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Unread 09-09-2007, 04:59 PM
 
19 posts, read 35,377 times
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Good to know Knoxgarden.
I guess I'll look to see when there's an away game and plan around that.
I'll check all of these places out and look on my travel agency to see what pulls up for what price.
Thank you for the insight. You never really can tell from pics or the site descripts themselves...so it's always helpful to get a personal review.
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Unread 09-10-2007, 02:10 PM
 
Location: Deane Hill, Knoxville, Tennessee
21,466 posts, read 28,332,496 times
Reputation: 11454
This is probably a dumb question, but are you a flipper?
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Unread 09-13-2007, 09:10 AM
 
19 posts, read 35,377 times
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We aren't flippers as of yet. By the way...that wasn't a dumb question...it was actually quite relevant.
We have been learning all aspects of the real estate investing business, ie. flipping, short sales, wholesaling, buying and holding, pre-foreclosures, lease options, subject-to, etc..We are both aware of how people have taken advantage of others' just looking for a home. No interest in that.
What does interest us is the idea of taking ugly and abandoned homes and making them liveable and appealing again. These types of homes..when not fixed up...bring neighborhoods down, attract "squatters" and begin to breed all types of other problems that occur when they're left to rot and decay.
Also, when we have more experience, education and financial backing, my personal dream is to make as many homes as green and energy effecient as possible. This is a powerful way to help the planet and save households money that ends up being spend needlessly for the same lighting, appliances, etc.
I know that was a long answer...but you asked!!
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Unread 09-13-2007, 02:19 PM
 
Location: Deane Hill, Knoxville, Tennessee
21,466 posts, read 28,332,496 times
Reputation: 11454
Flippers are not highly looked upon right now, in every part of the country.

I wonder if you are really one of those, though. It sounds like you want to go in and improve areas.

There are definitely places in Knoxville that are suffering from urban blight. The sad part, though, is these areas were once the best in the city. Right around Magnolia Avenue, is some of the best old beautiful houses of Knoxville. They just don't build them like that anymore. I can see them from I-40, and I just want to cry. But it is such a scary part of the city.

We're looking for an affordable home, and I would dearly love to buy one of those and fix it up, but I'm just too chicken!

The Fourth and Gill area is gentrified, and they've done a great job of restoration, but they still deal with issues.

But I've seen it done in Orlando, right around Lake Eola. That use to be a horrible place to live, but the police worked non-stop and now it is beautiful.

Thank you so much for your honesty. It is truly refreshing.
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Unread 09-13-2007, 03:54 PM
 
Location: Atlanta suburb
4,733 posts, read 6,058,218 times
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Question Explain a bit, hiknapster.

Are there actually many flippers in the area, hiknapster? Is the idea to buy cheap, then do cosmetic fix-up and sell at a big profit? I had not heard of it before reading about it here a few weeks back.
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Unread 09-13-2007, 04:04 PM
 
Location: Deane Hill, Knoxville, Tennessee
21,466 posts, read 28,332,496 times
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Yes. We looked at a house that was selling for about $79,000. A couple of months later it is now selling for about $159,000.

Personally, I think they are going to eat that flip. I really do.

I know of a couple of websites that are run by Knoxville flippers. I just don't think that flipping is lucrative, at this point. That goes for anywhere in this country.

But the woman that wants to invest in down-trodden areas? Well, I think it is admirable, if she is on the level, and I really think she is. I think the Magnolia area is worth saving, in a huge way.
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Unread 09-13-2007, 06:29 PM
 
