All Forum Posts by: Josh Ledbetter

DM me John. I'd like more info please

I've got several lenders we like to use, one for our 30 year stuff and a couple others for our commercial loans. If you will send me a note, I'll get you all of their details. 

Just looked at the old listing. You must hate the house cause its not a 2/10. HA!! 

You got a bunch of options but ultimately need to decide how bad you want to move and whether or not you want that house in your portfolio. If not, sell it and thank it for giving you some money back. It will definitely allow for you to move up in home which could be good. I'm in Chattanooga and have multiple rentals so feel free to ping me if you have questions. Happy to help 

Lots going on here and sounds like you could throw blame towards the lender, appraiser and the realtor. Sounds like you need to get with sellers immediately and try to extend. You say they "might" back out which implies they "might not". Explain the situation and offer some non-refundable money for the inconvenience if you have to. Doubt you have time to find a bridge loan while this gets resolved.

Couple things for the future....

Are you using local lender? We have had trouble with some national lenders so I sincerely hope you weren't using someone local. Would hate to learn that

Realtor should be able to get you/appraiser in the door. When my wife and I can't physically do it, we pay another agent to help us. Part of doing business and helping our clients

Good luck and I hope you get this resolved ASAP.

Hey Joe - My wife and I bought 4 single family rentals in and around Chattanooga within the past 6 months and have several future AirBnBs under contract. We have noticed that the more expensive rentals are in HIGH demand and perform better for us, so our focus might be a touch different than yours. 

If you want to be at or around $200k, I'd look at Cleveland, TN or Flintstone, GA. Great rental markets and should keep you out of the war zones. 

Happy to help walk through your strategy and how we have helped others here in Chattanooga. Good luck with your search!

@Rik Hunter to Chris's point, it sounds really low for a MTR in Chattanooga. Also, are you in the overlay and have you applied for a STR permit? Might be a better solution if you can also airbnb the place. IF you don't know about the status in the overlay, call (423) 643-5800 - ask for Caleb and he can let you know the details. He was helpful when we bought ours several years ago and I continue to ping him with the couple we have under contract now.

We have one in downtown Chattanooga that we AirBnB and it has been great for us. The building we bought in was non-warrantable, so lending was a bit trickier but still found 30 year financing. The key to condos is making sure the HOA is charging enough to take care of the common areas but not killing the cash flow. Amenities like the gym and pool actually help us garner visitors. Happy hunting!

Thanks for the thoughts. Some decent options we should consider

Got the opportunity to pick up an old bank that has a drive-thru and vault, but am trying to determine what type of tenants might need these features.

first thought is another bank, jeweler, pharmacist......any other cool ideas? Its 3200 square feet, so we could put multiple tenants in there too. 

My wife and I are wanting to buy a lake house and rent the house with a pontoon boat. Is anyone renting their boat with their STVR? Thought I might lower my liability by titling the boat with a separate llc company I create. 

Any help or ideas would be appreciated.