All Forum Posts by: Kelly Rastatter

*Announcing the Chattanooga Investors Happy Hour!
Usually the 4th Thursday from 5PM - 9PM (except around Thanksgiving and Christmas)

As always, this event is a casual, relaxed, no sales pitches, and no agenda - it's simply a gathering of area investors. 

This event has been a lot of fun and extremely helpful - looking forward to seeing everyone again and meeting some new folks!

Where: Southside Social - UPSTAIRS PATIO
NOTE: FOR LARGE GROUPS, THEY ADD 20% TO THE BILL. I CONFIRMED THIS ALREADY INCLUDES THE SERVER'S TIP which is totally reasonable now that we know what it is.

Parking: Use Park Me Lot Search. Southside Social has a free lot beside the building. Look for their signs.

Note: This event is normally every 4th Thursday of the month

**To continue to have this meetup with no charge, please always tip your server (even if you don't partake from the menu).
See you there!

***We usually have about 30-40 people show up. Most RSVP in our FB group.

Check into the FONCE exemption. If it's family owned, you won't pay the F&E tax. Check with your CPA of course as I am not one.

Welcome! We have a pretty active group in Chattanooga that meets regularly. Many of us do BRRRR but you'll find people doing about every kind of investing there is. I'd be glad to connect!

Originally posted by @Joey Wilson:

Hi All!

Joey Wilson here.I was just introduced to BP through a friend and I am looking forward to engaging with the investors group here. 

I was going to recommend Dan Beaulieu but he beat me to it. Longhorn will lend to you personally as will many others and not require an LLC. You just sign their doc at closing stating you are getting a commercial loan and it is not for your personal occupancy. Depending on your deal size, $15k or so in the bank is a good start.

I don't know any trustworthy turnkey operators in Chattanooga. However, the bigger property management companies would be a good place to look. I know some of them maintain lists of properties their owners would be willing to part with and they already know the house and renters well. 

I have to warn that Avondale is one of the roughest areas in Chattanooga with higher crime. Your renter pool is going to be people willing to live in those high crime areas. You can get higher returns in exchange for that headache if you can handle it. Definitely talk with PM companies. First PM and Tunnel PM are both very active in the investor community.

Is this your first rental? Mine are all performing now. I did have one family impacted but it was only one month and I worked with them. Any that I'm renting now, I look at their occupation and industry on top of my normal qualifications. If this is your first, be patient and vet them well. Don't settle because you will have a larger personal impact if you get impatient and take a risk on someone who doesn't pay off.

If you are considering working with a property management company, ask them what they see. Make sure you talk with the bigger ones.

Yes, you can scale faster without putting 20% down but it will require typically the use of other people's money or value add to build in the equity or both. I have used private and hard money to fund houses that either the house or seller was distressed and solved the situation or fixed up the house to add value and create the equity and then either sold them as a flip or rented and refinanced as a brrrr. Just make sure to study and do your due diligence on everything that you'll need throughout the process because there are many pitfalls to avoid.

Care to elaborate on these points or reference where he can learn them?

Don't forget the group that's still meeting regularly:

Real estate investors local meetup-Chattanooga (not REIA)