19 posts, read 35,377 times
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Thank-you for your compliment hiknapster.
I'm sure flippers don't have the best reputations out there as of right now. I personally believe everything depends on a person's intent.
As of right now...we don't even live in Knoxville. We were wanting a change in scenery and lifestyle and thought this may be a good place to check out. We had lived in Charlotte, NC for a few years...but that area has become just as congested as South Fla...so we didn't stay. Not to mention I missed my family.
As far as you being "too chicken" to rehab a place for yourself...I would simply tell you that if you do your research, get your inspections, pull your permits and figure out a budget you can stick to, it may be a rewarding experience.
Again, we haven't "flipped" any properties...although if and when we decide to go into such a thing, I prefer the term "rehabbing." That's taking a truely run down hunk of crap of a house and making it habitable again. We are still learning the entire real estate investing business as a whole. The market is kinda crazy right now, so it's all about the education.
Flipping wouldn't have been so bad if people hadn't gotten greedy. It's an interesting way to invest for a profit and money has a tendency to be attracted towards people who know how to use it. The greed is what gets people into trouble. I believe if one genuinely tries to get people what they want...the money will automatically follow without the need for greed.
Besides, as I stated before, my dream would be to rehab homes to make them green. Eco friendly homes can save money and energy.
Thanks for letting me ramble!
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Unread 09-15-2007, 11:41 PM
 
Location: East TN
1,017 posts, read 2,284,751 times
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I'm so nosy when it comes to the topic of housing, I love real estate and have made some good money with it and it's fun, having said that, I'm a bit dire with regard to housing these days.

Hiknapster,

"Anyone" who buys an old house, fixes it up and resells for a profit is a "flipper", and that's the bottom line. Where the term got a bad name is from poor quality rehabs and taking advantage of other peoples greed or ignorance....i.e. putting lipstick on a pig (paint a house and charge double for it).

To the original poster, you may do well if you buy right, but I think that your ship has sailed, the trains left the station, you're a day late and dollar short

Ok, enough funny, seriously, be careful the problem in a "declining market" and doing a "quailty" rehab, is that you may sink in more money into a property than you can get on the back side and could lose money. I'd personally advise you to be careful. You can make money and the realtor that posted earlier can show proof of that, but I know lots of people who are losing their butt right now on "investment" properties and it ain't pretty.

Have fun investing in real estate, it is a blast, but I'm afraid that it's seen it's better days.

Tony (always ready to lend an opinion, whether asked for or not )
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Unread 09-16-2007, 09:45 AM
 
19 posts, read 35,377 times
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Thanks for your advice, Tony.
I am fully aware of the declining market..which is why we haven't invested in any rehabs as of right now. It's well known that people have been losing money...although I do believe that many people simply didn't do their research in the market and were impulsive while trying to get rich quickly. This is where the greed comes in. Many flippers also have a tendency to incorperate way too much of their own personal ( and pricey ) taste in their rehabs assuming that the buyers will share their same opinions. There are ways to rehab homes, make them liveable, and look great without going overboard on the expensive finishes. Many people also don't bother to get inspections which leaves them in positions to end up with very expensive repairs they didn't incorperate in their budgets. To top it all off.. it's also well known that it isn't easy to find a dependable general contractor which also complicates rehabs and then add in the fact that many beginning rehabbers try to cut costs by doing much of the work themselves with no experience and no permits. Just these 4 situations ( and there are more ) can absolutely leave any flipper to lose plenty of money. Then they try to make up for their loss by overpricing the home...which inevitably turns off buyers and increases carrying costs. Silly if you ask me.
We are currently learning as much as possible about the diverse ways of investing and there are many forms. Like you...real estate, the market and finance fascinate me and I want to be a player. For us, it's about being smart, genuinely wanting to help people out of crappy situations and learning as much as possible before making any moves.
Sometimes in life, we all make mistakes and have to learn from them. I personally prefer to watch other people's mistakes to learn from whenever possible. This would be one of those circumstances.
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Unread 09-16-2007, 04:35 PM
 
Location: Deane Hill, Knoxville, Tennessee
21,466 posts, read 28,332,496 times
Reputation: 11454
I just don't think there is money to be made, either. Not anymore. It seems more like people are just holding on for dear life and trying not to lose their shirts or the roof over their heads.

Have you been attending seminars where they are telling you there is money to be made? Believe me, flippers don't fool with overdoing the renovation. They make the house presentable and try to get out. Now, they are playing the "can I get out in time" game.

Look into housing bubble bogs all over the internet. Also read the business section of the New York Times. The Wall Street Journal is great, too.
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