All Forum Posts by: Keisha Orr

I have a home that I am subleasing  to Section 8 tenants and it got me thinking. Is it still possible to buy rental properties with tenants in place as a security instrument. I am so curious about this as I have multiple approved tenants here in Austin.  Any takers?

That's very true Andrew. I have lived in areas where the 'poor areas' have been revitalized and the areas have turned around. Then again, I am flexible in the methods of gaining success.  Where would you advise me to invest in the country? Should I try higher priced areas? Is the Jumbo market better for the amateur investors? 

I don't usually ask for help but someone help me out,please! I want to invest in real estate full-time. The properties I want to invest in are in Memphis,TN. I own the land in Memphis and want to construct single family rental homes on them. There are 5 lots in total 3 surrounding each other.  The area is in the 'hood'. So I am trying to secure financing for this construction project. What do I need to do? What do I need to have? Who do I need to call? Are there investors who invest in low income areas in Memphis? Or any low income neighborhoods in any city for that matter? Please help me! I don't want to sound like I'm complaining but I feel like I am hitting a wall and I just want more insight other than my own.  

-Keisha

Hi Roger,

Thanks for your input. I agree with what you said about certain areas in Memphis. I'm looking into the frayser area, which in my opinion is a most definite low income area. With that being said,I am looking to make this particular parcel a section 8 property. Yes the comparables are in that immediate area.  I am finding this particular owner owns multiple properties in this area and has left them dilapidated due to other interest in different cities. We are looking at a complete rehab: down to the studs and a complete facelift. I've built homes so this is very similar. 

Hi Stephen,

I completely understand what you are saying even though your statement comes off slightly condescending. Don't worry I'm not offended. My question/discussion is based on a vacant property that is not income producing therefore I can not base it off anything other than the value of  resale in case of default. As typically banks don't hold onto properties. I'm just looking at it from a bankers perspective. As any deal should. Thanks for your insight.

Hi David ,

Thanks for getting back to me!The complex is in Memphis and is. empty because it needs to be up to code.I grew up in the city so I know the area well and I do indeed have boots on the ground. the ARV is because the comps of the area is selling @ $55,000 a door.

As far as skin in the game I'm open to what is needed to get it closed. I usually use lenders/investors who use the property even if seller carry/owner financing as collateral or down payment but the lenders I have don't lend in TN. If you will,Please tell me more about your friends investment interest. Thanks so much again.

Hi bigger pockets community,

I just signed up and I need your help. I have a multi family deal in Tennessee. It is a 140 unit complex. The owner is willing to finance with zero dow. I have a problem though. Actually several.  The property needs to be rehabbed and it is completely vacant. Another problem I have is that lending is hard in Tennessee with the exception of Nashville. How do I secure a loan for the rehab with no tenants? I'll include numbers

Purchase price(owner carry)= $500,000

Rehab (@15k/unit) $2,100,000

ARV= $4,800,000

Any lenders or investors out here that can provide insight?