All Forum Posts by: Alex Craig

The individual borrowing the money will also need to have a plan put together as to what they are going to do with this money, along with a exit strategy. Most hard money lenders are going to set up their loans on 90 day notes. With that in mind, getting pre-approved through a long term lender before you go to a hard money lender is very important.

Jon, I did not answer your question. Price is $59,950. After taxes and insurance, the ROI is 13%. Property was just appraised at $94,000. Funny thing is that I put a tenant in place in the second month I owned the property (January), now I am getting several calls on individuals that want to buy and move in the house as a primary home. O well, I like the return b/c I think it is a solid family living there and I like the chances they could be there for a while. However, don't think I the property was vacant to get the retail offer!

Thanks all for the advice. I have sold quiet a few properties that return closer to 20% (to a bigger pockets member who gave me a good write up at that too), but I thought maybe being in an area that still has a ton of retails sales and would return substanial cash in 2 years upon a sale would turn some investors my way. The good thing is that I own the property and I don't mind the 13% return (----yes, I am sellling at cost). Thanks for the input!

In the past month, I have sold properties for $15,000k and under that sat in so-so areas (ROI potential though is over 25%), properties that needed tons of renovation, but for some reason I can't sell a property that already has a tenant, offered a property is a solid area at .67 on the dollar, rented for $900 a month by a great family, that returns 13% ROI. What gives? Am I missing something?

well you can still buy property with no money down, but that is not the point of this thread as we makes jokes back and forth, so I will steal a line from Tommy Boy.............."you can take a dump in a box with no money down, but................"

Great---I went to a movie and dinner tonight and flying out Monday morning and will be in hotels for 4 days. Hope I don't get bed bugs.

Rodney, check out this link.
http://hud3.towerauction.net/NC.htm

I wholesale in Memphis,TN and often times you get a great deal on HUD homes through the bidding process. Good thing about this process is that you immediately know the day after the bidding if you obtained the property. In TN the HUD properties do not hit the MLS. We routinely get properties at .25 cents on the dollar through this route. The MLS is just to compeitive and it is hard to get the best deals through it.

I have not. However, when you type in their names in Google, it is not a good sign when the word "scam" is included in the search. I have found that almost all these type offers that sound to good to be true, they usually are. Nothing comes easy.

Hey Tony, I thought flipping out their was pretty hard to do in that price range? I have a couple of clients from the LA area flipping in Memphis. Are properties under 200k with a potential profit of 50-75k abudant out there?

Hi everyone, my name is Alex Craig. I reside in Memphis, TN where I have lived here all my life. I worked in the corporate world for 7 years after graduating from the University of Memphis. I am hoping the use of networking sites like Bigger Pockets serves as an educational tool along with opportunities to grow my business and develop relationships that are mutually beneficial. Look forward to meeting several investors.

After acquiring 9 fantastic properties for myself, I now offer a hands on approach to residential real estate investing. This approach includes selling discounted or flip potential properties, hard $, renovation services, property mgmt and anything else needed to get the deal done and put profits in my clients pockets. We build our business on developing long term relationships by flying our clients into town to establish comfort levels.

Alex Craig
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