All Forum Posts by: Kelly Kormos

Hi BP- I am headed to Chattanooga Friday. I have family there and I am starting to scope it out for investment opportunities. Flips and BRRRR preferred. Any areas of town that are recommended for either of these goals? I have a list I am starting with but would like to maximize my time there by prioritizing the more up and coming areas first (I believe).

Also, would like to find a contractor or 2 that are trusted among investors in the area.  I know we all like to keep these people and their contact info close to our hip but I am hoping that someone will have some trusted professionals contact info they would not mind sharing.  

Thank you all for your help!  And if there is anything else you suggest I do or people I meet while I am there or on another trip (I live close), please let me know!!!  I am open to any and all suggestions.  Have a great day!

@William Allen Thanks!  reaching out to them now.

@William Allen @Brian Levredgecoming to Chattanooga Friday to begin looking at areas and properties for potential flip and BRRRR. I have reached out to a few people from this thread to connect but would love to know who I should meet with (have 1 agent I am meeting with) or connecting with i.e. any good contractors, property managers, agents, etc... in the area that are investor friendly. Thank you all for your help! @Candace Ellison  

Will be there!  Thanks

@Jacob Wathen Thank you!  yes I will be financing more than likely especially if not enough work needed to allow me to refi my cash back out.  Also, I will not be living there.  I am more than happy to keep current tenants if have a solid payment history.  (if the rent they are paying is not too much lower than market value).  They are taking offers contingent on viewing property...just found out they pay flood insurance on the property so not sure I want to get in to that....lots to think about!!  

@Tim Varner Thank you for replying to my post!  It is so great to get to all learn together.  and that makes sense about maybe not need the rent roll on a duplex.  I am gathering my info now including taxes.  If I went by the rental rule of 50% and it rents for $2000 per month now (and if I think that could continue), their list price of $215k is not even 1%...thats why i was wondering if I should look at it differently or lowball them lol.  Didn't want to lowball if the duplex should be considered differently than the SF homes.  Thanks again for your reply- new or not, it was very helpful!

I just received this info from a realtor and I have not done multi family yet but I do know it is accessed differently.    Working to research now but thought I would provide the details and see if there was any advice on how I can make sure I review all items needed to come up with the best purchase price.  They do not have one so I will need to go over all the details to make an offer based on info I can get from the seller.

"My client has a 2 unit multi-family home

4BR/3BA and 2BR/1.5BA

The unit is fully occupied collecting $2000, but could earn more.

Seller is flexible and motivated. She was living on one side and decided it was all too much for her.

Accepting all offers

Close to schools

Less than 1/2 mile to groceries, shopping and restaurants

Close to emergency services

2 minutes to Park

Large yard for families with small children

On a quiet street

Fully occupied

New water Heaters

New water supply line

New Ducting

New Carpet

New Cabinets and countertops

Rehab bathrooms

All Appliances stay

One tenant is on a month to month the other is on a year lease"

- I will research rental prices for the area

- I need rental rolls from seller correct??

Thanks for any advice!  

Kelly

Hi BP Family- so I have been consuming BP podcasts and reading forums and wanting to put some things into practice as I continue educating myself.  I have 1 rental already and have flipped 1 property so just enough to know that I need to learn more!  I am also a real estate agent but 95% or more of the people I work with are typical home buyers and sellers- not investors.  I can analyze a typical deal pretty easily but want to make sure I can proficiently analyze deals more like an investor as well.  So, I am taking Brandon's 90 day challenge and analyzing 1 new investment deal a day!!  

I am going to do this for different areas of town so that I can get to know some that I don't typically work in but that I believe I need to focus on more as an investor.  I will be calling people i know that specialize in those area, doing online research, driving through the neighborhoods and really treating each as a potential deal I want to move forward with (and who knows- hopefully I will on a few).  

What I wanted to ask, is what should I specifically be looking for as I analyze these that is more investor (Flip and/or BRRR/Rental) oriented than when I analyze for my friends and family that are buying/selling their personal residences?? I have quite a few things on my checklist but really want to make sure I am not missing anything. Thank you all so much for your help!

@Tom Gimer Thank you for your help!