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All Forum Posts by: Mario Am

Mario Am has started 32 posts and replied 184 times.

Post: tortious interference from a real estate agent

Mario AmPosted
  • Specialist
  • Nashville, TN
  • Posts 186
  • Votes 82

@Rodney Sums

Yes I was under contract and he knew it

Right!

Post: tortious interference from a real estate agent

Mario AmPosted
  • Specialist
  • Nashville, TN
  • Posts 186
  • Votes 82

@Mario Am sorry I meant the Realtor contacted the owner*

Post: tortious interference from a real estate agent

Mario AmPosted
  • Specialist
  • Nashville, TN
  • Posts 186
  • Votes 82

I have a question.

I had a property that I was under contract and wanted to flip, after checking the property I decided it wasn't for me.

So I decided to wholesale it,

The deal actually was pretty good for the right person, I posted that I had a deal in a facebook group and anyone interested can contact me.

I was contacted by a realtor telling me that he has cash buyers he can get the info to.

So I sent him the property info, I indicated clearly not to contact the owner.

What had happened is that the wholseller not only contacted the owner, he also sent him screenshots of me and him talking about me assigning the deal (the owner sent these to me)

Furious I was, I contacted the realtor and told him that what he did was very sneaky, seemed like he was trying to go behind my back. And he didn't even apologize, he just attacked and said "well your ARV was a lie you are trying to scam other investors blah blah", first off I verified the ARV with a realtor that agreed with me by running comps, second, you could've just MOVED ON. But he played dirty.

I was wondering if I can sue him for tortious interference of a contract? Is it worth it? And could I complaint him to the association of realtors and what would they even do to him?

Thanks!

Post: Painting the brick white? In Colonial Acres 38117

Mario AmPosted
  • Specialist
  • Nashville, TN
  • Posts 186
  • Votes 82

@Curt Davis

Gotcha thanks for the insight and thanks everyone guess white it is!

Post: Painting the brick white? In Colonial Acres 38117

Mario AmPosted
  • Specialist
  • Nashville, TN
  • Posts 186
  • Votes 82

Hey ya'll.

so I looking into flips in 38117 area and have a few questions for those experienced.

Is there any area that is less desirable in zip 38117? Seems to me like when you go below Willow St it goes worse but not sure about it either.. or is all the area solid? 

Also, I am lately seeing a trend of flippers painting the brick white when selling a property, it seems to make properties stand out and sell faster and the old-fashioned me was wondering what everybody's thought about this? Should I go for painting the brick white? While I love the the regular brick color and think its much prettier than white but I don't mind changing it - I am here for whatever makes more money $$$! 

Thanks for any insight you might have..

Kind Regards,

Mario

Post: Section8 in North and South Memphis?

Mario AmPosted
  • Specialist
  • Nashville, TN
  • Posts 186
  • Votes 82

Hey guys!

I am under contract for 3 properties, however there is one thing about it, one of them, its located in South Memphis zip 38109 (Mallory area).

I know I know I live in Memphis, I know that the area is bad, however I am feeling that the market it pushing investors towards the hoods of memphis because it is getting expensive (even Frayser is getting crazy expensive which I find crazy), I did a few visits in that specific neighborhood and I honestly didn't feel it was really really bad as the rest of South Memphis, I am really not worried about tenants paying on time in my rentals because I always focus on Section8.

Was wondering what are peoples insight in regards to investing in those areas with section8 tenants? Would love to hear someone experienced enough with section8 in the bad hoods to give some opinion? 

TIA

Post: zip codes in memphis

Mario AmPosted
  • Specialist
  • Nashville, TN
  • Posts 186
  • Votes 82

Honestly. A year ago I would have in mind so many zip codes that I would avoid and the current market just erased so many of them! Rents went up after the pandemic and with that the tenant quality improved. I would say the only areas I am avoiding right now are 38108 and 38106. Not a big fan of 38114 but some of it can be ok, the rest - street by street but mostly ok.

Post: Section8 Investors - Explain This

Mario AmPosted
  • Specialist
  • Nashville, TN
  • Posts 186
  • Votes 82
Originally posted by @Julio Garcia:

Mario, she'll pay the $134, Housing authority will cover the rest. so long as you complete the paperwork appropriately and send it back. 

How does that makes sense? It says estimated Tenant payment (line 3) is 750$
and "Maximum amount that MHA may pay to the landlord" is 134$, doesn't sound like that is the tenant portion

Post: Section8 Investors - Explain This

Mario AmPosted
  • Specialist
  • Nashville, TN
  • Posts 186
  • Votes 82

Hello guys,
So I have a property I want to rent it to a section8, rent will be 900$ a month, she gave me her RTA packet and the TNQ rent burden worksheet which I have attached.

However, it says that that the "Maximum Subsidy" is 134$, does this mean that Section8 will only pay 134$ of the rent?! I was alway told that they pay most of the rent if not all of it!! What is more confusing that she is telling that last rental she had the rent was 900 and Section8 paid 825$ and she only paid 75$, how does it make sense now that the paper says 134$?!
I would appreciate if someone can clear the confusion, thanks in advance!

Kind Regards,

Mario

Post: Lead paint in Memphis, TN

Mario AmPosted
  • Specialist
  • Nashville, TN
  • Posts 186
  • Votes 82
Originally posted by @Greg Scott:

When you bought it, you should have gotten a LBP disclosure saying "this house may have lead based paint".  When you rent it you provide the same to the prospective resident.   The disclosure will indicate whether or not you know of existing LBP but you are not usually under any obligation to conduct testing.

Given your question, you may not know that your biggest risk with LBP is during the rehab.  If you did not handle materials correctly, the EPA, in their infinite authoritarian wisdom, can fine you $17,500 "per incident".  ("Incident" does not mean per property.  You could have many "incidents" on one rehab.)

Hey, I bough it as where is in a foreclosure sale.. so I don't really know whats with the lead.