How do I get to my 2nd door?

Question

I stumbled into my 1st deal when my parents' neighbors decided to move and preferred to sell off market. My primary house became my 1st rental and thankfully is a great, cash flowing single family 3/2.

But now I'm stuck! I'm in a fairly rural area (1 hr+ from Nashville or Chattanooga) and somewhat new here as well. I haven't really heard about investing in the area, haven't found any local realtors or lenders that are "investor friendly," and I'm not sure I have enough equity (or cash) to finance a brrrr (or similar project).

Any thoughts or observations would be welcome.

Thanks in advance to everyone on the bp forum. What a great community!

Jeff

Ellis San Jose · Answer

Turn your perceived challenge into your advantage. If you are in a fairly rural area I would imagine there aren't a lot of investors marketing to your area. You have an automatic edge.  Search property data for properties with high equity & perhaps out of area owners or elderly owners & contact them to introduce yourself as a local hoping to find another rental property.

Account Closed · Answer

Hi Jeff,

I'm slightly biased, but I believe the Chattanooga area is fantastic for investing. I've been here since early the 2000s and don't think I'll ever leave. If you'd like to make a connection with an "investor friendly realtor" then feel free to message anytime! Links in my bio or reach out thru BP.

All the best,

Spencer

Bill Schrimpf · Answer

I can't speak to your market specifically but...

Talk to LOCAL or regional banks.

Condider adding on to your current place. Construction loans are different than mortgages.  Maybe it will pencil out.  Can you add an ADU?  Can you sub divide either lot?

if you bought off market, you should have some decent equity...

Sell both and get a 4 Plex

@Jeff White, you have good problems...

How do I get to my 2nd door?

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