All Forum Posts by: Adrienne Green

@Account Closed is on the right track here.  Many TN investors are focusing on other metro markets than Nashville.  Chattanooga is a great middle TN option.  Some people are going over to Knoxville as well.

@Alejandra Gradiz sounds like a great opportunity!  Are you working with an agent in that market?  If not, that's your first step.  They can typically identify what you're not seeing, as well as give you recommendations for a local property manager.

In terms of it currently being rented, is there a lease in place or is it month to month?  If there's a lease, you'd need to wait until their lease was over to have them move out (if you so desired).  If they're month to month, TN law allows you to give 30 day notice to vacate at the beginning of the monthly term, meaning you're never more than 2 months out from having a property vacant.

@Joey Rahman I love your parameters- very realistic, and setting you up for success.

There will be a lot of locations that meet those criteria.  In any location, In my opinion A or B class neighborhoods/properties would be the best fit. 

I'd also say single family homes would fit.  They tend to appreciate more dependably since the buyer pool is much larger (primary residence buyers versus almost exclusively investors for MF).

Focus on landlord friendly states, too!

@Ky Logue the first line states: Selling property that you do not own in exchange for valuable consideration requires a Real Estate Brokers License in Tennessee.

@Sarah Jordan you may want to be aware of a recent court decision that effectively outlaws wholesaling in TN unless you have a real estate license.  Here are the details: https://tnrealtors.com/2023/06...

@Campus Johnson it would depend on where you are in TN, and which local/regional banks do business in that area.  TVFCU may be able to do a commercial loan refi for you.  Or @Austin Jameson may be able to help.

@Israel Mendiola While I am not a lawyer, in my experience the best path would depend on what kind of loan you're getting. First speak with your lender and determine if they allow the property to be purchased in an LLC. If so, then doing so would provide liability protection. An LLC in TN costs roughly $400 annually.

If the lender/loan doesn't allow you to buy in an LLC, if you wanted to go this route you'd have to buy in your personal name, then quitclaim deed it into an LLC, which carries some risk of the lender calling the loan due. Still, it is commonly done.

An alternative would be to speak to your insurance agent about an umbrella insurance policy that would give you additional insurance coverage that would kick in if you were sued.

@Clay Adams welcome to the world of REI! Both Atlanta and Chattanooga are great markets where people are doing some great investing. I'm based in Chattanooga. The cool thing about the market here is that there are so many different types of investing opportunities, from value add opportunities such as flips/BRRRs to buying rent ready properties that cashflow. All of this is at an approachable price point, too!

@Wilson Lau welcome to the world of REI! I would recommend looking up Rachel Gainsbrugh- she's a former pharmacist who was able to retire from medicine due to STRs/MTRs, and she teaches others how to do the same.

I'd say smart call looking at other markets- choose a market based on its fundamentals, not proximity!

@Shirley Kocho what is your goal with real estate investing?  What strategy are you planning on using?  Those will factor in notably to which markets would be ideal for your goals.  There is no one "best" real estate market, just like there's no one "best" car.  It depends on your needs.  You'll get the best guidance here if you share a bit more about the type of investing you're looking to do, ideal price point, etc.