All Forum Posts by: David Hutson

@james Tabb, I work with them a lot.  The current wait time is more like nine months, even with the expansion into Little Rock.  I recommend you get prequalified, at a minimum, but know that it will probably be expired by the time you get to the top of the list and you will need to resubmit.

Set up a call with them and they will walk you through it, to include whether they want you prequalified or preapproved.

@James Tabb, not sure if you intended to add something to the post or if I don't see it for some reason.  In any case, I'm up to 13 homes with Mid South Homebuyers.  I bought four this year and will continue to buy their homes due to the quality of the homes and their property management.

If you have a question or need assistance message me or post here.  I'll be happy to answer.

David

@Ryan Haley, I would say that I work directly with them since they manage my property.  I know Alex and Andrew well.  When you talk to Andrew provide as much info as possible to help you have a smooth 1031 transaction.  The more info you provide as far as the timeline and what you are looking for the better they will be able to try and help you.

@Ryan Haley, It sounds like you are getting info for everything except for what you asked about.  I know Alex and his company well.  He does manage property for me.  Memphis Turnkey has been rehabbing and managing properties for a long time and has a great reputation here.  

You mention wanting to complete a 1031 so I would reach out to them and let them know you are looking for a property.  Tell them it will be a 1031 exchange and when you expect your identification period will end.  There haven't been a lot of homes available so determine your criteria, let them know what you are looking for and where, Memphis or Little Rock.  Not sure what you want to know so message me with your questions and I'll try to answer them.

@Chaz Desousa, You would probably get responses if you want to provide information on what you are looking for.  Single family homes or multi-family, $40k or $100k, class of property, types of homes, turnkey or needs work, etc.  

I agree with @Herndon Davis.  The whole downtown area is changing and there will be numerous apartment complexes and hotels being built.  Several have already been started.  I don't know that you are too late but you are definitely in a good position now.  Reach to those who may want to sell.  Let everyone know you are from that area.  Hopefully you can get some deals over there.

@Phillip Tamez,

I'm in the Army but have deployed to places where I am out of contact for awhile.  I'd strongly recommend a property manager while you are gone.  I managed several homes during my deployment and I wanted to ensure the tenants had a good experience. 

There are two reasons for this:

1.  If there is an issue, such as a major water leak, a/c or heat goes out, etc, what will your tenant do?  A water leak could lead to lead to significant damage and I'd bet your tenant doesn't know a good plumber or person who can repair the damage.  That's just one example of an issue.  Also, what are you going to do or who will you call from the ship?  

2.  You want the tenants to have a good experience.  If they have to do your job and take care of the home they may not be ok with it.  They may have to take time off work or miss other events to fix your home.  Most people will understand you are serving our country and deployed but won't want to create more issues for them.  That could lead to a tenant moving out, maybe while you are gone.

Later, after you have a great support team in place that you know, have used and trust you could consider managing from away but the tenants need someone reliable to call when they can't reach you.  That person needs to be able to make or authorize repairs, serve notices or handle tenant issues.

@Jonathan McGee,

I'm in total agreement with you.  Though I have only been investing there a little over five years, I have been focusing on Memphis and did not buy anything there last year due to the "feeding frenzy".  I have found a few good deals this year but it's been more of focusing on quality properties with decent returns compared to great returns a few years ago.

I have been looking at other markets also and I'm seeing the same thing in most of them, though it doesn't appear to be as busy as Memphis but I haven't done anywhere near the amount of research in the other cities.

My opinion is that it won't change until the overall market does.  I don't want to see what we had five to 10 years ago from a big picture perspective but from an investor perspective I can't wait.

@Alexia Gist,

Morning.  I'm sitting in an Airbnb rental now, looking at more properties to drive out to look at.  There are several homes for sale that appear to be good candidates but the prices are high so profits won't be as good and if I have to convert it to a normal rental the numbers don't work.  I'll have to keep looking and wait for the prices to go down if I can't find a good deal

The two homes I have been in this week have been in good shape and the owners have been friendly.  The owner for where I am now said he'd be happy to talk about it tonight.  I'll take him up on his offer.

@Alexia Gist,

I have been looking at using a property or two for that in Memphis.  It appears they do pretty well in the good areas.  I'm flying out Monday to look for one.  I decided to stay in two different units next week to compare homes and areas.  You should fly out and do the same.  Look at the specific areas that are where you want to invest and look at the homes.

I would recommend purchasing homes that will work for a long term rental if the short term doesn't work out well.