BRRRR in Tennessee? Seeking friendly investor advice!

[Kelli Loo]

We are looking into investing in the south, we live in WA state and will be long distance investing. Tennessee is where we have some family and thought it would be a plus to invest here. 

Memphis and Chattanooga (where our family resides)

We want to BRRRR with $100K cash. So we are looking for homes in the $60k range with $35k for rehab. Any neighborhoods or areas that are ideal for this??? Am I just dreaming!!?

[Curt Davis]

BRRRR deals are difficult to come by. Even more so if you are not working with someone who is familiar with the process, neighborhoods and where to find the deals.  Even for someone like myself, most of the BRRRR deals I get for myself I get that have some level of deferred maintenance, has a tenant in most cases but not any real room for a fresh renovation.  Any deal that shows up on the MLS for example, works for every flipper in Memphis and everyone else who wants to BRRRR. I have found most of the from off market wholesalers but you have to understand that when getting deals this way, they are not allowing 10 days due diligence for home inspections, wholesalers are looking for someone who will look at it now and make an instant decision, this is where the turn off comes for out of state buyers. 

It is best to approach this with someone who can offer some level of guidance.

Good luck!!