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Updated almost 5 years ago, 01/21/2020
Chattanooga, TN First Time Investor
Hello,
I am wanting to get started in real estate investing, have been for awhile. However, my market in Chicago is a bit crazy at the moment. Also, CHI just recently decided to get rid of the 5% down program which is crucial with the prices here. I have recently been looking in the Chattanooga market as I am originally (born and raised) from Knoxville, TN. I also have family and friends that live in the Chatt area. Was just recently in Chatt and was very impressed with the city. I am somewhat (not very) familiar with the area but do realize that Chatt is growing. Looking to make connections and build a team to hopefully jump in and hit the ground running.
I am looking for SFH or MFH to buy and hold for cash flow while scaling in the coming years. I would obviously need help managing the properties as I would still be in CHI. Browsing on Redfin it seems like there are options but once again, not familiar with the areas, schooling, etc. Just have hesitation while being removed from the market with minimal information.
Any help would be appreciated. The more connections the better!
@Ali Boone PM sent.
@Phillip Ballard I'm in the process of escaping from Illinois this month and moving to the Chatt area. I currently own vacation rentals in Illinois and plan on expanding in Tennessee.
@Doug DeVore I feel you on that! My career is here in CHI at the moment (they may move me). However, I do know that I would like to invest elsewhere. Feel that there are better places with cash flowing deals, less taxes and hoops to jump through.
What are the reasons you are expanding in TN? Or just expanding there as you will be living there? Offloading the vacation rentals in CHI or holding onto them? Just curious on your thoughts.
@Brenda Jean Adamson will do!!
@Phillip Ballard I'm glad you created this post! It has brought some great discussion points. Are you planning a visit out to Chatt? Once I get enough people lined up to meet I will be booking my flight for a 4 day trip.
@David Olson Glad it got some traction from people. I was just recently in Chatt for my cousins wedding but did not spend much time on area research. May be out there again sooner rather than later.
@Phillip Ballard Sorry man. I just saw your response. Yes. I am going to expand here just because it's a different market and I want to try something else.
I will more than likely sell one of my locations, but I am not in a hurry as they are making great money. BTW. They are as far away from Chicago as you can get and still be in the state of Illinois. My wife and I still manage them, but we are able to do it from TN. I've deployed a lot of technology and training in order to pull that off.
@Phillip Ballard @Doug DeVore Please keep me in mind, I am a local wholesaler that has just past my real estate broker exam. I will be hanging my license with Mountain View Property Management company. So keep me in mind.