Realtor · Decatur, IL · Member since 2013 · 24 posts · 0 votes
I am working on a 5 year plan to move to the East coast and slowly unload property here in Illinois. I have spent the last couple years taking a lot of mini vacations and am highly intrigued by the Chattanooga area. We are making a trip down in a week or two.
-Does anyone here operate an Air BNB in the area? I do not want to Air bnb, but I will be visiting a lot and it would possibly be nice to have a host to network with as well.
-Does anyone recommend a couple local banks to work and build relationships with for commercial lending.
-Does anyone have a realtor that is active in finding income producing properties?
@Chase Spitzer I can't help with your specific questions, but you can find some market data here which you may find interesting as part of your due diligence. I'm from Chattanooga (but live in Atlanta ) and am considering investing in the area next year, so I'll keep an eye on this thread...
@Chase Spitzer, I hope you decide to get into the Chattanooga market. It's a fantastic city, and a very interesting place to invest.
My wife and I actually live overseas, so we invest (buy/hold) from a distance. We work with @Thomas DeMoss as our realtor, and he does a great job, which says a lot since we're not in the country. He's an investor himself, and has a pretty good read on the market.
If you're looking for a property manager, I don't think you can do better than First Property Management (http://firstpmusa.com/). They manage our properties and are excellent. Check out their website and give Brian Levredge a call if you want to chat with him about the market as well. He's a fellow investor also.
Also, if you are interested in a host, I have some friends who have an airbnb on the southside if you want to chat with them. They'd be happy to show you a couple of the cool spots downtown.
@Thomas DeMoss can chat with you more about local lenders. He's recommended FSG Bank, which I tend to agree with. You could also talk to SunTrust, although they're bigger but are pretty good and localized to the Southeast.
@John Tilstra Thank you so much! I will follow through with your advice. Let me know about the hosts you know. We will be finalizing our plans in the coming days.
@Chase Spitzer, I know that you said that you are looking for commercial lending; however, BB&T is another regional bank to consider if you are looking for conventional mortgages. I know that they will do conventional mortgages on inexpensive properties that are priced below what other banks will lend on.
@John Tilstra, I'm glad to hear that you have had a good experience with First Property Management. I've been talking to Brian lately and am about to begin doing business with them.