All Forum Posts by: Kelly David Sansom

I am under contract on a duplex in Rossville, GA and need a home inspector.  The duplex also has a septic system, so I would like that inspected as well.  I am assuming that would be a separate inspector, correct?  Any help appreciated.

@Justin Boggs

If you look at city-data.com you will see some census data on that area:

Median household income: ~$24k - that # goes up as you get closer to the Georgia line.

Unemployment: between 16-22%

Residents below the poverty line: between 21-35.5%

From that data, I would classify the area as a C or even D class area and everything that goes along with that.

There are a lot of great online resources for understanding the makeup of a city that are better than the "eyeball test."

I like some of these:

City-Data

The Census

realtor.com

BLS

Redfin

And others.... (can you see I like data?)

Once you put these with your eyeball test, you'll see Chattanooga is a great market.

Not sure if a commercial property can qualify for the FONCE exception to taxes, but if it can not, you will want to be aware of that when investing in Tennessee.  If you can not use it, you will be hit with .25% tax on the property value and and 6.5% excise tax on the taxable income from the property each year. 

Brian, thanks for the details, that helps a lot for the newbs in the group.  What part of Chattanooga did you buy in?  This is one of the markets I am interested in as well and have had some ideas on good neighborhoods.

Rebecca, I am just beginning my journey in Chattanooga investing. Would you mind sharing the names of some of your trusted realtors and subs?

Joel, thanks for the quick response.  I saw that as well, and was unsure if rental properties counted as commercial properties.  Maybe I need to just place a phone call to the county assessor.

Hey helpful people, I know that in some states property tax is higher on a rental property than an owner occupied.  Is this the case in Chattanooga?  If so, what is the rate?  Good to know so as I look at Zillow estimates I can change that numbers accordingly.

I am new and have done my research on cities and am really interest in Chattanooga, TN.  Anyone else invest out there and have found it to be a great market?  Crime rate seems quite high, so understand the area is so important there, it seems.

Any advice and thoughts is appreciated, and looking to start a great team there to get the ball rolling.  Wanting to focus on small multi-family deals.