Real Estate Consultant · Chattanooga, TN · Member since 2018 · 384 posts · 330 votes
4y
Hi @Daniel Walker! The Chattanooga market is a great one to get in to! First, I'd note that BRRRing and flipping are two different animals in terms of investment strategy, so be cautious lumping them together. If you are looking to gain capital, then flipping is the way to go. If you are looking to build your portfolio with minimal capital outlay, then you'd BRRR.
In response to your questions, (1) all of the Chattanooga market is a green light for flips and BRRRs. I generally try to stay within a half hour drive time of downtown, just to ensure demand. (2) Median sales price is around $325k, so if you're at or under that, then you're in the cheaper part of the market, and demand for selling a flip should be good.
Real Estate Consultant · Chattanooga, TN · Member since 2018 · 384 posts · 330 votes
4y
Hi @Daniel Walker! The Chattanooga market is a great one to get in to! First, I'd note that BRRRing and flipping are two different animals in terms of investment strategy, so be cautious lumping them together. If you are looking to gain capital, then flipping is the way to go. If you are looking to build your portfolio with minimal capital outlay, then you'd BRRR.
In response to your questions, (1) all of the Chattanooga market is a green light for flips and BRRRs. I generally try to stay within a half hour drive time of downtown, just to ensure demand. (2) Median sales price is around $325k, so if you're at or under that, then you're in the cheaper part of the market, and demand for selling a flip should be good.
Hi, I'm new to the chattanooga area as of 2 months ago. I've done 1 flip, 1 live and flip and I own 1 rental. Im looking to partner with someone in the chattanooga area.
Hi, I'm new to the chattanooga area as of 2 months ago. I've done 1 flip, 1 live and flip and I own 1 rental. Im looking to partner with someone in the chattanooga area.
Hi, I'm new to the chattanooga area as of 2 months ago. I've done 1 flip, 1 live and flip and I own 1 rental. Im looking to partner with someone in the chattanooga area.
Same question as Benjamin. What are you looking for in a partner?
Hi, I'm new to the chattanooga area as of 2 months ago. I've done 1 flip, 1 live and flip and I own 1 rental. Im looking to partner with someone in the chattanooga area.
What are you looking for?
I dont have a whole lot of capital at the moment but I'm looking to add what capital I have to someone's project. I also do tile work and drywall. I'll help wherever I can.
Rental Property Investor · Chattanooga, TN · Member since 2014 · 27 posts · 17 votes
4y
For BRRR property, I generally look for a minimum 50% COC after the Refi. I have a spreadsheet I would be glad to share. Let me know if you need any contractor contacts for project you have coming up.
I have a value add Triplex in Rossville GA available. 15 minutes from Chattanooga. Message me for more info.
(2) Median sales price is around $325k, so if you're at or under that, then you're in the cheaper part of the market, and demand for selling a flip should be good.
@Adrienne Green Great info, thanks! I'm curious about the typical bedroom/bathroom makeup for the median sales price? Is a 3/2 reasonable at $325k?
Real Estate Consultant · Chattanooga, TN · Member since 2018 · 384 posts · 330 votes
4y
@Kaylee Walterbach good question! The MLS data that gives the median sales price doesn't expressly state the median house stats. I would say a 3/2, older construction (like pre-2000) at $325k is a pretty reasonable thing to accomplish here.
Hi, I'm new to the chattanooga area as of 2 months ago. I've done 1 flip, 1 live and flip and I own 1 rental. Im looking to partner with someone in the chattanooga area.