All Forum Posts by: Adrienne Green

@Monica Westbrook I second what @Addam Holdorf said!

@Jacqulyn Morton there are a lot of good points here, and they are all factors.  For many of my clients, the #1 attraction to Chattanooga is affordability.  You can buy into a city with all of the great traits listed in this thread, AND get it at a pretty low price point relative to national standards?!  That's huge.  

Hi @Dylan Giordano! In terms of surrounding areas that have STR potential, there are plenty! From North Georgia to around Lake Chickamauga, plus a few smaller destinations nearby, such as Dunlap and Pikeville. It somewhat depends if you want Chattanooga to be the draw, or some place Chattanooga adjacent.

There's a lot of good advice on here: mid term rentals are a good strategy in the area as well, and the PM for either strategy is a key part of your team!  

You have a lot of good advice on here! I'd add on to it that from your initial post your "why" is unclear. Is it cashflow? Wealth building through appreciation? Personal use of the STR? Having a crystal clear "why" makes the correct path much more apparent!

Welcome to the world of REI, @Marteki Codjoe!  It seems like you're getting in with a bang, doing so many endeavors.  I love it!  

Kudos for looking into long distance investing.  When I lived in a market similar to Chicago, I should have looked into long distance investing sooner!  It took me too long to realize the opportunity there.

Chattanooga is a fabulous market for long distance investors: great market fundamentals, growing population, lot of service providers for your team, and if you ever get in to buy and hold, it's landlord friendly with good rent to purchase price ratios!

Congrats on this deal! House hacking a duplex with an FHA loan is a great play!

If you think about moving on in the future, and keeping this as a rental, consider the personal residence exemption to the capital gains tax, which requires that you lived in the house for 2 of the last 5 years.  So you may find it's worth living there for 2 years, and renting it out for just under 3 years to maintain that exemption.  Or you may do the math and figure it's such a good rental, that it's worth holding on to!

Congrats again on getting in the REI world!

Use several rent estimator tools to get an idea: Zillow, as noted above, Hemlane is another one.  Bigger Pockets also has one. Look at other listings on Facebook marketplace, and on the websites of various property managers in town.

@Michele Velazquez the good thing is you know what you want!  MF with a hybrid of cashflow and appreciation.  My understanding is Dallas is more of an appreciation market.  Someone I know with similar goals recently wrote this blog about striking out in the Dallas market: https://www.haveagramppday.com...

My thought with that budget and goal would be to look at secondary markets in the southeast and midwest!  Also, make sure you have the team there as well- the PM, etc.  That can make or break a deal!

@Robert Willard for a dock, typically a property is valued differently if it has year-round water versus seasonal water.  The lakes on the TN river go up and down at times throughout the year based on TVA opening the dams.  So many houses have a dock and water access spring/summer/fall, then in winter the water is lower and there is no water at their dock. 

@Robert Willard what prices do you want? Is this solely for personal use, or also for a short term rental? If also a STR, what sort of return are you wanting to get? Do you require a dock? Do you need year round access or seasonal?

I'd say anything adjacent to a lake in TN will appreciate well in the near future, as people flock to the state.  People always value being on/near water.

In the Chattanooga area we have Lake Chickamauga, which is well known for its bass fishing (and the related STR demand!). Without more details it's difficult to say if it'd be a good fit.