All Forum Posts by: Kevin Wembes

Thank you guys! Really appreciate the advice. Timothy that's definetly something I should have brought up, but I will keep that in mind for any future situations. 

Hello everyone!

I was thinking of purchasing property in TN Memphis and found a great location, the numbers made sense, the rehab did not seem too bad at all! But it had a tenant current living in the property and the past owners did not have a rent roll or ledger to prove payments, because their system shut down so I backed out of deal. What would you guys have done in this simaliar situation? Additionally, do you guys believe there was a better choice than backing out? Thank you guys! I just wanna get some tips for future simlair situations. I do live in California and had property management who told me to get proof of payments before buying. 

Thank you. 

@Vessi Kapoulian

Thank you! That was very helpful 🙏

Good morning Kevin! Good morning! Here is a property one of our clients is trying to sell off-market before putting it on the MLS. This looks like a property that matches your criteria, so Dean and I wanted to send it to you first before sending it out to our other clients. Let me know if you are interested as soon as you can!

5234 Banbury Ave, Memphis, TN 38135

List: $103,5003 bedrooms/2 baths1660 SQFTBuilt in 1973

Annual Taxes: $1,514Occupied for $1,055/Month on a month to month lease (tenant willing to sign a new lease after closing)

Market Rent: $1,050-$1,200

ARV: $125,000-$130,000ARV 

I just want to get some feedback on what you guys think about this property? It's off the market at the moment, so I'm planning to put an offer in today. What are things I should be asking that you guys would if you were me? Should I still aim to negotiate for a lower price or wait till after inspection? If you guys know any good resources besides bigger pockets to help me learn to evaluate property more, please share! Thank you, guys! 

Red Flags- The owner purchased it last year and is now selling it this year for a similar amount. Supposedly it's because of financial issues. 

I'm working with Crestcore realty on this one which I heard they don't have the best reputation, but I don't plan to use them as my property management. 

Hello everyone! 

I'm currently starting an LLC for my rental property and future rental properties. I started the process by filing with Incfile for an LLC for real estate business for renting properties. Does anyone know the exact licenses or certificates I require to begin putting my properties under my LLC in California? I do plan to have property management companies manage my properties. Additionally, if anyone has any recommendations, I'm all ears. I'm very new to the whole real estate world and just jumped in head first!

Thank you guys for your time! 

Hello I’m new to real estate and BiggerPockets! Excited that I found this! I hope to learn a lot through here.

I purchased my first home and real estate property in February of 2020 and rented it out. Lots of challenges along the way. But I learned plenty!