All Forum Posts by: Jordan Ray
Jordan Ray has started 31 posts and replied 461 times.
Post: Memphis Housing Market
- Real Estate Agent
- Memphis, TN
- Posts 488
- Votes 253
Post: Memphis Housing Market
- Real Estate Agent
- Memphis, TN
- Posts 488
- Votes 253
Post: MTR PM Recommendations
- Real Estate Agent
- Memphis, TN
- Posts 488
- Votes 253
Quote from @Nick Hedberg:
Hello,
Does anyone have a MTR/STR PM recommendation? Property is a 5 unit in Memphis, TN near several hospitals.
I don't know of anyone in Memphis that manages rentals that are not LTRs. Best of luck to you!
Post: Merry Christmas 🎄
- Real Estate Agent
- Memphis, TN
- Posts 488
- Votes 253
Quote from @Jason Wray:
Merry Christmas Jordan!
Let's connect be great to have a seasoned agent up in Memphis!
Sounds good, Jason! I will message you my Calendly link for a call. Talk soon!
Post: Merry Christmas 🎄
- Real Estate Agent
- Memphis, TN
- Posts 488
- Votes 253
MERRY CHRISTMAS!!
Christmas is a time for family, love, and creating memories that last a lifetime. Whether it's gathering around the tree, sharing laughter over a meal, or watching the magic in your loved ones’ eyes, there’s nothing like the comfort of being home for the holidays.
Merry Christmas from my family to yours! Wishing you a season filled with joy, warmth, and endless blessings.
Post: Self Storage in Memphis
- Real Estate Agent
- Memphis, TN
- Posts 488
- Votes 253
Quote from @Emmett Hawkins:
I am looking to speak to some people that are knowledgeable about the self-storage market in the Memphis area. Can you point me in the right direction?
Try Ethan Whitley with Crye-Leike Realtors, he is good friend and does alot of commercial in the area.
Post: New investors getting Stuck on list price
- Real Estate Agent
- Memphis, TN
- Posts 488
- Votes 253
Quote from @Bruce Woodruff:
Good advice! You would think that this would be obvious, but it's not (for newbies)
And don't be afraid to p*ss off the seller....on the last house I bought, I offered $60k less, and the sellers got irritated/insulted and refused to even counter. Fast forward a few months and guess what I got the property for? Yep.... that exact same price.
So, yes, offer what your budget allows and if the seller says no, just move on. But you have to be somewhat reasonable, meaning don't offer $100k on a $500k house :-)
Exactly! The main reason I made this post is because I find myself saying this to new clients multiple times a week. It's like a common reminder I am always verbalizing with new investors. Once they learn this 1 simple thing. They become "savvy investors" in my opinion.
Post: New investors getting Stuck on list price
- Real Estate Agent
- Memphis, TN
- Posts 488
- Votes 253
I wanted to create this post to help the newer investors in the forums. I work with tons of investors, both local and out of state and 1 very common problem I see that is holding new investors back from getting a deal is 1 simple thing... getting stuck on the list price. Remember that we make offers in real estate and if you want to buy a property but don't find that the numbers work at the list price. Don't pass on it right away. This is not Kroger where there is price tag to buy milk. You can't make an offer on Milk at Kroger (Unfortunately). Make an offer at numbers that make sense for your investment strategy. You never know what a seller is going to accept until you ask! 1 very common thing in Memphis is that almost ALL property is listed too high for numbers to make sense.. and if its listed at numbers that work, then it creates a multiple offer situation and investors end up paying more than they need to. Stop getting discouraged and changing markets. That where your agents boots on the ground expertise comes in to land you actual deals. I get excited when new investors finally figure this out because their first deal then becomes a matter of when. This is a numbers game. Make offers until you land a deal. Hope this helps and its time for all the new investors on the sidelines to get in your chosen market and start making offers!
Post: Fannie Mae 5% Down Multifamily Loan for out of state purchase
- Real Estate Agent
- Memphis, TN
- Posts 488
- Votes 253
Quote from @Kiyana Hancock:
Greetings from Los Angeles, CA!
I’ll be brief. I am extremely outpriced in my market, and I am a first time home buyer. I am looking to purchase a multifamily out of state. Most likely Indiana. I am pursuing Fannie Mae’s 5% Down Multifamily Loan. I know the loan requires you to live in one of the properties for at least 1 year. I currently hold two jobs in LA and was hoping to manage the property remotely. I can offer more than 5% down. And also, would I have to be employed in the state that I am applying for this loan? The loan officer that has been coaching me is saying that I would have to show proof of employment in the state I purchase the property in. Anyone have ANY experience with this loan type? Is this loan possible for an out-of-state purchase?
Kiyana, you should be very careful because it looks like you are trying to commit loan fraud which could ruin your investing career. I would not be trying to buy a property and say your going to "Live in it" when you are not. That's a huge deal and could result in Federal jail time.
Post: Property in a Conservatorship
- Real Estate Agent
- Memphis, TN
- Posts 488
- Votes 253
Quote from @Jamie Parker:
This past weekend I was driving with my mom and daughter looking at properties in the Memphis Area. Cutting to the meat of the situation, I came across a property that looked like a fixer upper, typical investment grade property. Could use some work, good bones. Fast forward, I called the agent this morning. I informed the agent that I was a wholesaler. I was informed that the property is held in a conservatorship. While the Agent mention that the seller would prefer no assignment, to which I acknowledged.
If the seller accepts the offer, (contingent on appraisal[as per court approval requirement]), How should i proceed in the situation. Can I just birddog the situation, step out the way, bring the buy and asking for a referral? or partner with a buyer for a flip?
Just curious has anyone been a situation like this before.
I would just treat it like a normal deal if the numbers make sense. The problem you will have is the fact you would be assigning the contract. Not sure if the court would approve it unless you had a buyer lined up before getting to court. Goodluck!