All Forum Posts by: Matthew Swearingen

Hi Sam

Im not sure I completely understood your response. Am I a day late and a dollar short or still potential?

Have you invested in Chattanooga?

I recently went to Chattanooga to buy a home or 2. It seems the area, particularly Highland Park which seems to be the hot area now, is saturated with investors to where there are very few deals. Everything I have come across seems to suggest that I missed the boat by about 2 years. It seems the fix and flip thing is not a viable option, although I'm perfectly fine with buying and doing a LTR or STR.

Any thoughts on this ladies and gentleman?

Thank you. Makes a little more sense. I 'll loved the area. 

Has anyone completed a rehab in Chattanooga that has been rehabbed and flipped that can give a break down of the numbers as far as........cost of home, money down, hard costs of loan, break down of cost to do the rehab, real estate commissions, and what the home sold for and total profit.

Sorry for typos. This is what happens when you text on your phone at work....lol

Last week I went to Chattanooga and mainly looked in the 37404 zip codes. Im from Sac CA. I could not believe seeing a home that looked like it was falling apart, couch in front hard and then a house literally next door that was probably like this dump rehabbed and selling for over 200k. And then on the same street 3 more homes being rehashed next to a dump, etcetera. Some were sold, rehashed and turned into Airbnb. 

When I did real estate in Sacramento, it was entire neighborhoods that were constant as far as condition. I was ready to buy a couple of them. Agent gave me comparable and all the data. It seemed many opportunities to buy, fix and flip. For example tere was home on the exact street i mentioned next door to 2 nice Airbnb, and home next door that wasceehabbed and lusted for $225k. This home was in,bad shspe and asking 49k. It was a triple 3/3 each with own electric meter. Front unit rented, and 2 other units not habitable 2400 as ft.  Agent says if I got it for even asking price of 49k I should just do a complete renovation. Put 80 to 100k. So know I'm in for say 150k. Based on square footage and 2 cute homes on either side I could sell conservative for 250k. Based on those number with 20% down I'm,walking away with a nice profit. Am missing something?

I have never seen people rehabbing or putting in New construction next to a distressed home. Typically you avoid cuz it brings down the value of the nicer home. I left Chattanooga more confused. Yet it appears investors are fix flip, Airbnbing these rehab, ect. 

Well thank you Lucas. She is not an agent or broker. I verified. I was an agent for many years and other than sending over of an generated lists here's what I did. I would send them over homes but then go over the info and pick a handful and drive by the home and view it and call the listing agent. This was basically the st we Secretary. I assure you I do,my due diligence. Thanks you though for the critique. Lol

Wheres best place to go,d fix and flips....Chatt, Red Banks......idea?

@michaelcastillo

Hey Michael if you could PM me that would be great.

I'm looking to buy a couple income properties in Chattanooga. Im reading that zips in or around 37404 are ideal. Ridgedale possibly?

Was working with someone I thought was an agent but is an associate. I used to be an agent, so I'm well versed in what info I need to make an informed decision. I had the associate (not an agent) give me CMA on homes that, in regard to my subject property, was over 600 sq feet larger. I typically with do 100 sq/ft +/- within 1/4 or 1/8 mile (seems Chatt can vary greatly just crossing over 2 blocks). I like to see DOM, previous sales history, rental rates, etc,. The associate gave me a CMA for a rehab that needed to be gutted with 15 comps and then says its junk. What the point was I'm not sure so I looked looked her up and not licensed! Suggestions guys and gals? Called a couple agents that want to steer me towards $300k homes. C'mon aint for first time doing this. Just want a hard working honest "agent." I'll be out there April 3rd.