All Forum Posts by: Maggie Mendoza

I'm IN!

Hey BP Community! I'm over here scratching my head and I thought I would reach out to all of you to see if you can help me answer my question. 

I have my eye on a property that is owned by a bank, but instead of listing it for sale, it has been tax delinquent for 4 years and they are not planning on listing it. If nothing happens, they will lose it at the tax sale. Does anybody know why the bank wouldn't want to list it and get it off of their books?

@James Rodgers I agree with everything @Andrew Ashby said!

@Heather Moreland I use Barry Huggins at Johnson Hickey Murchison.

Address: 2215 Olan Mills Drive, Chattanooga, TN 37421

He's super knowledgeable and we've learned a lot from him. No referral discount that I know of ;) 

Yeah @Andrew Samples, not a lot on the MLS now. Lots more properties are listed in the spring/summer. I hope you're able to find something then!

The meanie side of me says, stay out of our market you out of towners! ;) But the other side says, yes, Chattanooga is a great market to invest in! There's lots of competition so off of market deals are the best. 

@William Allen You were on the BP podcast? Man, that's awesome! Okay back to Chatt ;)

I couldn't name the zip codes, but look into the East Brainerd area and even in Cleveland next to Lee University. Cleveland has two colleges; Cleveland State Comm Coll and Lee and they provide solid rentals. 

Chattanooga has a local REIA and meets on the first Thursday of every month. They have a networking time, a haves and wants time, and then the presenter talks. http://www.chattanoogareia.com/

I've lived in Chattanooga for almost 3 years and have 4 duplexes,one of which I live in one unit and am house hacking. I have found that The East Lake, closer to downtown areas are too dangerous for me to invest in. My rule is if I don't feel safe going there by myself, I'm not going to invest there. The great thing about this area is that the population is growing...even the surrounding cities of East Ridge and Cleveland have grown slightly. It's a great place to invest because properties are very affordable and rent is on the higher end. Example: I have a duplex I paid $60,000 for and it's renting for $625 and $650. Really great returns! I wish you luck! I can share some ways I've financed properties if you're interested. Message me if you are. ☺

Hi Paul! My husband and I are in Chattanooga too! We will be at the REIA meeting on Thursday. What really helped us get started was getting a commercial loan to fund our second, third, and fourth duplexes. Buy undervalue, add value, and then refinance or cash out refinance into a conventional loan with a lower interest rate. In order to close we needed the 20% down even with the commercial, so we drew down on interest free credit cards since we were sure we would have them paid back in the year. Real estate investing is hard work, but super rewarding! our first hoise in Chatt was a duplex where we rented one side and lived in the other. We lived for practically nothing! Maybe we will see you at the REIA! My advice is to listen to all the podcasts on BP while driving and get on the list of the Real Property Office of Hamilton County. They have an auction every year. I think it starts in February if I remember right. They will send you a list of all the lots and houses auctioning off and there are some exceptional deals on that list.

Hi Michael,

I'm a house hacker and totally LOVE it. After the mortgage, property tax, and homeowners insurance is paid for, I am only out of pocket $92 a month. It's amazing and it has helped my husband and I save so much faster. We bought a duplex and live in one side and rent the other. I 100% recommend this! Since then we have bought 2 more duplexes. Craigslist, as creepy as it can be, can be a good place to find deals.

Best of luck to you!