university.

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

A realtor that I know. I made a cash offer that was lower than what I would have offered it I had needed a loan.

How did you finance this deal?

I paid cash due to some funds I received from a life insurance policy (sad story). I may refinance it and pull cash out to buy another property in the next year.

How did you add value to the deal?

I made small upgrades like a few kitchen appliances and bathroom items and water heater. I plan to do more over the next year, but it is already in good shape. I am not able to do the skilled work right now but I have some skilled people I can call.

What was the outcome?

I have had lots of requests for this rental by graduate students, medical students, and travel nurses. I had to pause the listing for a while. At the time I bought the condo I paid the highest in the neighborhood. Since then another sold higher and our comps are all rising.

Lessons learned? Challenges?

Be ready for someone to accept your offer and have a plan to hit the ground running when they do!

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

Jeffery Oakes at Greater Impact Realty is knowledgeable about the area and working with investors, as he is a property investor himself.

David,

Thanks for your response. I have made some contacts with local companies in Scotland, but I am cautious about engaging with them because I need to understand more about the process and market before I invest. What is the best way for us to connect and talk?

I am exploring the idea of buying a small apartment in the UK for a rental or short-term business. I have talked to a few brokers in the UK and have gotten different advice on buying the property in my name or in a Limited Company (like an LLC). Does anyone have insight or experience in this market or buying options?

I love that you’re interested in Knoxville. All of us locals are proud of our city! I was looking for my first investment property here but I bought earlier this year in Johnson City, TN. It’s a little more affordable and considered an emerging market for good real estate. It has a university and large medical centers in the city and is also close to the mountains. 
The team at Greater Impact Realty in the area are knowledgeable and own investment properties themselves. 

There is a group Meetup next week. I'm going to try to attend. It's THursday, the 28th at Barley's in the Old City.