Join Matthew Whitaker and Alex Smith as they dive into where to invest in Chattanooga, the Downtown edition.
Mathew: What’s up, everybody? Mathew Whitaker here with another “Where to Invest in Chattanooga” episode with my man, Alex Smith.
Alex: What’s up, everybody? I am the team leader here in Chattanooga and am available to help you with any questions you may have.
Mathew: We have already done a video on the general areas of Chattanooga that people invest in. Now, we want to start digging into those areas and talk more in depth about some things you should look out for.
So, today we are going to look further into Downtown Chattanooga.
The cool thing about downtown is it has a lot of diversity. You have some nice areas and then there are always some that are undergoing gentrification.
I think we are going to start this off right on the river where the aquarium is located and move on from there.
Alex: So, as you mentioned, the aquarium is there, you have a couple of museums. In terms of housing, what you are going to get here is pretty much 100% condos.
These will be really nice condos. Priced anywhere from the low thousands to high two thousands. A lot of young professionals will call this home.
Mathew: Another cool feature downtown is the walking bridge that takes you to the north shore area. Here they have a awesome vibe with really unique shops and restaurants.
So, jumping from there over to UTC, the University of Tennessee at Chattanooga, why don’t you talk a little bit about investing around the university?
Alex: So around the university in Fort Wood and Martin Luther King, there is a pretty decent combination of condos/apartment/houses.
Your tenant population here is going to be mostly students who just want a short walk or a short drive to school. There is also the regional hospital, so you have all kinds of residents coming from there.
The Chattanooga Choo Choo is also in this area. There is a ton of delicious restaurants in there. This brings in a lot of people who are visiting the city.
For housing, if it isn’t a condo or student-type housing, it will most likely be a historic home.
Mathew: Very cool. I can remember as a kid going to the Choo Choo. So this area right here is a regional draw for like weekend vacationers. It’s an awesome area to invest because it is undergoing a lot of revitalization.
All right, let’s go east and look at the zoo, Orchard Village, Orchard Knob, Highland Park area.
Alex: When Matthew mentioned gentrification earlier, it will most likely be in these four areas. On one street you will have houses that have been flipped and have young families living in them.
Either the next street or a couple of streets over, you might have some houses that are looking for somebody to flip them. Your quality of properties here is going to be across the board.
Another thing to note is the word on the street is that the public schools are not great in this area. Another thing to note is if you are interested in getting into Section 8 housing, this is where you’ll find some good options.
Mathew: So you’re talking super diverse, all the way from professionals to Section 8.
As we had west, we jump over the National Cemetery into the south side historic district.
Alex: Right, so most of the houses here are going to be huge, historic type homes built a long time ago. Not really a ton of rental potential out here. I cannot think of a house that we manage in this area. If we do manage any it’s probably only one or two.
Mathew: So obviously the Tennessee River running through the city is an important part of the city’s history. People love to live where they can see the river. There are also multiple mountains around this downtown area.
We are super excited about Chattanooga. I was on the phone yesterday with an investor and I was telling him that Chattanooga was the place that he needed to be looking at. So, any last thoughts from you, Alex, before we send our viewers on their way?
Alex: Yeah, a couple of things I wanted to mention. I read an article today on forbes.com that Chattanooga was tied for 6 nationwide for cities where jobs are going to be for 2019.
Another thing is that Volkswagen is building a new plant specifically for their electric cars that’s going to open, I believe it’s 2022. I could be wrong on that date but it’s sometime in the next few years.
This means there is a lot of potential for a huge influx of people moving to the city for one reason or another. So, this is the perfect time to get into investing in Chattanooga.
Mathew: Awesome. Well Alex, thank you so much. This was very helpful. And if you have any questions, I know Alex will be super helpful.
Alex: I would love to help in any way I can. My number is (423) 648-7368, give me a call if you have any questions.
Mathew: Awesome. Thank you.
Matthew is the CEO of Evernest. He is a student of the book Good to Great and is passionate about building the best property management company on the planet (and maybe even the universe if Elon Musk will hurry up). You can usually find Matthew at the baseball field with his son, at a dance recital with his daughter, or at his favorite restaurant with his wife, when he’s not in the office. And if you can’t find him in any of those places, it probably means he’s traveling.