All Forum Posts by: Jason Stubblefield

Thanks @James Martin. Do you have any recommendations for insurance companies.

Thanks @Douglas Skipworth!

I'll reach out to these contacts.  I also have crestcore on my radar as well.  

I haven't used them but they had the best hard money rates.  10% flat fee no points.  They will want you to invest some of your own money though. 

John A. Eubank

https://commerciallendingllc.com/

I've gotten my hands on a four unit small apartment building in Memphis.   I would be an out of state owner. The numbers seem good and on paper it looks like a sound investment.  The property address is 3071 Sharpe Ave.  Memphis, TN.  This definitely isn't the best area and I know I will need an excellent property management company to deal with the turnover/tenant issues.  I'm wondering if anyone on here has any advice about this area, this deal, or any advice with C to D neighborhoods.  It makes sense to me but I was wondering what others may think of it.  Here are the financials:

All the units are currently occupied at 500 per month ($2000 total).  100k purchase price.  I'd put 20 percent down using a heloc (1.5% minimum payment).  $2452 per year in taxes. $1897 Insurance. 10% property management fee. $252 per month (utilities and garbage).   All in all it should initially cash flow $400 per month or $700 per month if I use my own funds instead of the heloc. 

I'll definitely appreciate your feedback.  Thanks.