All Forum Posts by: Tyler Rodgers

Great info everybody! Thank you!

@Jimmy Moncrief Thank you. I honestly hadn't looked that much around the rest of Oregon. I guess I assumed my County was pretty typical. At a glance, I appear to be wrong about that. I'll look more into the Roseburg area as well. It's funny to have someone 2500 miles away point out something 90 miles away!

@William Allen I would be curious to know the results of your trip! I'll be heading out there in September for a wedding, but I could fly out sooner if we decide to purchase a property. I am going to send a colleague request if you don't mind.

@Thomas DeMoss Could you recommend any areas of Chattanooga with decent cash flow opportunities that don't come with the gang problem?

@Thomas DeMoss That's exactly what I was concerned about. Thank you. It's hard to tell from across the country what is a blue-collar neighborhood and what is dangerous.

@Thomas DeMoss I haven't narrowed it down to specific neighborhoods yet, but I will certainly keep that in mind. Thank you.

Here's a couple examples of the kind of properties catching my eye. I just don't know the neighborhoods yet.

http://www.zillow.com/homedetails/41415796_zpid/

http://www.zillow.com/homedetails/41422931_zpid/

http://www.zillow.com/homedetails/2103313807_zpid/

I am from Oregon, and have been looking to get started with buy and hold investing here. It's been pretty hard finding cash flow properties here, so my wife and I have been discussing the prospect of investing out of state. My brother in law lives in Chattanooga, so I started looking ok Zillow, rentometer, and Craigslist just to get a feel for the market. 

At a glance so far, it looks like Chattanooga blows my area out of the water in terms of rent/purchase price ratio. I'm seeing dozens of properties in the 2-4% range on the MLS. In Oregon, we are really struggling to even find 1%, so this area seems like a gold mine. I would have boots on the ground with my BIL to help as well.

My question is basically, what's the catch? Taxes and prices seem low, rents fairly high. Is there something I'm not aware of that I should be? Bad neighborhoods? Unfair tenant laws? I don't know, something? This seems too good to be true.

Also are there any recommendations for Realtors, property managers, contractors, etc in the Chattanooga area?

Thanks!

 Thanks!

@chris Gibbs thank you for all the info, and especially the .pdf file! BP is such a helpful community. I love it. We just heard from our realtor today, and this property already has multiple full price offers and is going to a "highest and best" type bid. I think we might end up waiting a little longer and  save some more money so we can do a deal while keeping our current home. We got pretty excited about this deal because it's the best we've seen in the 2 or 3 months we've been looking, but our ducks aren't really all in a row yet to be able to act quickly on a deal. I've got real estate fever!

 Thank you for the response. We do not have the cash for a down payment, repairs, and reserves. Our current home has appreciated significantly since purchase, so our plan is to sell our current residence and use that equity to get into this triplex. Even though we won't have as much true "cash flow" by living in the property, out savings vs living in our current home should be around $500-$600 a month. That should help us on our way to buying our next property once the owner occupancy period is up.