All Forum Posts by: Kurtis Montgomery

Hi @Darren Miller welcome to BP! This last year was a good year on the MLS for Chattanooga, but the best way I have found great deals were buddying up with investor friendly realtors and wholesalers. Some of us investors in Chattanooga have pocket listings either we can't get to or would rather wholesale or make as turn-key rentals.

Also the 80/20 rule comes into effect with the wholesalers in the area that have their cash buyers list, so don't worry just network. Driving around to hot neighborhoods and stopping and talking with rehabbers is a great way to get on these lists or to network.

What area or neighborhood is the property in?

I am looking for a savvy investor CPA in the Chattanooga area, anyone have any recommendations?

Hi @Michael Taylor, welcome to BP! Glad to have you on here. Let's grab coffee sometime. 

This is in Chattanooga Tennessee by the way.

I am close to closing on a partner deal with a Section 8 house that needs just as much rehab as the purchase price. The house is just over 1,000 square feet, 3 bed 1 bath sitting on a double lot. My partner is financing the PP and rehab and I am doing the construction and management. We are splitting the cash flow 50/50, and since my partner is putting up all the cash, there is no mortgage to pay back. I have never been landlord, mostly just project managed residential construction. I am looking for advice on this subject as I am a newby in this part of investing. The construction will be fine, I am used to that. It is looking for section 8 tenants, screening tips, and general advice on this deal. Here are the numbers: PP - $16,000 Rehab - $20,000 ($5k contingency) In the zip the house is in, 3 beds get $940/month max voucher I believe.

I walked over to the ChattREIA that they have at the Asia buffet on Lee hwy the first Thursday of every month. If you google Chattanooga real estate association the website comes up. I didn't stay for the meeting because you have to pay unless your a certain membership, which I'd expect to be a deal. I hope it has a link to bigger pockets.

Hi @Jay Hinrichs, In one of the deals I said my favorite was, I am feeling out a couple of my friends that said they are interested, that is the only one I was approved for a HML on, and need an equity partner on. The others I am willing to negotiate any percentage, terms, or points as long as it still turns out to be a good deal. Thanks for the tips!

#AskBP 052: How Do I Find Private Money Lenders for My Real Estate Investments?  This helped out a lot.  I'm not asking for money per say in my post, just some advice from people in my position and what helped them or hurt them the most.  Thanks!

Hello all,

I started my education in September of 2015, concreted my niche as a flipper, leveraging that profit with dreams of owning 300 doors (single and small multifamily) in and around Chattanooga, Tennessee.  I found BiggerPockets.com podcasts and instantly fell in love/obsession.  I practically stopped listening to music and television all together.  Around the same time I quit my job as a Project Manager for a residential construction company.  I kept getting talked into taking PM jobs at startup construction companies every couple of years, and I couldn't deal with the weight of building someone else's company without getting any of the perks and all of the stress.  

Through the past 8 years I spent 4 in residential construction, so i've been rehabbing for investors the entire time, watching good deal after good deal, and my boss smiling as he stretched me as thin as he could. See this was where I can say I was in desperation mode. When I get in this mode (which thankfully is few and far between) I eat, sleep, and breathe everything there is to do with the topic until I think I have a good enough understanding to talk with the smartest on the topic. Since September I've read over 50 of the self-taught, self-motivation, just about every book that has been in the final four of the podcasts or recommended resource books on the site, I've read. My education is where it needs to be. So I started analyzing, driving for dollars, going to REIA meetings, networking, poking, prying myself into conversations, analyzing, analyzing, analyzing.

I have recently started emailing out 5 and 6 page takeoffs of my favorite 6 opportunities.  All but 2 of these properties are pocket listings I've received from other investors or my agent/best friend.  Networking event after event, rich friend after rich friend, everyone is interested but are not pulling the trigger.  I need some help.  I know what I am doing and have been in much smaller time crunches and done a lot more trades in the short amount of time.  My deals are appealing, with equity ranging from $30k-$104K, and I'm looking for private money ranging from $42k on up to $200K (My favorite and most profitable is in the $42k and I already have the hard money 75%, I just need the DP 25%).  I have previously done 3 rehabs at a time with 3 different crews, I have the manpower and the knowhow, just not the knowledge of raising capital.  I know the construction side in and out, but the raising money part I am at infancy stage.  I am looking for partners, short or long term, someone that knows or has the money we would use. Do I need a mentor or do I just need to make some brag sheets of deals I've done the construction for.  I'm looking to start my first flip, and believe me it's not analysis paralysis, i've jumped off the diving board and have been in the cannonball position ready to make a splash.