All Forum Posts by: Tom Saysithideth

Hello BP Community,

My wife and I have set a goal to acquire a small multifamily property in Tennessee this year. Any recommendations on commercial agents in the area? 

Thank you,

Tom

 Went off a BP podcast suggestion, and always good to trust but verify.

 Thank you John, I am running through a few filters and water shutoff is one of them.

Hi BP Family,

Has anyone had success in getting a list of properties with their water cutoff for the past 6 months? This was mentioned in the BP Real Estate Podcast Episode 332 with Adam Johnson and Brent Moreno. I reached out and they said that they do not share this information with the public. 

Thank you,

Tom

 Hi Robin, I found the agent through BP. Originally I reached out to get more information for the Northern Virginia market. They moved to Chattanooga, and got me interested in the market. My priority was on cash flow, and the market looked good for this strategy. The agent was an active investor in the area. She was familiar with the investor mindset. We will be evaluating other agents in the area for future transactions.

 Point taken, my numbers still worked. It was a disappointing realization, and I was hoping that it was not going to be the case.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $120,000
Cash invested: $60,000

First real estate investment property in the books. First lesson, make sure your better half is on board with the investment before going through with the purchase. After listening to BP episodes and analyzing deals, I thought it was time to pull the trigger and start my real estate investing journey.

What made you interested in investing in this type of deal?

The primary intention for this investment was cash flow. Chattanooga had more attractive numbers for my wife and I. We had connected with a real estate agent in the area to get started.

How did you find this deal and how did you negotiate it?

Our real estate agent sent us a short-list of properties, and we selected this based on our numbers.

How did you finance this deal?

Conventional bank financing

How did you add value to the deal?

We did some minor repairs through the property management team, and listed it for rent soon after.

What was the outcome?

Still holding it to this day. Initially, it sat vacant for several months, and finally found a tenant that was later evicted.

Lessons learned? Challenges?

I purchased this property a bit trigger happy. It was one of the few properties that met my numbers and cash flowed in my acceptable range. It turned out the agents numbers were more liberal than expected.

How is equity percentage calculated for properties? Estimating the percentage is something I can imagine, but there are variables that I cannot pinpoint. For example, how much a buyer paid in down payment, and the amortization period.

@Benjamin Bleasdale, I will reach out to you via message.

Hi BP,

What contractor recommendations do you all have for the Chattanooga, TN area? I am searching for a few bids on a property. If anyone has specific experience with uneven floors or sagging foundation even better. 

On a side note, are there any frequent natural disasters that are prevalent in this area? I see flooding areas commonly mentioned.

Thank you,

Tom