All Forum Posts by: Dean Harris

@Kon Zel

I hope you are doing well and I hope you are having a great start to 2020!

According to my notes, we had a property under contract in December of 2018 and once the inspections were completed, you chose to back out because there was too many repairs and the numbers didn’t work for you and your business model. We also asked the seller for a price reduction to make the numbers work but the seller declined so we backed out of the deal and had your earnest money returned to you.

We have sent you a few emails with property options in November of 2019 with no reply and I don’t see any other communication other than that between myself or anyone else on my team. If you are referring to losing your money on the inspection costs then you’ll have to recall that this was a tenant occupied home and we couldn’t inspect it until it was under contract. Most sellers in Memphis do this so not to disturb tenants but I know you’re familiar with that.

I’m happy to jump on a call and help in anyway I can.

@Koleton Daley Every deal is “amazing” to the right investor. You’re referring to 38127 and specifically the Northaven area. That definitely takes the right investor for those to be an amazing deal. But, for that investor with experience in those markets, those are amazing deals. Ask @tyler Tapley his opinion since you are working with him. He will share a very similar opinion!

I hope you have had a Happy Holiday season and Happy New Year to you and your family!

I am happy to help you in any way even if you are using another agent. I own my own rental portfolio so it is always good to hear opinions of investors as well in Memphis. 

Best of Luck to you!

@Evan Balsis Welcome to Memphis! There are a ton of ways to buy investment homes in Memphis. You are welcome anytime at our office and I’m happy to answer any questions about my own personal experiences with investing in Memphis. My personal portfolio grew a good bit in 2019 and I am happy to share with you what I saw working the best for me!

There are all kinds of ways to buy investment property in Memphis! Turn Key properties are one way but in my opinion, not the best way!

@Nat Chan I have lived here my entire life and I own rentals in Memphis. You can really find some good cash flow options here. There are several zip codes that I’m having a good amount of success in. There are also some areas to stay far away from even though they might pencil out really well. Please fee free to PM me and I’m happy to answer any questions you may have based off my personal experience

@Koleton Daley I am not sure of any of the details on what happened with the property management division. I'm not even aware of the address on the house you had problems with. However, I will apologize on behalf of the brokerage department that I am over for any negative experience you had with any division of CrestCore. It sounds like form your description that the owners tried to make it right with you and that didn't pan out. I know that they always try to correct mistakes and it looks like that's what happened here. I hate that it couldn't be resolved. Either way, best of luck to you. I do hope you find a good management company that doesn't make mistakes and that you grow your real estate portfolio and reach all the goals you have set out for yourself! 

@Greg Classen You are 100% correct. I have had clients with some decent success in 38127. East of Highway 51 is where I have had clients have the most success there. I don’t hear too many success stories on 38137 houses that are west of Highway 51 and if you do have success West of Highway 51, you are likely an investor with a deep portfolio or a long term understanding of this specific market. Deals can certainly be had in Northaven and the north west corner of 38127 but it isn’t easy and it takes a special skill. My advice to my investors is to stay out of that area all together.

I will list houses in those areas to help investors get out of situations they no longer want to be in but it isn’t where I suggest to start with.

@Koleton Daley I’m sorry you see my post of this house that way. Each deal is good and bad to every investor. For the investors that can handle this challenging property in this challenging area, this is a good deal. There are investors that buy these homes on a consistent basis and have success. Those guys are veterans in the business and know that market really well. So, it would not make sense for me to pass up helping a seller that is in a “bad situation” out of that scenario and then be able to help a buyer who knows how to deal with that product into a “great opportunity”. If you see this as “bad business”, I’m sorry. It isn’t. It’s agency at its finest to be honest. I end up helping both sides.

I will take your advice into consideration as we continue to post really good deals in the BiggerPockets format. I appreciate the conversation because it does allow me to explain how I can help clients and what specific things actually mean and the weights they carry in our market. And it’s a crazy market here! Lots of good things going on here as I know you are aware of!

Hi @Koleton Daley! I hope you and your family had a great Thanksgiving holiday and I hope you guys are getting geared up for a great Christmas and Holiday season!

This property is a great investment opportunity for the right investor. This is one of the most challenging zip codes to find success in Memphis. I tell the rookie investors and less knowledgeable investors to stay away from this section of 38127. There is high turn over and high crime in these areas. If the right investor comes along that has some detailed and lengthy experience in Memphis and in 38127, this is a great opportunity. If you (General Public) do not have much experience in buy and hold houses in Memphis and in 38127, I would stay away form this one. Sometimes, of no fault of their own, investors are sold houses in these areas after being told that they are great ROI numbers and that the cash flow is great. And, sometimes it is but you certainly have to be experienced and know how to handle this market.

You and I have never worked together nor have we met so I am not sure what category you fall under but in my opinion, this property will take the right investor to make it a success.

Thanks for checking in with us and again, have a great Holiday season!

Hi @Koleton Daley! I hope you and your family had a great Thanksgiving holiday and I hope you guys are getting geared up for a great Christmas and Holiday season!

This property is a great investment opportunity for the right investor. This is one of the most challenging zip codes to find success in Memphis. I tell the rookie investors and less knowledgeable investors to stay away from this section of 38127. There is high turn over and high crime in these areas. If the right investor comes along that has some detailed and lengthy experience in Memphis and in 38127, this is a great opportunity. If you (General Public) do not have much experience in buy and hold houses in Memphis and in 38127, I would stay away form this one. Sometimes, of no fault of their own, investors are sold houses in these areas after being told that they are great ROI numbers and that the cash flow is great. And, sometimes it is but you certainly have to be experienced and know how to handle this market.

You and I have never worked together nor have we met so I am not sure what category you fall under but in my opinion, this property will take the right investor to make it a success. 

Thanks for checking in with us and again, have a great Holiday season!