Rental Property Investor · Nashville, TN · Member since 2020 · 20 posts · 12 votes
I am ready to purchase my first few properties in Chattanooga.
I travel to Chatt fairly often but would like to have a more solid feel for the area in terms of where to place my first investment, I am currently looking in Red Bank.
Though I don’t plan to rent immediately..I will likely house hack for a year (ideally with a MIL suite or basement) and rent it out afterwards while I then focus on getting a stronger foothold in wholesaling. Cash flow being the goal after all expenses.
I'm currently looking at SFH, or even commercial buildings/flex that have been zoned for residential. Between 200-300k with a rehab budget of 10-15k if needed.
I’d love any recommendations from anyone with consistent boots on where to narrow down the search?
Additionally, I will be back in Chatt this week and the next viewing properties, I’d like to hire a contractor to accompany if possible.
Any contractor recommendations to assist with determining rehab costs for these properties would also be extremely helpful. Thank you!
Investor · Chattanooga · Member since 2019 · 31 posts · 18 votes
4y
Hi Dasia. My wife and I are investors here in Chattanooga, and she’s a realtor too. Let us know if we can be helpful in looking for something or questions about the area. We got boots on the ground!
Real Estate Consultant · Chattanooga, TN · Member since 2018 · 384 posts · 330 votes
4y
Hi @Dasia Washington! Welcome to investing in Chattanooga. It's a fabulous are to live and to invest!
Your budget should allow you plenty of options in the Red Bank area and similar neighborhoods. Just yesterday I saw a market update for the 37415 area code- typical home values have risen from $197k a year ago to $238k now, and they expect values to continue to rise!
As far as contractors, LaRossa is good, but is currently 3-4 months out. Trident Remodeling (Mike Cross) has quicker turnaround times and does a solid job.