All Forum Posts by: Jordan Ray
Jordan Ray has started 31 posts and replied 461 times.
Post: New investor looking to start out of state
#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat ContributorPosted - Real Estate Agent
- Memphis, TN
- Posts 488
- Votes 253
Quote from @Andres Martin:
Quote from @Jordan Ray:
Quote from @Andres Martin:
I've found out that Zillow can be a great place to find some specific data. You can filter the data you are looking for based on whichever markets are in your list of potential candidates.
https://www.zillow.com/research/data/
If you are looking for more information about migration patterns and employment opportunities, I would recommend the U.S. Bureau of Labor Statistics:
If you have a more specific city in mind, you can always visit the city/county website and see what kind of public information they have, such as new developments, etc.
I hope this was helpful to you. Feel free to DM me if I can be of further assistance.
A Realtor suggesting Zillow? That a new one! Glad you see value in Zillow LOL
I honestly can't tell if you are being sarcastic or not. Still, to your comment, yes, as a realtor, I find value in the data that Zillow, Redfin, and similar sites offer when it comes to analyzing certain parameters to determine whether I would suggest my clients invest somewhere or not.
I particularly enjoy the videos that Dave Meyer creates with all the fun facts that sometimes most people overlook when looking at data.
Yes sir, trying to bring humor to the forums. I value Zillow too, I actually find it easier to find specific properties moving the map around on Zillow. Only kidding brother!
Post: Rezoning in Memphis
#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat ContributorPosted - Real Estate Agent
- Memphis, TN
- Posts 488
- Votes 253
Quote from @Zaid Temrikar:
I have a single family home in Memphis. It was built in 1980. What is the process to convert it to a triplex? What are the zoning requirements?
Thats a really good question, first thing I would do is reach out to the Memphis Building & Zoning department to see if they would let you do that. You should also check to see if there are other triplexes around you as well. I would ask them when you call up there if they will let you do this, then if they will, they should be able to let you know what your next steps are. Hope that helps! Goodluck!
Post: Seeking Brokers, Investors, Mentors
#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat ContributorPosted - Real Estate Agent
- Memphis, TN
- Posts 488
- Votes 253
Quote from @Corey Logan:
Hello!
I'm contacting the vibrant community here in Memphis with an exciting proposal. I am currently building a dynamic team of multifamily brokers, mentors, and fellow investors passionate about the world of investing and financial growth.
I aim to create a collaborative environment where we can share insights and strategies and support each other in our financial endeavors. Whether you're a seasoned broker with years of experience, a mentor with invaluable wisdom to share, or an investor just starting and eager to learn, we can all benefit from pooling our resources and knowledge.
I envision regular meetups to discuss market trends and investment opportunities and collaborate on joint ventures. If you're in the Little Rock area and this sounds like something you'd be interested in, I'd love to hear from you. Let's connect, share our experiences, and see how we can positively impact the investing world, both for ourselves and our community.
I am looking forward to hearing from you!
Post: 2nd Rental Property
#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat ContributorPosted - Real Estate Agent
- Memphis, TN
- Posts 488
- Votes 253
Quote from @Phil Petite:
Quote from @Jordan Ray:
Quote from @Phil Petite:
Quote from @Walter Jones:
Everything I've ever bought was tenant occupied, and many of them are still with me. Downside is they're still slightly under market rent, with minor increases, but upside is I've spent very little.
When they do decide to vacate I spend some money and get the rent up when I turn it over.
Memphis is a great area for S-8. Properties may be in less desirable areas but price to rent ratios are good, and if a S-8 tenant isn't a good tenant they lose their ability to participate in the program.
Great post, Walter! :)
Yes, this is the first time I've ever bought a rental with a tenant already in place, and it has been a great experience so far.
Walter - do you know how long Section 8 tenants usually remain at one property? I think there usually is little turnover from year to year, but I'd just like to hear what your experience has been with this.
Ive heard that section 8 tenants typically stay in a property 7-10 years. Not sure what the actual statistics are in Memphis. I am sure you can probably find that info at Memphis Housing Authority or TN Housing search.
7-10 years makes sense; I was going to guess around 5, but that is great to know! :)
Yes sir!
Post: 2nd Rental Property
#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat ContributorPosted - Real Estate Agent
- Memphis, TN
- Posts 488
- Votes 253
Quote from @Phil Petite:
Quote from @Walter Jones:
Everything I've ever bought was tenant occupied, and many of them are still with me. Downside is they're still slightly under market rent, with minor increases, but upside is I've spent very little.
When they do decide to vacate I spend some money and get the rent up when I turn it over.
Memphis is a great area for S-8. Properties may be in less desirable areas but price to rent ratios are good, and if a S-8 tenant isn't a good tenant they lose their ability to participate in the program.
