All Forum Posts by: Derek D.
Derek D. has started 0 posts and replied 14 times.
Post: How to cut mortgage expenses ASAP!
- Investor
- Lafayette, LA
- Posts 14
- Votes 3
Originally posted by @Collin Radake:
I really appreciate that. Most of the lenders I use are only doing a three month or 90 day forbearance. That is scary to me...
yep. same here. balloon payment at the end alleviates nothing. Only lenders I saw that gave deferments were BOA, ALLY and somebody else.
Post: Mid south Home buyers - memphis TN
- Investor
- Lafayette, LA
- Posts 14
- Votes 3
Just went and reviewed their stuff. Looks nice. Looks like killer cashflow also. That's the cashflow i locked in a few years back with another provider. Most turnkeys are NOT still providing that cash flow anymore. Looks like these guys are. I may have to make a trip back to memphis shortly and meet with them.
Post: Mid south Home buyers - memphis TN
- Investor
- Lafayette, LA
- Posts 14
- Votes 3
Originally posted by @Jad C.:
@Juan Calvo: I have used them for 6-7 properties and have found them to be very reliable and honest. They have a top notch team and really know this market, so the whole process is very smooth.
This said, in terms of investing with them in Memphis, please be aware that you're renting to blue collar folks. This means there's a possibility that due to seasonality or part time work, they might be late on rent, etc... The folks at MidSouth (or more accurately the part that does the property management) do their best to work with the tenants and get them caught up on rent, but i've had a couple of instances where the tenants fell too far behind on rent and disappeared. That cost me a bunch of money in terms of lost rent and some damage to the property which obviously affects my returns.
I have not had any major issues in terms of maintenance and repairs (the longest i've had a house bought with them is 3+ years now).
Hope that helps!
tennessee is a landlord friendly state thankfully.
Post: Mid south Home buyers - memphis TN
- Investor
- Lafayette, LA
- Posts 14
- Votes 3
Originally posted by @Curt Davis:
I am baffled that there is a waiting list. I have several homes available with no waiting list. Make sure you purchase a home that is NOT if the Frayser 38127 neighborhood. There is not enough " experience" in a team to help someone have long term success in this area. You will have long term disaster there and it doesnt matter how nice the home is renovated. Make sure your looking at homes in the $75k range or higher.
@David Hutson I am surprised you are buying from a TK company considering you have done most of them on your own.
I avoid frayser like the plague.
Post: Mid south Home buyers - memphis TN
- Investor
- Lafayette, LA
- Posts 14
- Votes 3
Originally posted by @Juan Calvo:
Hello,
I have been reading and looking into this website and I was wondering if anyone has done business with them or know anything about them?!
Thanks
no, but i've used a turnkey company who does not post here and they have done a fantastic job for me. PM if you want names and info.
Post: Duplex Analysis
- Investor
- Lafayette, LA
- Posts 14
- Votes 3
run away. terrible deal.
Post: Buying properties in bulk
- Investor
- Lafayette, LA
- Posts 14
- Votes 3
Originally posted by @Duane Kinnard:
What's your email @Derek D.
send me a PM
Post: Buying properties in bulk
- Investor
- Lafayette, LA
- Posts 14
- Votes 3
Originally posted by @Duane Kinnard:
New to BiggerPockets and looking to network!
I invest there so If you come across any deals, I'm always open to discussion.
Post: Newbie with $30,000 in South Eastern market? where is hot market?
- Investor
- Lafayette, LA
- Posts 14
- Votes 3
Originally posted by @Christopher Bunge:
Alex
I understand that many investors do not want to deal with people at the section 8 end of the economic scale. I have no objection to that. I am unable, though, to understand how getting 1195 a month for a 15 year-old house that costs 120k is better than four 30k houses that rent for 650 a piece-if the four houses were re-habbed before they are rented.
There will always be poor people to rent these homes but when the next crash hits, the middle of the market is who will evaporate. Same as the last ten times.
There is no one right way as evidenced by the many different approaches here on BP.
I can relate to that. My homes were in the 60k to 75k range when i bought them a few years back. I'm getting killer cashflow. I, like you, also see homes costing 120k now, yet they are barely yielding the cash flow i am getting now. They say those properties have better tenants who stay longer. I guess it all depends. My concern is the damage tenants at your level can cause. I'm not saying this because they are section 8. I have a section 8 tenant but my homes are not in the hood either. I've yet to have any major problems with them. knock on wood. I'm saying this based on price point and neighborhoods based off that price point. I've thought about doing a cheapie cash buy if the numbers work and see what happens. We'll see. thanks for your comments.
Post: Newbie with $30,000 in South Eastern market? where is hot market?
- Investor
- Lafayette, LA
- Posts 14
- Votes 3
Originally posted by @Christopher Bunge:
If you look at that tax bill you'll see that in owner-occupied properties the rate is 4% (times the millage) and non-owner-occupied is 6%. It takes a lot of the fun out of buying 70k properties that rent for 750 if the taxes are 200 a month. That is why I see more and more landlords buying 15 to 30k properties that rent for 550 to 650.
That would be definitely slumlording it where i invest currently.