All Forum Posts by: Adrienne Green

@Matthew Gould I'm with @Caleb Brown on this one.  Last year I had a client waiting until October for the typical "end of year cool down" and it never came.  

Hi @Cole Perry! Full disclosure I have not done turnkeys myself, yet I've found turnkeys have come up in several recent conversations with other investors. One person, a seasoned investor, said she's experienced how turnkey providers can change from being fabulous to not great quickly. Apparently consistency is an issue. Another person they ran into the challenges you note- CapEx stuff not done, as well as unrealistic rental rate projections.

I'd note that it is possible to buy a move-in ready rental property that isn't from a turnkey provider.  That may be something to consider!

Hi @Danny Roberts!  I'm a Chattanooga Realtor who focuses on working with investors.  I send out a weekly deals newsletter for the area, which you may find helpful.  I also have a commercial Realtor I recommend for those 5+ door multi-families.  I'll send you a DM with details!

Hi @Matthew Gould! I'm a former Los Angeleno, USC alum in fact! Welcome to the word of REI, it sounds like you've been educating yourself and are ready to get started!

I like your plan.  I'd note that in some markets, including mine, you could get into MF duplexes or triplexes from the beginning, if you want.

I help out of town investors buy in to the Chattanooga, TN market.  Highlights here include 13% appreciation in 2020, and a median purchase price of $230,000.  There are a lot of people investing here from out of town, so the "team" you need is available here- property manager, contractor for renovations, etc. All set up and experienced working with out of town investors.

Other places my clients are actively investing are Ohio and Florida, in case you want to take a look there!

@Rinku Sinha will do!

Hi @Eric Huang! I am a Realtor who helps out of town investors in the Chattanoga market.

My first thought about the situation you shared is where are you pulling those rental rates from? If that's what the place has been rented for, be aware that there are a lot of owners here who charge under market rent, and/or who never raise rent, so when they go to sell after having the same tenant in there for years the rent is very low.

If I was to generalize the Chattanoga market, I'd say often in C class neighborhoods you can meet or excited the 1% rule. In the A or B class neighborhoods, that's not happening. 

There are also certain popular neighborhoods where return will be lower because purchase price is higher, like Highland Park or Northshore.

As far as appreciation, 2020 median purchase price showed 13% increase over 2019.

Please reach out if you'd like to discuss further!

Hi @Daniel Barnhart!  Welcome to Chattanooga (soon)!  It's awesome, I hope you love it here as much as I do.  I like your plan to house hack a multi-family.  There are a respectable number of multi-families in the area.  I'll DM you with details.

Check out Chattanooga TN!  It should stand out on many of your metrics!  TN is near the top of the list of states people are moving to, in Chattanooga there was double digit appreciation in the real estate market last year, median price point is around $225k right now, and the rent to price ratio is great.  And as @Bill B. points out, no state income tax is a great thing!

Reach out if you'd like to talk about it.

Hi @Angela Heydorn!  Congrats on your upcoming move to Chattanooga!  It's awesome, I hope you love it.

I've found off market deals come from knowing people.  @Renee Yarbrough and @Kelly Rastatter would be good people to get to know!

Hi @Krystal Marquez!  I'm curious why you wouldn't want to continue in Chattanooga?  As someone who's familiar with many markets, you landed in one of the best for your first investment, keep it going!

Chattanooga is great both for appreciation and cash flow, so what else could you want?!  Plus there are so many people investing here, there are a good number of resources for out of town investors (such as property managers).

I'd also note that since you're looking for buy and hold, here in the Chattanooga market I'm seeing less competition for move-in ready buy and hold than for fix and flip or BRRR. There are all these great places that are already renovated and ready to rent, and I'm surprised they aren't being snatched up even faster.