@Sarah Ruf Collegedale area is pretty small market so multi families only show up every so often. There is a Triplex that SAU is trying to sell but it is only being listed internally for the moment, if you know someone who works there you could ask them for the email about it. The problem I see about investing in that area is that the property values are higher but the rents are not higher. Expanding your search area to other nice areas around Chattanooga will allow you get a property for much less and yet gets the same amount or more in rent. The areas I recommend East ridge ( Has lower city taxes then the rest of Chattanooga), Harrison (some parts are in the county and dose not have any city taxes), Hixson, and Red bank. As for single families they rent well in any of these areas if you can get them for the right price. I haven't tried investing in the Cleveland area yet but I have noticed that rents there are significantly lower than in Chattanooga.
You can always use Rentometer.com to see what things are renting for in the areas you are looking at.
Hey @Tyler Rodgers , constantly pushing out great wholesale deals to investors all over Chattanooga. Feel free to PM me anytime.
@Tyler Rodgers I recently heard a saying that I am going to adopt as my own: "It's Rodgers with a "d". The "d" is because I make more money." :)
Do you have an update on your Chatanooga venture? My family travels there often for weekend getaways, and I had the idea that if I buy a property for AirBNB purposes, I have a cool, updated, FREE place to stay whenever I want.
Anybody know solid wholesalers in Chat?
@James Rodgers , specifically, I would look at the ZIP Codes that are safely walkable to downtown Chattanooga. These are going to be very expensive, but they include 37405, 37402, and 37403. You might be able to snag an apartment or a townhouse with a view for $300,000 or so, which might still be profitable for an Airbnb situation. You'll also want to make sure there aren't any HOA restrictions on short term rentals. Since you're going to be paying big bucks for the acquisition, be sure your numbers make sense for the nightly rentals.
Best Airbnb areas are N Chattanooga, Southside, and Highland Park (the good part). People that come to visit want to be close to downtown and those three are the hottest areas in that part of town. Tangentially, the City Council is grappling with short term rentals and how to treat them so tread carefully. Prices are fairly high in those areas (St Elmo may be another option) so if your focus is on Airbnb and it doesn't pan out you won't necessarily make great returns on longer term rentals.
Wholesalers in town are @William Allen (he posts here), Thomas Morgan, Randy Shelley, and David Olds. The latter three aren't on BP to my knowledge and they tend to keep most of what they find to rehab and flip themselves right now, so William Allen is going to be your best bet.
@James Rodgers The area you like staying when you are on vacation.
Thanks @Brian Levredge
Yes, we are wholesaling in Chattanooga now if you're looking.
I love Chattanooga area. I live in Atlanta and now only buy in Chatt.
Use schools great school rating as an indicator of good / bad. The grade school being 5 or under is riskier. 6 or better is great. I've bought some at 5. The High School GR rating gives the bigger picture. Again 5 or better, 6 or better is great.
Use google earth to look around the area.
I avoid 1960s and older. I hate galvanized pipe, tinny bedrooms and closets. 1970s bedrooms and closets got better. Still some galvanized.
I only buy light rehab houses. So one can get a great deal buying an older house in a nice or up and coming area, but I don't do that for rentals. You might consider it for a flip. But there's A LOT of competition buying flips, and some buying rentals.
You can find the GOOD areas by great school rating. Another way is to search for "health food" stores. Good areas will be around health food, spas, nice restaurants etc.
@William Allen I'm a buyer. PM me. tnx
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Hello to the Chattanooga lookers. Can you share what you found in Chattanooga? We are looking at this area as well and have a trip planned this month. Any suggestions on areas to look or realtors, etc.?
I am from Chattanooga but moved to Nashville last year. It depends on what you are looking for. East brainerd, Hixson, Ooltewah and Red bank will be your AB properties.
East ridge , Brainerd, East dale, hwy 58 area are mostly C+ properties and good areas to focus on investing depending on your business model.
Stay away from South & East Chattanooga. (Hood & gangs) I have two rentals in these areas that cash flow well but no appreciation. There are small pockets of these areas that aren’t so bad but you have to know the area to have that knowledge. It can tricky. I can inbox you some good realtors also.
I am always interested in great multi-family investments in Chattanooga. I am currently in escrow on three properties. Looking for another three. Please keep me in mind. Thank you!
@William Allen @Brian Levredge coming to Chattanooga Friday to begin looking at areas and properties for potential flip and BRRRR. I have reached out to a few people from this thread to connect but would love to know who I should meet with (have 1 agent I am meeting with) or connecting with i.e. any good contractors, property managers, agents, etc... in the area that are investor friendly. Thank you all for your help! @Candace Ellison
@William Allen Thanks! reaching out to them now.
Currently being a college student at UTC (University of Tennessee Chattanooga) I spend a lot of my time downtown specifically in the Highland Park area. Although there are lot of areas around there that are rough I have noticed that that area specifically is on a rise. I discover a few potential deals each month on the MLS but mostly by driving around and looking to find the clues of a property about to be for sale or foreclosed. The ARV of these properties are high. I have watched house go for any where between 150k and 200k and I've watched the neighbors sell for 300k+. A lot of college students are looking to rent in that area so finding tenets would not be hard. I think that area is a good market.
I'll second @Candace Ellison in her assessment of areas. Hixson, Lakesite, Redbank, other side of the lake at Ooltewah, Collegedale to East Ridge are pretty safe. Northshore has a lot happening.
I lived in Chattanooga for several years and worked as a loan officer there. It's a wonderful geographical area that is a major draw for rock climbers, white water rafters, backpackers, hikers, etc. It also has major industry going in with good job growth and growing land and property values.
The good is really good, but the bad is really bad, so beware.
Hey @Tyler Rodgers and all who contributed to this thread. I know I'm late to the party, but just recently started thinking about checking out Chattanooga and found this thread. It seems like a great starting point. Thanks to all who have contributed! Anybody have any updates, recent successes or failures or new ideas about Chattanooga? I'm personally interested in buy and hold rentals.
I'm from Chattanooga but I live in middle TN. There are areas in Chattanooga I don't even go to. If you're looking for a wholesaler in multiple markets I would love to help anyone out.
Trying to find my way as well. Try this: https://richblockspoorblocks.com/
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