All Forum Posts by: Alexander Price

Security National Mortgage Company gave me a fixed rate 30 yr loan for sub 5%. I think it was ~4.8%. 

I agree with @Sam Shueh. In fact the numbers in Gilroy, which has a lower entry point are terribile even for multis, unless you find a true gem. A duplex in Gilroy was just being sold for near 900k, but you could only expect to get may 2k rent for one of the units. It ridiculous. If you buy a nice SFR and rent rooms, you can really offset your costs. I know quite a few people who have done it, and my neighbor does it regularly. You just have to be tolerant of those living with you.

Good luck!

@Hadar Orkibi

Another resource that may be useful to you. http://www.memphisfightsblight.com/#our-crisis

@Tamaria Bridgeforth

I know member @David Hutson is active duty and he actively invests in Memphis. He has helped me personally and probably has more service member connections. Reach out to him. 

@Abdul Azeez

@Abdul AzeezWhich turn key companies have you dealt with so far, and what is cost range for any SFR that meets your criteria?

@Abdul Azeez To help you save some time, the market in Memphis still supports Turn Key properties that meet roughly 1.2% gross rent vs. price in the 70k-90k range. The one you listed is just shy of that. That said, in my limited experience, and conversations with others in Memphis, as you start to crest over the 100k mark the gross rent per cost starts to dip. Your vacancy will also start to dip. My point is before dealing with the analysis, use a quick bench marking tool to save yourself some time.

Also, as @Dean Letfus mentioned, the experts really need an address to help you. Specifically, @Alex Craig, @Curt Davis and Dean have helped me before. Honesty sucks sometimes, but it could potentially save you money. 

There might be advantages to having a business in either state. I would contact professionals in both states and see what they recommend. They might even have free consultations. My luck with the lawyers was the consultation was 50% off, but that is in CA.

@Abdul Azeez

Not sure why you cannot share the exact address, but you've posted to the correct site. Check out this link: http://www.city-data.com/zips/38128.html

City-data shows the prices floating near the 60k area back in 2014, and Memphis is not appreciation market. Meaning it seems 90k is too much. Of course without knowing the exact location, anyone with experience won't be able to help you because Memphis has many micro markets where the 90k price may not be unreasonable.

Good luck!

@Patrick Shawn Faherty

You can research many of the TK companies for the markets on this site. You can even just post about them directly and see who responds. Just make sure you enter your market into the body of the text if you make a new topic. Keyword flags don't pickup on topic titles to my knowledge. If you decide on Memphis, there are tons of people who can give good recommendations on TKs, lenders, appraisers, insurance and inspectors as well.

Good luck!

@Tamaria Bridgeforth

Welcome to BiggerPockets! There are quite a few service members on here that share your experience and invest in Memphis that could probably help you out. Good luck!