All Forum Posts by: Dean H.

Michael R Rivera YOU have a code violation that becomes a tax lien where I invest. 1. Get pictures, find someone today to take them. 2. Get local lawyer to start eviction tomorrow. Code violation is your cause and probably blessing. 3. Have lawyer contact code enforcement to show action. It is possible the eviction notice will get them to clean up there act and be good tenants forever, I give it a 5% chance. If it looks like that on the outside just think of what the inside looks like.

@Alan Hall

Property taxes on multi family ( 2 or more doors ) are at a commercial rate

It doesn't seem like a lot but in my areas of investment as I stated above it just makes multi not as attractive.

Tenant wise, one side of my duplex has had the same tenant 3 plus years and the other side has been a revolving door. It has been a great investment but I have single family that I much prefer.

@Alan Hall

Alan,

Be very careful investing in multi family in Memphis / Shelby county. Memphis is, as Curt mentioned above a single family market. There is just so many single family units available that the available tenant pool for multi family tend to come with " baggage "

Another VERY important item against multi is that they are taxed at a commercial rate. The tax " penalty" will probably service the debt difference on two singles over a duplex and .you get better tenants. This tax premium is a big reason there are so many abandoned duplexes in C - D areas in Memphis. There is just little incentive for investors to rehab them and then get penalized over single family.

I actively own both single and multi family rentals in Memphis and if I was selling the duplex would be the first to go.

I hope the advice is worth what you paid for it !!!

And so begins another discussion on the ethics of cloning.............

Well, We do it all wrong by BP standards, My wife and I buy tax foreclosures, Auction, Craigslist, and MLS single family homes in working class neighborhoods for cash that need extensive rehab. We then rehab them to rentable condition and let the cash flow rebuild our war chest for more. We currently do about 2 a year. We have been at it for awhile so a decent portfolio that we have property managers do day to day management of exists. At our age and stage we want to keep things simple so for now no debt on investment properties and just make all of them pay for the new ones. We still have W2 jobs but the day fast approaches.........

@Jimmy Martz

Jimmy, I feel it depends on the tenant base but we try to do twice a year, we do one for furnace filter replacement and smoke detector batteries and the other is considered a annual inspection. Works well but is to often for good tenants and to late for the bad ones, that's life.

@Brian Erlich

Brian. Why couldn't any hard money lender take first lien position at closing?

@Michelle Cohen

Almost all of them I buy are described that way. Where is it ?

I'm a carport fan, protection for their car but 1 less dumpster to fill when they skip town and leave all there junk for me. 

Mini split system would work good and gives you a/c also I have also used efficient wall heaters instead of baseboards to save wall space