Cannot create a project TFS 2012 - TF218027

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http://serverfault.com – I've just installed TFS2012 and am trying to create a new project in the default collection via Visual Studio 2012 but I keep getting this error message: TF218027: The following reporting folder could not be created on the server that is running SQL Server Reporting Services: /TfsReports/DefaultCollection. The report server is located at: http://<servername>/Reports. The error is: The permissions granted to user '<domain>/grandmasterflush' are insufficient for performing this operation.. Verify that the path is correct and that you have sufficient permissions to create the fol (HowTos)