All Forum Posts by: Cary McGuckin

I live in a Virginia Beach and have a store here, that designs, sells, and installs at great prices.  Looking for recommendations of similar in greater Memphis for a rental home I have there. Any suggestions are greatly appreciated!

Thanks,
Cary

As an investor here locally in Virginia Beach I Agree with @Douglas Mcqueen and @Taylor Bishop. If this is at all a rehab property selling under ARV there is likely going to be multiple offers above ask and they're going to go quick. The market has been very hot here and if anything getting even more competitive. I'd worry less about trying to get a better deal and just make sense the numbers work for your goals. Best of luck to you.

@Mike Leng thanks for sharing your approach and perspective. I agree that diversification is important, as is family vacation time :) 

I think your numbers look pretty conservative, so potential for some upside perhaps and would imagine there are also tax depreciation benefits not factored.  Best to you in finding your ideal property. Would love to hear how it goes, once you find one.

Investment Info:

Single-family residence buy & hold investment in Memphis.

Purchase price: $135,000
Cash invested: $135,000

First out of state rental property.

Thanks for sharing the detailed proforma. If I read it right it’s based off 100% occupancy. In your experience what is realistic to expect?

@Taylor Bishop as a STR as an investment, have you seen the numbers pencil out? Or is it best to buy there if your primary objective is owning your own beach house and then using STR to help offset the expenses? Any thoughts on the really big homes vs the smaller ones? Thanks for your perspective

@Amy H. Thanks for sharing your experience. Sandbridge is such a great area. We love the family atmosphere. If I can ever find a deal that makes sense we would love to be owners, until then we will continue to rent. Maybe the numbers work better on the mega-houses, which appears to be where the building trend has gone.

Hi Mike. One thing you may consider (or already have) in your decision process is marketing and renting of the property. Despite their poor reviews, both Seibert and Sandbridge tend to be the go to for available rentals, holding the majority of available properties in Sandbridge. 

I live down the street from Sandbridge, yet we rent a home there usually a couple times a summer and always through one of those two PMs. 

Curious if you've run the numbers on the properties in terms of net rent vs. expenses.  My wife and have also thought of buying there because we love it so much, but I'm wondering if it pencils out as an investment that makes sense.  My gut tells me that because there are always so many available for sale that they might not make the best investments (but hoping I'm wrong). Something I've been meaning to explore further but haven't yet.  Would love to hear others thoughts on this too.