All Forum Posts by: Adrienne Green

@Hou Chia First off, great move to make for building your wealth!  

I know several people in your position who've chosen to come to Chattanooga, TN.  It has approachable price points, and a solid supply of MF in a variety of neighborhoods.

Like some others have noted, I would consider quality of life in your location as well!  You can certainly choose a place that's a good financial move and personally enjoyable.  Those who enjoy Chattanooga tend to be those who like the outdoor attractions it offers, and mild year round weather with seasons.

I'm sure you'll find a place that's a good fit for you both personally and financially!

@Saketh Varma Rudy Title is one a lot of investors use.

@Sidney L. congrats on getting into real estate investing!  

What city or region are you focusing in?  For your situation I think a commercial lender at a local/regional bank would be a good fit.  The options would depend on where you're going to buy.  

There are a few mortgage brokers that service TN that also may have loan products for you.  That may be another option.

@Ajay Renga Congrats for getting into real estate investing, and having the wisdom to realize long distance makes the most sense!  

To build off the prior comment re: Tennessee, the most popular LTR markets I see are Memphis, Knoxville, and Chattanooga.  

I can speak to what Chattanooga offers, as an investor and an agent in that market.  It is a hybrid market with cashflow and appreciation.  The cashflow is a product of its approachable price points combined with strong rental demand.  The appreciation comes from the fact it's a growing city!  

Like @Laura Shinkle shared, $300-500 cashflow per door is doable IF you're putting up a more hefty down payment.  She hit the nail on the head- LTR rents needs some time to rise in response to the interest rate hike.  The good news is you're a buy and hold investor- while the cashflow portion may be leaner than expected for now, rental rates will go up and increase your cashflow.  Plus you can do a cash out refinance if/when interest rates decline, further increasing your cashflow.  You just don't want to wait until rates go down to buy, or you'll be paying more for the property!  Every buyer who's been on the sidelines will be out buying at that point.

Best of luck in your investment journey!  It sounds like you're off to a smart start.

Hi Arie!  Both are solid markets in a landlord friendly state, so I think either is likely a good choice. 

I'd recommend looking at the area Realtor Association market statistics to get an idea of appreciation to date and other data.  Here's the Chattanooga link: https://www.gcar.net/consumer-tools/market-statistics/.

As an investor and agent in Chattanooga, I characterize it as a good hybrid market that has appreciation and cashflow.  It is the 4th largest city in TN, so you're getting a much larger metro area versus Manchester.  It has had notable population growth for the last few years, and has a housing shortage that would suggest continued appreciation and low vacancy!

@G Nijjer What kind of investing are you looking to do?  Buy and hold, fix and flip, long term rental, short term rental, etc. What's your hold time and your ideal price point?  Are you more interested in cashflow, appreciation, or a blend?  All of that goes into which market is the best for you.

I'm not seeing the appeal of the specific cities you're looking at, with maybe the exception of Phoenix.  They rest are pretty played out at this point.  While of course you can succeed in real estate in any market, they're all ones with less meat on the bone at this point.

You didn't highlight which market you're eyeing in TN.  Memphis, Knoxville, and Chattanooga are all doing well for investors right now.  I can speak to Chattanooga, which offers a blend of appreciation and cashflow.  It has approachable price points, and the rents versus purchase prices allow long term rentals to do well.  Tourism is also a top industry, so short term rentals are a notable niche here as well.  

@Sabrina Jack TN is a gold mine, good call to look here!  Is there a specific market you're looking at?  There are several hot investor markets in the state!

@Drake Payne I love this!  Chattanooga is a gold mine for investing!  Your skills will certainly help if you go the fixer upper route, too.  

@David Gonzalez Nothing about that condo seems compelling.  I would 1031 it into a new property that cashflows.

@Brian Berry in some markets you may find a home watch business that will offer keyholder services.  Those are most common in places with a lot of vacation rentals.  

Another thing I do: every rental comes with a combo lockbox.  If the tenant won't be home when a service provider needs to come, it is the tenant's responsibility to put a key in the lockbox and leave it on the door.  In my A and B class properties I've never had issues with this.

For turnovers, are you having someone do a final walk-through?  That person could change the combo code, collect keys, rekey, etc.  Your local real estate agent may do this or know someone who can. 

Also, check out Landlord Locks.  They have easy systems for rekeying.