Great post, Walter! :)
Yes, this is the first time I've ever bought a rental with a tenant already in place, and it has been a great experience so far.
Walter - do you know how long Section 8 tenants usually remain at one property? I think there usually is little turnover from year to year, but I'd just like to hear what your experience has been with this.
Ive heard that section 8 tenants typically stay in a property 7-10 years. Not sure what the actual statistics are in Memphis. I am sure you can probably find that info at Memphis Housing Authority or TN Housing search.
Post: 2nd Rental Property
#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat ContributorPosted - Real Estate Agent
- Memphis, TN
- Posts 488
- Votes 253
Quote from @Walter Jones:
Quote from @Jordan Ray:
Quote from @Walter Jones:
Everything I've ever bought was tenant occupied, and many of them are still with me. Downside is they're still slightly under market rent, with minor increases, but upside is I've spent very little.
When they do decide to vacate I spend some money and get the rent up when I turn it over.
Memphis is a great area for S-8. Properties may be in less desirable areas but price to rent ratios are good, and if a S-8 tenant isn't a good tenant they lose their ability to participate in the program.
That's awesome Walter! I would love to see your plan of action for checking out the tenants to see if its even worth it. I usually just say vacant at closing is better. I love finding my own tenants! You going to hop on the MIG meeting at noon?
Not gonna be there today. See you soon!
Talk soon!
Post: 2nd Rental Property
#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat ContributorPosted - Real Estate Agent
- Memphis, TN
- Posts 488
- Votes 253
Quote from @Walter Jones:
Everything I've ever bought was tenant occupied, and many of them are still with me. Downside is they're still slightly under market rent, with minor increases, but upside is I've spent very little.
When they do decide to vacate I spend some money and get the rent up when I turn it over.
Memphis is a great area for S-8. Properties may be in less desirable areas but price to rent ratios are good, and if a S-8 tenant isn't a good tenant they lose their ability to participate in the program.
That's awesome Walter! I would love to see your plan of action for checking out the tenants to see if its even worth it. I usually just say vacant at closing is better. I love finding my own tenants! You going to hop on the MIG meeting at noon?
Post: 2nd Rental Property
#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat ContributorPosted - Real Estate Agent
- Memphis, TN
- Posts 488
- Votes 253
Quote from @Phil Petite:
Quote from @Jordan Ray:
Quote from @Phil Petite:
Quote from @Jordan Ray:
Quote from @Phil Petite:
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $90,000
Cash invested: $90,000
SFH rented with Section 8 tenant!
What made you interested in investing in this type of deal?
Wanted to add cash flow and another rental to my portfolio
How did you find this deal and how did you negotiate it?
Agent from Memphis sent me the listing
How did you finance this deal?
Cash
Lessons learned? Challenges?
It was my first time buying a property with a tenant already in place, it was a good and different experience from my previous deals, which all needed pretty major renovations.
Phil, did you buy this already?
Yes, closed on this one last week, Jordan (deal was in the works since early January - I wasn't on BP then).
Gotcha, let me know when your ready to go. Congratulations on this one!!!
Will do, and thanks again, Jordan!! :)
Anytime!
Post: 2nd Rental Property
#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat ContributorPosted - Real Estate Agent
- Memphis, TN
- Posts 488
- Votes 253
Quote from @Phil Petite:
Quote from @Jordan Ray:
Quote from @Phil Petite:
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $90,000
Cash invested: $90,000
SFH rented with Section 8 tenant!
What made you interested in investing in this type of deal?
Wanted to add cash flow and another rental to my portfolio
How did you find this deal and how did you negotiate it?
Agent from Memphis sent me the listing
How did you finance this deal?
Cash
Lessons learned? Challenges?
It was my first time buying a property with a tenant already in place, it was a good and different experience from my previous deals, which all needed pretty major renovations.
Phil, did you buy this already?
Yes, closed on this one last week, Jordan (deal was in the works since early January - I wasn't on BP then).
Gotcha, let me know when your ready to go. Congratulations on this one!!!
Post: 2nd Rental Property
#5 BRRRR - Buy, Rehab, Rent, Refinance, Repeat ContributorPosted - Real Estate Agent
- Memphis, TN
- Posts 488
- Votes 253
Quote from @Phil Petite:
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $90,000
Cash invested: $90,000
SFH rented with Section 8 tenant!
What made you interested in investing in this type of deal?
Wanted to add cash flow and another rental to my portfolio
How did you find this deal and how did you negotiate it?
Agent from Memphis sent me the listing
How did you finance this deal?
Cash
Lessons learned? Challenges?
It was my first time buying a property with a tenant already in place, it was a good and different experience from my previous deals, which all needed pretty major renovations.
Phil, did you buy this already?