All Forum Posts by: Curtis Moe

Shaun,

Just bought in October.

Long term hold strategy.

Current roof will be good for another 5 yrs easily, 10 if taken care of.

2 layers on right now.  This is a low slope area were the leak is, so will be using modified bitumen cause shingles will simply start leaking again.

Have enough cash for either option.

Mark and Aaron, thanks for your feedback.

Hi Friends,

My rental's roof is leaking above the carport.  

I have received bids on just repairing the low slope area where the leak is, and bids on the whole roof.

Some of the contractors said the granule content on my shingles was still pretty good and I should get at least 5 more good years out of it.

Question is do I pay ~$850-1000 for the repair, then replace the whole thing in 5-8 years for ~$5,000-6,000?

OR

Do I have the whole thing replaced right now for ~$5,000-5,500?

Thanks for your feedback.

- Curt

Hey Peeps,

Closing on a house hack end of the month, and will be renting out some rooms.

Does anyone have a good lease that is worded for renting a room that I could utilize?

Thanks,

Curt

Dean,

I hear you, and am on many of the same wholesaler lists and ask the same question.  I actually need to thank MarkHunt with Memphis Investment Properties for saving me from moving forward on a couple.

It is just mania.  People catch wind that XYZ is a great market and will be the next Austin, TX so they buy up everything cause "what could go wrong?"

There is a similar, but different scenario in Minneapolis where I moved from.  Prices are so high, nothing hardly gets even close to the 1% RTV ratio, but the deals are still labeled as "Great Investment Opportunity", and someone eventually buys it at the asking price.  There is an appreciation game that can be played in Minnie, but that involves a lot more risk and that is not how these deals are advertised.  Last year, even when I was walking through duplexes, tri's and quad's it was a struggle to find 1% RTV in those.  

I honestly think investors run their numbers without accounting for vacancy, maintenance, and cap x.  So of course the deals look better if they cut those out.

 But you are spot on for Memphis.  People are going to get burned.

MIP puts on a fantastic tour. You are going to learn about their operation, the houses and areas they target, and how they take care of their clients.

Unfortunately, I cannot attend this one, but have been to 2 others and that made the difference and also what made me a client.  

Bank of Bartlett.  Their refinance terms are amazing.

I believe you have to occupy 2 out of 5 years.

@MatthewOlzsak, I love that advice.  

And for a 3.5% FHA, like you said, she can get into a house now and start building equity. She could even airbnb or rent out a room for added income/seed money.

I honestly don't know what other options there are besides building.  Very curious what you find out.

I haven't seen an MLS listing that meets the 1% RTV ratio rule in almost 6 months. Even back then and prior they were rare.

I have to strongly agree with the market reports that MPLS and surrounding suburbs are 25-30% over valued.

Anyways, that is what drove me to invest in Memphis.  Deals everywhere down here if you know where to look.

Keep us posted.

Stephen, Nice looking website.  One thing about the flow...the first page seems to be geared towards current apartment owners that might be in over their head.  Then at the bottom you have the video on becoming wealthy.  The two don't seem to fit in my opinion.

Up State NY is great.  I may be moving there for work soon and the prices in Stueben county meet the 1% rent-to-value ratio.  However in Minneapolis you will not find that.  According to Johns Burns research we are already about 25% overvalued, and it shows in our prices.  I am seeing duplex's with 1bed 1bath on each side go for 300k+.  Our multifamily (more than 4 units) market may be a better opportunity for you.  That is not my expertise though.

Keep us posted on upstate NY.  I want to hear how that goes.