All Forum Posts by: Brandon Kamm

To follow on some other points that have been made, I wouldn't see it as you are "walking into equity". While on the surface it may seem that way (and it could be) many people were burned thinking property values were going up or they assumed they were worth more than they in fact were. I know this may not be a consideration you are worried about for many years, but i have exactly what you described in a Memphis suburb that i bought in 2001 for $150k, it would sell today for $130k and will doubtfully in the next ten years touch $160k. It pays for itself, maintenance has been minimal, it was a good personal home, but equity is nonexistant.

Thanks for all the info. Is there a point of it being too late? Insurance has evaluated the scene, no work has been done, the initial demo and damage debris removal is about to begin and we are still waiting to hear how much and process for funds distribution. Is there a point where bringing in an adjuster on our side is too late?

We ran into the same this, quadplex for 30k needed 20k or so of work, we could not have a deed recorded for more than 36k no matter how you spin it. We have to wait 90 days and then refi. We just have to be out of pocket on those repairs until the 90 days is up.

There was no way they were budging on this as well

We provide this to all tenants at move in, it lists about 70 various items and all parties sign off on it. It coincides with our walk through checklist.

One key thing to remember, property management is 24/7/365. We have a full staff, leasing agents, office staff, maintenance manager, and service techs and i have a partner in our venture, but i would bet you that in 8 years i have had less than 5 days where i truly could "turn it off". Between employees, clients, tenants, finances, and emergencies there is ALWAYS something. it is more difficult than you could realize, you need hands on training.

Josh,

i would favor the bashing method. If i came on here trying to hype Revid and you guys kept deleting threads as you said i could create new user names and keep posting.

If people posted negative reviews on my company, as the owner it would be a motivating factor to work to help clean-up any problem or satisfy the customer. i certainly would want to remove any negative post about my company.

i know you dont want to have BP as a "bashing board" but i dont think it would hurt. If anything it would alert those looking for help as to who is not trustworthy and if in fact the company was reputable it may provide a forum to justify any bashing.

Just my 2 Cents

Glynn,
I'm assuming Arlington, Oakland, Eads or somewhere out there. I would be very wary about the most expensive house in the neighborhood. One factor that you are up against is the number of empty lots out there. If someone has $600,000 to buy a house out there, they more than likely can build new and have it custom vs. buying one thats been lived in and now sat vacant. i would think that your ROI on flips in other parts of town would be just as profitable if not more.

Glynn,

How are taxes only $4300 year with that assessed value in Memphis. Is that house not in the city .....or is this out in the County, I would think taxes would be double that amount if it were in the city. With that i would also be wary of the school consolidation effort, that could take a hurt on tax bill with an assessed value that high, just food for thought

Glynn,

I am in Memphis as well, what particular neighborhood? There could only be a couple with price that high, that may help get an idea of what you could do with it, I'll help if i can.

different markets dictate different prices, but based on your description, yes that looks very high.

cleaning is very subjective without knowing more information though