All Forum Posts by: AJ Singh

@Kevin Wembes

You could have asked for bank statement to prove monthly deposits.. Cash for keys would have been a great solution as well to make the property vacant before closing, As another poster commented, getting good properties for rentals in the right zip codes is quite a challenge in memphis.

@Swetha Ramaiah

I will add that finding a mentor and joining a real estate meetup is all nice and good but finding the right neighborhood to invest in and a real estate agent/ broker in OKC is the key. 

No one is going to give you off market deals in OKC or Bay area as long as they are investors themselves or may sell you at the MLS price by buying at a discount themselves first or getting assignment fees as wholesalers

Do your due diligence. Please be patient before starting your RE journey. 

@Jake Harmon

I am an OOS investor in memphis but look to scale up in a few years if you want a thriving portfolio. Just getting a house or two even with your background will be a maintenance cash flow liability...

locally look in riverside or san bernadino county for a duplex to a quad. you will be surprised with the cash flow opportunities in these counties as well

@Brian Sherman

in a duplex, triplex or quad, ask your RE agent to get the rental market comps. you can also use sites like zillow or rentometer to gauge the market rents. You will not get anything with a positive cash flow since most of the landlords who are selling now did not keep pace with the market rents over the last few years.

if you can break even with the current performance of the asset, you can achieve market rent in the next couple of years by tenant turnover, Dont be afraid of tenant turn, you will improve the interiors and get better rents.

you just have to be patient in CA but rewards are there in a couple of years

@Kay Kay Singh can help answer your questions @Steve Curry

@Chris Cooper

a rental with an inherited tenant should be a discount to market value. The seller cannot sell at ARV/Market Value due to deferred maintenance and lease enforcement

I have bought several in the same scenario. First of all the inspection never reveals hidden flaws in an occupied house. And if tenant does not like your style of management. they will give notice to leave

Do you due diligence

@Jason Hopkins

Nice one. keep it going

@Aj Parikh

You have achieved the 1% rent rule and if rental is rehabbed right, you should have less maintenance issues. You look to be a long term investor and things will work out. 

you are right about zillow estimates. they are not accurate at all. 

Yes, your turnkey provider made money and probably cleared 20 to 25k on the final sales price. but they are in the business of making  profit. 

At least you have started your RE journey and dont waver even if this was a bad experience. I doubt every RE investor has hit a home run on every deal

@Gary Garcia

lots of good posts. do your dilligence.

@Frank Jiang

5 years back. even bartlett was not that strong . nowadays its considered a B class neighborhood.

areas are gentrifying in a lot of cities. 

This could be a home run for @Gary Garcia in a few years

@Lokesh C.

They should have communicated with the tenant in September and maybe setup a payment plan for any issues. Right now you prepare yourself no rent and eventually an eviction possibility.

From your last post, it looks to me that they are initiating communication with the tenant right now. Thats not good management. If tenant does not respond by phone or email, they should have placed a notice of unpaid rent on the door or send a certified letter by mail .

Start looking for a new PM since this is a goner.

Plenty of threads on BP about turnkey providers and their gold standard management companies.

Keep the pressure on your PM.