All Forum Posts by: Brian Levredge

@Lauren Hogan It's way more than that.  Yes, cost of living is much less here.  People are not a slave to their rent or mortgage payment as they are in SoCal where I'm from.  The business environment is much healthier though.  As a result of that there are far more opportunities, even when the market is heated up like it is now.  Overall the quality of life is much better in Chattanooga.  Less traffic, pollution, people, etc.  

Happy to discuss about Chattanooga.  Moved here from Los Angeles seven plus years ago.  It's been a tremendous opportunity. 

You should check with Joanna Otero.  Just google her name and Chattanooga.  

I'm in Chattanooga and have relationships with a number of different lenders. That being said it really depends on what type of asset class you're wanting to purchase. Some of the portfolio lenders down here have tightened up on single family (1-4 unit) and are only doing 15 yr ams, which kills your cash flow. BRRR is also harder for a couple reasons. First is that appraisals are starting to come back not so great on some deals (signs of the market inflating) or the lenders are wanting you to demonstrate your basis in the property so they can make sure you still have skin in the game which defeats the purpose of BRRR. Put more directly, be prepared to keep a decent chunk in whatever you are buying. The fact you are out of market will also work against you somewhat if you don't have local management in place. Some banks absolutely won't touch you for that very reason even if you have local management. If you want to DM me I can send some referrals your way.

@Andrew Slezak, I've got a duplex in the Hixson area we bought last month that we're in process of updating. It'll have a new roof and one of the units totally redone. 2/1 each side with central hvac and laundry hookups. DM me if you're interested. THDA is essentially an FHA loan with down payment/closing cost assistance, but I'm not sure how much of that is expected to be born by the seller which could affect the sales price since a lot of people wouldn't want to pay commission plus another 4-6 pts in closing.

I'd be interested in discussing any potential fit.  I own a number of properties in Chattanooga, as well as a PM company.  Also do flips and build spec new construction.  I would suggest looking into the BP meetup that is the fourth Thursday of each month at Puckett's in downtown Chatt.  

@Phillip Vera

Happy to connect.  Send me a DM and we can exchange info.  

@Ethan Wofford, feel free to send me a pm and I'm happy to discuss. 

Won't be able to make this month most likely.  Enjoy!

You don't mention the beds/baths but either way I suspect you're actually low on rent even if it's only a two bed.  That being said you have a couple options.  One is potentially switching PM companies.  They may be over charging for maintenance and other items which will obviously eat into your bottom line.  You give a value for what you think it's worth, but another direction to look at is what would it sell for fixed up?  If you sell it with a roof that needs replacement, an old HVAC system and whatever other deferred items are there you're gong to take a hit.  You could put together a budget to take care of those items and then evaluate if there's a cost benefit to doing the work to get an even higher resale price or market rent.  

Or you could just sell if you're numbers are accurate.  You can not just continue to refi because houses are primarily valued from a comp sales approach rather than the income approach so you have an upper limit to what you can pull out and when.