Best areas in Knoxville??? (Relocation) (find a job, neighborhood, move to)

[mjb62676]

I would love to get into the business of buying foreclosures and fixing them up.

[hiknapster]

That ship has already sailed. I suspect there will be money in it, again, at some point, but not right now.

[mjb62676]

Now would definitely be the time to buy....and then you have a few years to work on them. Then, in about 3 years or so (hopefully), you can turn around and sell them when things get straightened out.

I'm not sure things are quite as bad as you feel they are hik, but I will agree the market is slow right now. That makes it an even better time to buy.

[Beretta]

Originally Posted by mjb62676

Now would definitely be the time to buy....and then you have a few years to work on them. Then, in about 3 years or so (hopefully), you can turn around and sell them when things get straightened out.

I'm not sure things are quite as bad as you feel they are hik, but I will agree the market is slow right now. That makes it an even better time to buy.

Wow, I had never even considered flipping a single family home in terms of years. My friends husband flips homes and he doesn't like holding them longer than 3 months. Most flipping shows on tv are the same way; they like to flip quickly. I dated a guy once that was a developer type flipper and took on old buildings converting them into condo's and even he worked hard on fast tracking them and never liked to hold them longer than a year.

As far as it being a good time to buy I think that this is highly subjective in regards to several factors that are both across the board and personal to the buyer.

[SouthernGuy79]

GoodbyeHollywood,

I agree with most here, I think the housing market in Charlotte is more attractive then Knoxville. I applogize for not saying "please" in the last post. I'm not asking you or anyone else to be a research assistant, just a freindly suggestion or kind word of advice is all we are looking for. Thanks for your input. It will be noted.

[mjb62676]

Originally Posted by SmokyMtnGal

Wow, I had never even considered flipping a single family home in terms of years. My friends husband flips homes and he doesn't like holding them longer than 3 months. Most flipping shows on tv are the same way; they like to flip quickly. I dated a guy once that was a developer type flipper and took on old buildings converting them into condo's and even he worked hard on fast tracking them and never liked to hold them longer than a year.

As far as it being a good time to buy I think that this is highly subjective in regards to several factors that are both across the board and personal to the buyer.

If it's your full time gig, I could easily see why you'd want to keep it to a minimum time of ownership. For that reason, I could see why right now would be a very bad time to try it in Knoxville. A buddy of mine has recently started doing a little of this in his spare time in KC. For me, it would have to be a long term thing...but by the time I can afford to do something like flip houses, I doubt I'll have the time or the motivation to do it as I'll have my time taken up by my full time job.

[Beretta]

Originally Posted by mjb62676

If it's your full time gig, I could easily see why you'd want to keep it to a minimum time of ownership. For that reason, I could see why right now would be a very bad time to try it in Knoxville. A buddy of mine has recently started doing a little of this in his spare time in KC. For me, it would have to be a long term thing...but by the time I can afford to do something like flip houses, I doubt I'll have the time or the motivation to do it as I'll have my time taken up by my full time job.

Oh, my mistake. I had assumed that you were going to buy other properties to flip and not live in them. I didn't realize that you were going after the 2 year main residence occupancy time. When we bought our second home we also were able to take advantages of tax breaks (if you want to call them that); but any homes over two you lose tax advantages.

[Kitties of Domination]

Originally Posted by myndsplyntur

Why is everyone giving him a hard time for being a house flipper? That doesn't make any sense.

I can say that there are some house flippers here and they are making an effort to fix the rundown crappy houses -- but i doubt they are making much of a profit from their flips. The areas where flipping would be an option are not going to bring in people who want to buy the house for more than $80 - $150k.

Not necessarily true. I would suspect that some respectable profits have been made in 4th and Gill and North Hills with Victorian homes.

[hiknapster]

Originally Posted by Kitties of Domination

Not necessarily true. I would suspect that some respectable profits have been made in 4th and Gill and North Hills with Victorian homes.

Oh, I agree. However, I don't think that's going to happen right now.

[hiknapster]

Want to flip houses? Go to foreclosure-ground-zero. You'll have a lot of inventory to deal with, but prices are getting slashed.

"As foreclosures rose, asking prices tumbled. That has resulted in discounts of 40% or more on properties ranging from mansions to modest tract houses."

RealEstateJournal | Bargain Hunters Descend On Cape Coral-Fort Myers

Locally, we are seeing some fallout from the national situation. Last month, sales dropped by 22 percent. Notice that local real estate agents have not been on here to point that out.

knoxnews.com | Property Scope

Many Ohio and Michigan markets have been incredibly low, although some areas are starting to see appreciation.

But I would imagine that a seasoned flipper would know all of this.