Hello Folks - I am looking at two properties in the below area in the 38122 neighborhood. Properties are 3/1 and 4/2 and one them is rented for $800 and other is expected to rent for $850. Although there are pockets of areas in this zip that are not good, I am told that these are closer to Summer and are good areas. What are your thoughts?
On the west side of that box, I give you a 50/50 chance of not getting mugged while jogging at 7PM at night. On the east side of the box, I would own a home for my own portfolio. I own 2 over there; if they are not rehabbed well, you will give all your money to maintenance cost as the homes are older. I know from experience. Also, a ton of very large trees. Make sure no limbs are over the house are you will have a roof repair in the Spring.
@Abdul Azeez I think you should come to Memphis and check all this stuff out. You are posting properties in very different areas. From the outside looking in, I would not be able to guess your strategy, but if I had to, it would be "any house, in any area, so long as it cash flows and I can get someone to tell me it is in a good area and I am willing to work with anyone who will give me the best deal." Seems like a dangerous strategy for an out of state investor. My advice is to find an individual you are comfortable working with where your goals are aligned and that individual already has the property infrastructure in place for an out of state investor to successfully own properties. Of course, BP is good to evaluate deals, but you are going to get people like Dean Leftus seem to think the long term key to success is buying as cheap as possible who will talk you out of any deal if you are not in it at .70 on the dollar that will talk you out of every deal. Then you are going to get the anti turnkey people, then you will get the pro turnkey, etc. If you can't trust the team you are with, then you will not like owning out of state rentals as you will always me micro managing. Just my 2 cents.
*proper infrastructure, not property.
*who seem to think, not seem to think
*be, not me
*bad sentence structure, 4th to last sentence
So much for the 25 on my ACT in English, which today I am convinced would be a 30. Scores seem to be watered down today as I see way to many kids scoring in the high 20's that do not strike me as that intelligent. It is probably like anything else these day with millennials, make it easy on them so they do not have to work to hard or hurt their feelings by giving them the dose of reality that they are not as awesome as they think. If there is proof of ACT scores being watered down, it is that University of Tennessee of Knoxville now requires a 27 to be admitted. Back in 1994, my classmates were getting in with a 17.
This concludes the portion of the thread that has nothing to do with Real Estate.
@Alex Craig Thanks for your input. I don't mind flying into Memphis for a couple of days and meeting people. But even if I did that, how would I find out its a good neighborhood? Something that looks good at day time might have some issues during night time. I am really getting frustrated with my RE experience. Its been a month and a half and I am still looking.
@Abdul Azeez when LeBron James was a Free Agent, he visited with many teams and ultimately went with the Miami Heat (the first time around). He felt that was the place best for him. He had no idea if Wade or Bosh would have been good fit, but he went with his gut after visiting with management and it ended up turning into 2 championships. In other words, interview some people, fly down and meet with them and go with your gut. The most important aspect to your success is the people you work with. Surround yourself with successful people in Memphis who also own property and you too will be successful.
I agree with Alex in that you should come visit, meet with a few of us and find a good fit and then make the decision to buy from that company. You seem to be bouncing around too much. You might have to adjust your search criteria some to work with a good company.
If you don't fly out there you don't know what areas are good for you or meet your standards. you are basing your decisions on what you are hearing and hoping that those you are trusting are providing you good info or that they understand what you want. spend $1200 and go out for four days. make appointments in the mornings and afternoons to meet with as many people as you can. visit realtors, turnkey companies, a lawyer or two that conduct closings and, if you are flexible, get to the MIG meeting, which is the local REIA meeting. This would be vertical beneficial for you in the long run andown will also show people you are more serious about investing.
@Abdul Azeez as you can see, there are a lot of people willing to help. All good companies too. I can assure you companies on this thread like Buy Memphis Now, Mid South Best Home Buyers (via David Hutson) and the others on BP are still around because they are operating with a goal of client satisfaction. Also, there are successful investors on this thread too.
I try to schedule my trips out there around them. I found a house from a wholesaler the last trip out. It made a decent deal. I also met a lot of knowledgeable people who have been doing this for many years, new people who want to get started, those who provide services, and more.
Get there early for the social time and meet as many people as you can. Some will be able to provide info and some won't but you never know who you will work with in the future or need assistance from.
@Alex Craig , I'm just trying to keep him out of marginal areas. If he was dealing with the likes of you then he would be fine but clearly he is chasing anybody with a house for sale. That's a recipe for disaster. And as you know you do make your money when you buy so keeping someone away from paying above retail is also good advice :-).
Folks - I am really grateful for all the advise.
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