All Forum Posts by: Jordan Ray
Jordan Ray has started 31 posts and replied 461 times.
Post: Delayed Financing/cash out refi lenders for Memphis SFR
- Real Estate Agent
- Memphis, TN
- Posts 488
- Votes 253
Quote from @Chris Ross:
Quote from @Jordan Ray:
Quote from @Chris Ross:
Hello, I'm going to be closing on my first SFR investment property soon via an all cash deal. After closing I'd like to do a delayed finance to use the cash for a second property. The property is in Memphis TN. I am open to any lender recommendations from those that have done the same. My thoughts are to wait until the May timeframe since I believe rates will drop a bit by then and I'll still be within the 6 month threshold for a delayed finance transaction. Is there a difference between a delayed finance or a cash out refi? They are ultimately the same thing but I know that many lenders require seasoning. Would I be better off waiting until the 6 month mark or later to do the refi? Is there a difference in rates or process? I don't have my second property picked out yet but will work with a turnkey provider once I have the funds. Any recommendations are appreciated. Thanks
Have you looked into just doing a "rate & term" refinance until you can pull cash out after the 6 month seasoning?
Thanks Jordan, that is a good idea. I will look into a rate and term refinance. I am paying cash for the the turnkey home and am trying to figure out the best time to pull out cash to buy a second property. My thoughts are to wait until the next interest rate drop. But I’ll look into rate and term. Thanks
Your welcome.
Post: Delayed Financing/cash out refi lenders for Memphis SFR
- Real Estate Agent
- Memphis, TN
- Posts 488
- Votes 253
Quote from @Chris Ross:
Hello, I'm going to be closing on my first SFR investment property soon via an all cash deal. After closing I'd like to do a delayed finance to use the cash for a second property. The property is in Memphis TN. I am open to any lender recommendations from those that have done the same. My thoughts are to wait until the May timeframe since I believe rates will drop a bit by then and I'll still be within the 6 month threshold for a delayed finance transaction. Is there a difference between a delayed finance or a cash out refi? They are ultimately the same thing but I know that many lenders require seasoning. Would I be better off waiting until the 6 month mark or later to do the refi? Is there a difference in rates or process? I don't have my second property picked out yet but will work with a turnkey provider once I have the funds. Any recommendations are appreciated. Thanks
Have you looked into just doing a "rate & term" refinance until you can pull cash out after the 6 month seasoning?
Post: 1st Rental in Memphis
- Real Estate Agent
- Memphis, TN
- Posts 488
- Votes 253
Quote from @Phil Petite:
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $54,000
Cash invested: $110,000
SFH in Memphis with Section 8 tenant in place!
What made you interested in investing in this type of deal?
It was my comeback deal in real estate
How did you finance this deal?
Cash
How did you add value to the deal?
We fully renovated the property
Lessons learned? Challenges?
It was my first time dealing with mold remediation, and it wasn't too bad at all! :)
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Tjuania Redmond - Agent
Marcus Walker - Contractor
Golden! Good job! I love seeing others succeed!
Post: Investing OOS in Mississippi/South Memphis Area
- Real Estate Agent
- Memphis, TN
- Posts 488
- Votes 253
Quote from @Monica Weesner:
I've noticed a few companies are building manufacturing type jobs in the MS/East TN area and I'm thinking of looking at this area for an OOS SF LTR unit. I'm curious to know if anyone has had any experiences in that area/market you are willing to share. Any agents or property managers/vendors you like in that area? Any advice as I look into that area with some new job growth is greatly appreciated!
Memphis is THE place known for transportation & logistics! I actually drove 18 wheelers for 4 years and worked in warehouses before that. North Mississippi is catching alot of growth as a result of expansion in Memphis. There is a bunch new warehouses opening up like Amazon facilities and others in Byhalia which is east of Olive Branch. Olive Branch is also getting alot of new warehousing in & around polk lane. There has been some warehouses being built in the Hernando area as well as entire communities of SFH. Memphis is the best place to invest (In my opinion) in the United States. (Probably biased) I am born and raised in Memphis and I LOVE it here and love investing here & transacting real estate as well. Let me know if I can help with anything!
Post: The very first question to ask a real estate agent
- Real Estate Agent
- Memphis, TN
- Posts 488
- Votes 253
Quote from @Douglas Skipworth:
Thanks, @Jordan Ray. Somebody's going to have their best year ever in 2024. It might as well be you!
Yes sir! and anyone else that wants to jump on this grind haha.. lets get it!
Post: The very first question to ask a real estate agent
- Real Estate Agent
- Memphis, TN
- Posts 488
- Votes 253
Quote from @Douglas Skipworth:
If your real estate agent doesn't answer yes to this question, then it's a hard pass in Memphis.
I watched this video yesterday. Good stuff, much respect to you & Dean. Looking forward to doing more deals with yall at CrestCore in 2024. I am working with tons of investors myself and plan on buying a few more properties this year as well.
Post: Any agents out here need help getting started?
- Real Estate Agent
- Memphis, TN
- Posts 488
- Votes 253
I am now looking for agents to help grow their business! Give me a shout! 🔥
Post: Renting a Subject To Property
- Real Estate Agent
- Memphis, TN
- Posts 488
- Votes 253
Quote from @Darren Gillespie:
Does anyone know if you can legally rent a subject to property? Specifically to HUD via the Housing Choice Voucher Program (AKA Section 8)
This shouldn't be an issue if you can show the deed of the property. If you made an agreement where the seller keeps the deed, you may want to show the section 8 program documentation that you own the property. I hope this helps!
Post: New Investor In Memphis Tennessee
- Real Estate Agent
- Memphis, TN
- Posts 488
- Votes 253
Quote from @Marie Prophete:
Hello, My name is Marie
I am a new investor seeking to eventually move to Memphis. I am always looking for tips and ideas about issues that investors run into.
I purchased my first investment property last month and the first problem I ran into, wasn't with the house but the seller!!
She misrepresented the lease for the tenant, and lied about the tenant moving out at the end of the month. Now, I am stuck with a tenant that cannot afford to live there and they have 2 kids under 6years old. What would you do? What does the law there allow?
Did you buy this property in Memphis? Did you use a realtor to purchase this "deal"? You should definitely seek legal attention to find out whats necessary to do from here because proper disclosures not being used are 99% of the reason why sellers find themselves in a lawsuit. This is also why its important to use a Realtor when you don't know where to start or what to do. Let me know if I can help with anything!
Post: 6 Real Estate Investing Strategies Anyone Can Use!
- Real Estate Agent
- Memphis, TN
- Posts 488
- Votes 253
In this video I will talk about 6 real estate investing strategies anyone can use!