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Flipping Knoxville: How the Pros Do It Veteran fl Ippers Share Successes, Failures

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Flipping Knoxville: How the Pros Do It Veteran fl Ippers Share Successes, Failures UT BASEBALL OUT OF LEFT FIELD Down to last Vol ‘D’ in three strikes Shoop shape Serrano’s attempt to An upgrade in coaching, Free! resurrect UT program has talent should make UT’s Please seemingly run its course. talented defense even better. P24 P13 take one. AP Craig Bisacre/UTsports.com May 20 – 26, 2016 Vol. 42 | Issue 21 KNOXVILLE EDITION www.TNLedger.com/Knoxville The power of information. KNOX • ANDERSON • JEFFERSON • CAMPBELL • CUMBERLAND CLAIBORNE COCKE • GRAINGER • HAMBLEN • BLOUNT • LOUDON • MONROE • MORGAN • ROANE • SCOTT • SEVIER • UNION Ledger FORMERLY WESTVIEW SINCE 1978 Flipping Knoxville: How the pros do it Veteran fl ippers share successes, failures Stories by Hollie Deese begin on page 2 Tyson Smith | The Ledger Chuck Ward has been ipping homes in East Tennessee since 1987. Community Calendar ............................6 More inside: Public Notices .......................7–10, 16–21 Find Public Notices Cooking Corner ......................................3 Newsmakers ..........................................11 inside & online: News Briefs ..............................................4 Crossword...............................................15 www.TNLedger.com Guerrilla Marketing ...............................5 Behind the Wheel .................................23 Page 2 www.TNLedger.com/Knoxville MAY 20 – 26, 2016 Slow dime of rentals beats quick buck of ips By Hollie Deese | Correspondent huck Ward has a motto: If you work at McDonald’s, you can buy one of his homes. at’s because he likes to keep the price Cof his ips at $150,000 and under to ensure a quick-and-easy sale. “You try to stay that way just because interest rates have been so cheap,” he says. “Banking is strict, and it’s hard to get a loan. e appraisers are very conservative. It’s a trying time in the real estate business, and it has been since 2010.” Ward and his six crew members ip between 30 and 40 properties a year, all in Knox, Sevier and Blount Counties. Born and raised in East Tennessee, he has lived there almost all of his 50 years, save three in Florida when he was a child. He watched his father dabble in ipping, buying a few homes and xing them up for a pro t. But it wasn’t until he built his own home that he discovered he was pretty good at renovating too. “I realized that I had a knack for helping, xing, creating or doing things Tyson Smith | The Ledger that a lot of people didn’t want to, didn’t Chuck Ward is in the process of renovating this home at 1417 Glenoaks in Knoxville. care to or didn’t have the ability to,” he explains. Ward ipped his very rst property in flipping activity responds 1987 and made $12,000 dollars. “I was to price changes Want to ip? basically hooked at that point,” he recalls. According to trulia.com, over the past year, national housing price gains have “Word got out that I was looking for remained relatively stable, and so have flips. This is a stark contrast to rising year-over It takes money some more, and I got in with a few banks, prices from 2003-’06, when flips increased sharply from 5% to nearly 9% of all and 950-plus homes later, here we are.” home sales. Ward says he averages about $15,000 Percent of homes flipped Year-over-year price change to win in this pro t on each ip. is year that number (scale on left) (scale on right) will get a boost from one property he Percent Percent tough business ipped for a pro t of well more than 8 12 $100,000, making it the best year he has 10 By Hollie Deese | Correspondent ever had in the business. And it’s only 6 8 May. When it comes to buying a house to 6 “You don’t get those but once in a ip, there are a few options to come up lifetime,” Ward says. “Some of them you 4 4 with the money to nance it. make $7,000-$8,000 on, but if you’re 2 One of the most obvious ideas for making money then it’s obviously a bonus 2 0 rst-timer ippers is to live in the home vs. not. I feel like I’ve been in it so long –2 while doing renovations, which would then qualify the ipper for a traditional now that I know the niche and the sweet –4 0 mortgage. spot. –6 “If you buy one for $60,000, you spend “Someone can owner-occupy something and x it up, but that’s $20,000 and you put it on the market for 2000 2002 2004 2006 2008 2010 2012 2014 2016 $109,900, it’s hard not to make money.” going to be a long process,” says David Trulia’s research included only “traditional” flips – the purchase of a