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Forums » Make Deals, Find Partners, Mentors & BirdDogs, etc. » NEED HELP MEMPHIS TN DEAL

NEED HELP MEMPHIS TN DEAL Subscribe to NEED HELP MEMPHIS TN DEAL

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Tag Tags: wholesale short-sale


Melvin Jones

Real Estate Investor · memphis, Tennessee


Forum_avatar_avatar-realestategrind

Aug 16 '10, 04:59 AM

The house is a 3/2 over 1400sq.ft all brick in nice area, owner has mortgage through bank of america for $46k city appraisal is 85k my estimate is 70-75k property needs work 6-10k my estimate give or take.. my situation is i cant or can i short the mortgage if the owner is not behind, but the property looks like crap also the owner is in another state Arizona. Should i move on from this deal or is there away i can make a deal...please help :roll:


Steve McVey

Landlord · Hendersonville, Tennessee


Forum_avatar_avatar-xrustyx

Aug 16 '10, 05:47 AM

i invest in memphis ... and IMO ... Wayyyyyyy better deals to be had there. That is ofcourse, unless its in a great zip code -- Bartlett, etc....

you have $56k invested when fully repaired, not to mention closing costs, etc... etc... Lets say you'll be lucky to escape at $60k ... Market rents on a 3/2 in most parts of memphis aren't more than $700 - $800 for a 3/2.

To give you an idea of what I look for ... I would like to be "in" a prop for no more than $40k fetching atleast $750/month.

Example (My Last Deal):
Zip: 38111
Bed/Bath: 3/1
Purchase & Rehab: $31k
ARV: $51k
Tax Ass: $62k
Rents: $700/month
CoC Return: 27% (minus expenses)
CoC Return with 50% Rule Calculated: 13%


Curt Davis

Wholesaler · Memphis, Tennessee


Forum_avatar_avatar-curt

Pro

Aug 16 '10, 05:53 AM

Melvin,

You will need to move on from this deal as there looks like nothing to be had here. If the owner is not in trouble you will not be able to short the mortgage with the lender.

Our company sells investment homes and we also manage them. What we are seeing is the average 3 bed 2 bath home we sell is around $49,900-$56,900 and the average rent for this is around $800-$875.

Good luck, there are many deals to be had here.

Small_buymemphisnow_stacksCurt Davis, buyMemphisnow.com
E-Mail: crtdavis@gmail.com
Telephone: 901-881-0552
Website: http://www.buymemphisnow.com
Full Service Real Estate Investing in Memphis TN


Melvin Jones

Real Estate Investor · memphis, Tennessee


Forum_avatar_avatar-realestategrind

Aug 16 '10, 08:09 AM

thanks you all for the quick responses lifts weight off my shoulders, i was thinking the same but hoped i could get a shortsale for around 14k i talked to the owner earlier and found out he was not behind...o well on to the next one..thanks guys again




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