All Forum Posts by: Matt Masulis

Thanks for the reply @Austin Fruechting!

He isn't really open to the idea of seller financing and never actually said why. I asked in a brief chat with him at the closing on our current building. He isn't the friendliest man on Earth. We have had very little contact so I doubt it's something I could even get him to think about. It is probably worth another mention but I won't be getting my hopes up for seller financing from him.

BTW: I checked out your blog. Bookmarked for later!

Hi All!

I am here for a little advice today. We sold our house and are currently "house hacking" in our first duplex. We bought the building with a FHA loan and are living in one side and renting out the other. The person that sold us this building also owns the one next door and said he would be patient while we saved up to buy that one as well. My question is, is there a way to speed this up a little? We have been here since August and have saved half of what we need to buy the building but with the 6 months of reserves required ($30,000 total including reserves) it is going to be roughly 18 more months before we have enough to get a conventional loan for the building (20%, Closing & reserves). Surely there is a better way. Any thoughts would be appreciated.

Thank you!!

- Matt

Hi Tyrel,

Welcome! I live in Chattanooga (East Ridge to be more precise). We're currently "House hacking" in our first duplex that we bought back in July. Trying to save up for our second one. I'm here for the amazing advice that's available too but I'm happy to help where I can.

Chattanooga, like Dalton, can be tricky to pin down a decent deal. I'm a local and very familiar with Chattanooga and surrounding areas and still find myself driving to check out a property that may or may not be a good deal because it is on a street that goes from great to bad and back within just a couple of blocks. Dalton is growing and just a short drive away. I know many people that make the commute daily and love living in Dalton. I agree with Tim. You may need to make a trip out here.

I haven't been but I know the local REIA meets at the Asia Buffet on the first Thursday of the month (I can't recommend the place but that's where the meeting is apparently). From what I've read it is 15 bucks at the door to attend the meeting. The address is 6901 Lee Hwy, Chattanooga, TN 37421

The Chattanooga REIA website says the first Thursday of the month at 6:30pm at the Asian Buffet. That makes it January, 5th. Hopefully that is current info on their site.

Hi Paul,

Welcome to BP. I get an alert when Chattanooga is mentioned and it sent me one for your post. I am in Chattanooga too. We are currently "House hacking" in a duplex we bought in East Ridge as our first investment property. I can tell you BP is the place to be if you want to invest in real estate. We couldn't have done it without the articles and advice found here. So you've already made a great decision!

Welcome, again!

- Matt

Hi Grant,

No, I haven't been. I just recently learned that the Chattanooga REIA existed. I know they have their meetings at the Asian Buffet off Lee Hwy on the first Thursday of the month but I didn't make the last one and I am not sure if I will make the upcoming one. They start pretty much right when I get done with work. Have you been? Did you like what you heard or have a chance to meet any investors in the area?

- Matt

Hi Grant,

BP has a whole section on wholesaling. Chattanooga seems like it would be a great spot for it. I haven't done any wholesaling but have looked into it on here and there is plenty to read. Here is a link to the general wholesaling area, if it helps. :-)

Jeanette,

I recently bought a duplex here in Chattanooga and went with FHA. FHA requires you to live in the building for 1 year (we are living in one side). Conventional had no such requirement but required the full 20% down. FHA only required us to put down 3.5%. We wanted to live in the duplex anyway so it made sense to take the saved down payment money and renovate the units accordingly with it.

Hope that helps.

- Matt

Finally! I had Chattanooga set as a keyword alert and this thread got sent to me. I won't make the meeting at 6:30 (work) but happy to see something around here going on! Welcome back to Chattanooga, Jessica!