house at market rate and selling it at a higher McKinney of e 404 Company in Crash corrects course market rate price, because of improvement to the property and/or rising prices. It’s data excluded “clearance” flips (the purchase of a distressed house at a discount because of a forced sale, such as a foreclosure, followed by a Gallatin. “Wendy (his wife) and I have Ward says his best years in business resale at market rate). rehabbed a few houses now on our own were 2006 through 2010. en the Source: www.trulia.com in a Feb. 18, 2016 report while we lived in them. But if you’re bottom dropped out. Properties that living in one, it’d be rather di cult to would have normally commanded four or only helps people secure loans, but does renovate it to that [great] extent and live ve contracts at a time above asking price some ipping on the side with a partner in it.” were just sitting there. who is an appraiser. Together, their Especially since the home has to be “About May of 2010 it caught me,” he Before ‘08, we would knowledge of the industry keeps them on in decent enough shape that a mortgage track and making money and helped them says. “We had 28 properties, and it slowed do a $700,000 home lender would actually pony up the money down tremendously to the point where “ get over the major changes after 2008. in the rst place, which doesn’t leave a lot we wasn’t sure we were going to be able to and it would sell before “We know what’s going on. We know of wiggle room for renovations. what prices are. We know what to sell sell them.” we were fi nished. Now, “It can’t be like a tear down or anything Oddly, it was a devastating hail storm something at and we know what we can like that because no one’s going to lend about six months later that gave him the we’re buying $50,000 get if we put something into it,” Coakley you money,” says Wendy McKinney, says. extra money he needed to renovate the houses, putting $50,000 who is also a mortgage loan processor at properties, and it also gave him a new “Before ‘08, we would do a $700,000 Acopia Home Loans. perspective. in and selling them for home and it would sell before we were “For instance, if it’s just a very dated nished. Now, we’re buying $50,000 “It was the spanking that I needed to $140,000 if we’re lucky.” house in a great neighborhood where make some smart moves that I hadn’t houses, putting $50,000 in and selling Robert Coakley, president of the Real Estate it would really bene t from just being been making because I was making a Finance Group in Knoxville them for $140,000 if we’re lucky.” freshened, and totally updated as far as ton of money,” Ward explains. “I was It helps Ward and Coakley that they kitchen and bath, well in that case, you’d going to buy cheaper, sell higher, be call for sure.” had experience before the crash and have to put down 25 percent to get a more conservative. I learned to buy better Robert Coakley, president of the Real were able to navigate through it because quality for less money. It was a wake-up Estate Finance Group in Knoxville, not FLIP >> PAGE 14 FINANCE >> PAGE 12 MAY 20 – 26, 2016 www.TNLedger.com/Knoxville Page 3 Workers vulnerable A win for all Outsourcing estimates It’s OK to call put strain on ‘credulity’ interview timeout, Terry Cowles ashes request for quali cations from potential a photo of ceiling facilities management service providers to recommend friend lamp xtures on the determine whether they can do the job. Business networking can be a tricky screen and tells state It came soon after a March e ort subject. With that in mind, I received a legislators a vendor’s to nd an independent third party to great question from a reader I want to state Capitol team used validate the o ce’s cost analysis. share with you. e reader writes, “A View its electrical training e state appears to be head over heels recruiter recently reached out to me from the about a particular job they are hiring Hill to remove, repair and in love with Chicago-based JLL, saying it Career Corner for. I’m not a good t for it, but I By SAM reinstall xtures, saving has saved the state $10 million since it took STOCKARD taxpayers $15,500. over facilities management a few years ago. By ANGELA know someone who is. Should I say Instead of taking Cowles points out COPELAND anything, or should I keep my mouth three to six weeks and costing $16,000, in his presentation JLL Ledger closed?” as quoted by a local company, workers is ranked the city’s At rst glance, it may feel strange to turn down an with Jones Lang Lasalle, the state’s best employer by the The power of opportunity, only to refer someone else.
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