All Forum Posts by: John P.

Are you acting within the law or is it illegal? If it's illegal I would take the signs down as quick as you can.

In 50's now and would say 40's were my prime - probably late 40's.  I knew my job backwards and forwards, had built up referral system, had some gray hairs which showed I knew what I was doing with unfettered confidence, and I could work long hours.  In my 50's I could still work like that but prefer working a bit less which slows my overall production at work.  Still work 7 days a week but 7 short days instead of 7 long days.

Here's some resources: 

https://www.bizjournals.com/memphis/feature/crane-watch

https://www.commercialappeal.com/story/money/business/development/2019/07/15/union-row-memphis-union-avenue-development-starbucks-midtown-donuts-the-citizen-apartments-arbys/1687561001/

https://wreg.com/2019/09/26/construction-on-950-million-union-row-project-to-begin-in-early-2020/

In the meantime read these threads, listen to podcasts, read books, and basically do whatever you can to learn vocab and what not. Keep up the focus and hopefully you can get out and meet some people.

Good stuff happening in Memphis for sure!  The future is bright!

I prefer cash for myself as I am not in a position that I have to be aggressive.  I also am not looking to create more of a job than I already have with my 35 doors. I could easily push that to 100 doors with financing but that's 3 times more headaches, calls/emails, new roofs/HVACs, etc.... I have property managers on most of my properties but still need to manage the managers, deal with taxes, etc....  So for me cash is king.

I wouldn't do that deal alone. You really need to be an expert. I would look to partner with someone who has developed land before if you really want to do it. However, if it were me I would move on to a different deal.  I inherited some land a few years ago and it took a few years to sell. It's not like a house in that there isn't a huge pool of buyers.

It's not a rocket scientist thing and you aren't going to have a bunch of communications with them.  Really the only thing that matters is that they are a reputable company.  Figure that out first. I would worry about that and that only.  The cost will generally be about the same ($700-1,000).

I love Vegas but you’ll probably get better returns in Memphis, KC, Indy, etc. On the other hand you’ll have a reliable tenant in dad, property taxes are low, insurance is low, and you can probably make a tax deductible trip to visit dad each year (confirm that with your tax person). If looking VEGAS i would look at the condos as there are a lot of nice ones. My understanding is the small multi are not in nice areas so I doubt you’d find one you’d want dad to live in. Pay close attention to the hoa fees because they can kill a return. More amenities usually equals higher hoa fees. Also I don’t think it’s that strong of a sellers market right now. I would call it balanced as stuff is sitting longer.  Good luck. 

@Eric Hugh I would list them as a package with a local investment real estate firm but as pocket listing. Also put on roof stock. You never know what you might get. I recently was in a 1031 and had cash to spend.  I didn’t find the right investment so invested in a low return option At the last minute. There are buyers out there but they can’t find this package If your friend keeps it hidden.