All Forum Posts by: David McLean

@Cody Gagnon hi Cody. I haven’t heard of anyone in Chattanooga doing rent by the room for larger single family properties yet. Most of the rent by the room properties here are larger scale student housing type properties that I’ve heard of. I would think you could duplicate that student housing model to some degree. I’m following..

@Peter Nikic

Congratulations, Peter! Chattanooga is a great market. Sounds like you found a great deal. Are you managing this yourself or hire 3rd party manager?

@Stephan Mayer Hi Stephan! I’m a local Chattanooga investor and wholesale deals from time to time. There are other guys very actively wholesaling here and I would expect them to chime in here. Feel free to connect with me and PM me with what you are looking for in Chattanooga. I’m happy to be on the lookout for you.

@Dan Valiente These banks were regional banks. Most have a commercial lending department as well as a traditional mortgage department. Most of my deals I've run through their commercial lending dept. 

@Dan Valiente in my experience it depends on the bank. I’ve successfully brrrr’d a few properties and never had a seasoning period requirement. I would check around to different lenders and just see what terms they offer. I’ve found the terms can vary quite a bit from one to another.

@Quincy Hall congrats, Quincy! Did the previous owner move out? Are u planning to live there yourself? What part of town did you purchase the duplex? Sounds like you got a pretty good deal!

@Marichelle Lao the decision may also depend on where it is in Chattanooga. Also how long have you owned the property? Feel free to DM me if you would like. I’m happy to check it out and let you know my thoughts.

@Paul Honen there are Chattanooga investors buying down in GA / Rossville. All depends on what you are looking for. One thing to keep in mind is that your real estate income from any GA properties would incur state tax (as far as I know)so keep that in mind. Not that big a deal I guess. I’ve looked in the past but never pulled the trigger.

congrats!

If you are negotiating with the seller and think there is any chance to work out a deal, you could find a partner(maybe another wholesaler you know or even a friend) for this deal who does have proof of funds. Figure out a way to get it done!