All Forum Posts by: Adrienne Green

Hi @Jillia Virtue!  There can be challenges like this when buying a property with tenants in place. This website has a pretty good explanation of the process you'll follow: https://ipropertymanagement.co...

I like your plan of the certified mail notice for 30 day notice to quit, I don't think you need to have someone hand deliver it.  I would also call/email it to them.  

You may see if your real estate agent is interested in helping them as tenants find a rental, or can refer them to a property management company who may be able to help.

I would be doubtful you could withhold any security deposit if you don't have evidence that the unit was in better condition when they moved in.  That's my opinion based on my experience.

You may want to consider getting a PM for the other side of the duplex, and if you do, that PM would likely give you advice on this scenario.

@Pete Silan @Nicole Punelli and @Aleksandra Liaplina I'll DM you about the virtual meetup.

@Christopher McConnell I know people who've gone to Lee University! There's a good number of alumi who are in this area.  Generally it's well regarded in the area.

Hi @Christopher McConnell!  Where in TN is your purchase?  Typically when something is rented by the room instead of as a whole house, there are more costs for the landlord.  While this can vary regionally, typically in a "rental by the room" scenario the landlord handles utilities and lawn care.  I also recommend the landlord provide periodic cleaning service for the common areas for a few reasons- happier tenants who stay longer, eyes on the property, and preserving the condition of the house.  If something's clean, people treat it better.

Of course this is a case by case basis, but I've had clients who find the increased costs associated with renting by the room outweigh the increased income.  It depends on the region's rental rates.

Hi @Kp W.! It sounds like you're diving in to REI, which is awesome! I'm an investor and real estate agent, and I recently relocated to Chattanooga in part due to the fabulous REI market here! Feel free to reach out if I can ever be of help.

Hi @Kenny Robbins! I have a STR. One question I have regarding your original post is that you want to cashflow $1k/month, but you don't note price point. Whether or note $1k/month cash flow is good or not depends somewhat on your purchase price and investment!

I'm located in Chattanooga, TN. There are a decent number of STRs here, as it is a tourist destination. Pigeon Forge, TN is touted as having great returns for STR, but I don't know the specifics and can't speak to it personally.

@Amoreena Gionet Welcome to BP! Smart move zeroing in on Chattanooga. I was just speaking with an investor today who lives in CA- it's exciting to share about a market that's fabulous for REI like Chattanooga is! Having lived and worked in markets that don't give the same returns, this area's a treat.

Hi @Nicholas Brosnan! Welcome to the world of STRs! I own in Myrtle Beach, SC and it does well. As @Kyle H Lancaster notes the Pigeon Forge TN area is popular with many STR owners.

I'd add to your calculations that one nice thing with a STR is the ability to use it yourself and the opportunity to write off trips to it (when done properly). So I would include where you want to go in the equation.

@Yinglu Wang a couple of resources to follow the Chattanooga news and learn more about the area arewww.chattanoogan.com and NoogaToday (https://subscribe.noogatoday.c...).

Here's a pretty cool crime map: https://cityinsider.chattanoog....

@Nick Thomas Congratulations! It sounds like you got a great deal. I love that interest rate!