All Forum Posts by: Sam U.

@Joe Delgrosso hi Joe,

I have a triplex in Knoxville and use a handyman that has been pretty reliable. He recently renovated one of my units and did a really good job. He’s not licensed yet but I’ve been trying to convince him it’s a good idea. Shoot me a message and I’m happy to share his info!

I have read through different forums and not found someone with a similar question so I thought I would post.

I bought a triplex in Knoxville, TN under my name and have been rehabbing it. I've been house hacking it while repairing the house and have increased rents 30% after updates. I'm planning to move out of the property and into another house soon. I'd like to move the ownership of the property to an LLC but the mortgage company, Flagstar bank says they only allow transfers to trusts. I have had friends that have said that I can just transfer it and call the mortgage company but I read horror stories about the mortgage company calling the mortgage fully due. How should I proceed to transfer my mortgage to an LLC? Is refinancing the only option? I only bought the property 10 months ago so I am unsure of the financial benefit for doing that. Thanks for your help!

Looking at a house in a great neighborhood. Most houses sell quickly and for well over asking price in the neighborhood. The agent told me that the home addition doesn’t show up on tax records and that is why the house has been sitting.

Does that mean the addition was built without permits? How will that create issues if I were to buy it?

Is this a diamond in the rough or do I run from the potential issues? It’s in almost “move in” shape and has a large upside with developments in the area

Looking at a triplex in Knoxville, TN that is an off market deal. It's my first go at REI and went for the home inspection. It turned up lots of small things which were to be expected and then termite damage in the floor joists.

It seems that they have over the years put up lots of makeshift pillars to hold up the floor in the one section of the house. Home inspector said the damage was pretty significant, but that the repairs should hold. 

Planning on living in the property for one year and then renting it out. 3 units at $650-700 with the house selling for 140k. 

I am getting a pest control company over to see about cost of encapsulation and to spray. Also getting contractor to let me know how much it would be to fix to where I wouldn't need to worry. 

Should I run from this deal?