All Forum Posts by: John Britt

According to the current owner the tenant was ask to move a year ago.  But I have gotten the current owner to get him to sign a release of possession, releasing the house back to the current owner.  So I believe he is more of a squatter.

I have purchased a contract from another wholesaler that have 2 houses under contract for 20k.  My partner and I have found a buyer for one of the houses for $30k, but that buyer had me to agree for being responsible with getting the current occupant to move out in 30 days.  The current owner did not realize that he was still living there.  Also, the second house which the buyer does not want is condemned by the city.  My plan for it is to cut the yard and secure the house, but in order for me to know what the city wants fixed I have to request an open records request.  What do you yall think? 

@Charles Hirst I will be happy to assist you with management, local real estate agent, and lenders.  Contact me.

For people looking at Tennessee here are the cities.  Memphis, Knoxville, and Chattanooga to invest in rentals.  Nashville from my perspective is very hot, it seems like it would be a great place to fix and flip prices seem to be increasing every 3 months.  But there is another city to look at that is Huntsville, AL.  It is loaded with companies bringing in their engineers to support government projects.

@Ade Ogunsanya Memphis has companies set up to work with foreign investors. They are set up to take you from step 1 as a new investor in the U.S. to actually owning an income producing property. Chattanooga on the other hand is a small city, but we are growing. You can find good deals to invest in with good returns and you can anticipate the property value to increase as well. There are spots that have not been explored to have some unique STR.

@Forest Hunt @Mallie Messri has a deal that I looked at in Chattanooga that you might want to check out.

@David Karnes I have heard that as well from other investors about our market with wholesalers.  I have stop giving repair estimates because I realize that ever investor is different and the repairs they would or would not make will be different as well.  I would suggest signing up with as many wholesalers as you find.  Yes most of them that have websites set up will ask for  the same information, but understand are building a buyers list and if  they care they will want to do multiple deals with every investor just one deal.  And they would try to be open with you on what they know and don't know about the deal.  As for me I am a wholesaler, but I am looking to transition to do a couple of fix and flips this year.  The main thing is when you work with a wholesaler is to ask a lot of questions, and to let them know what your end goal is, buy hold or fix and flip.

@Forest Hunt the Chattanooga metro area also includes Ringgold, GA and Rossville, GA.  So you don't necessary have to learn the laws of the state of Tennessee. 

I know a few for the Chattanooga area.

@Kurtis Montgomery  I have read everyone's comments, and they all I would consider valued.  But as I was reading them I was stuck on the rent being $500 a month.  If it is a 2 bedroom even in Alton Park without central air and heat rents have gone up, and in many cases they are still increasing.  But that was not your question, I would honor the current lease agreement that they had with the previous owner, even the dog!  But as the new owner you can give them advance notice to let them know that the terms will change at the end of their lease.  This way I feel it is fair for everyone, and could save you money but not having to go through the process of finding a new tenant.  By forewarning them you give them time to prepare and adjust to you as the new owner and the increase in rent they will have for the pet.