All Forum Posts by: Michele Jones

@David M. - I would prefer not to tap into my equity. From what I gathered and read about portfolio loans was that it isn’t sold to the secondary market plus the rental income could be used to determine how much I can qualify for? Perhaps I misunderstood. 

With a conventional loan, I have to put down 20% which isn’t the issue. I am just trying to figure out what loans would work with my situation. 

@Jordan Ray - doing a BRRR is not conducive with my family as I have kids and moving them is away from their friends is highly unlikely. But if I were in a different situation, this would be something I could do.

I have been talking to a few agents/investors on here prior to the holidays but now I’m back at gathering more info before I rip the cord and make my first purchase. 

Hi!! I am just starting out and looking to invest in Memphis. I have been talking with Dean Harris & Taz. I need to reconnect as the holidays were crazy. That being said, I want to start out conservatively as I will be a long-distance landlord. I currently reside in South OC (SoCal) and own my house. I am looking out of state because I do not want to be a landlord here as it is  expensive and not landlord friendly. 

My question is…should I get a Portfolio Loan as I would refinance in a year or so? I would not want to tap into my equity in my house, 401k or my savings. I guess this would be coined as creative financing? What are the disadvantages? Advantages? 

Also, could I take a portfolio Loan on a second home? 
any advice and/or suggestions  are welcome. 

Thanks! 

Thanks @Bret M. I have never been to Memphis but I have been to Nashville, Franklin and surrounding burbs however, I thought Memphis would be a great place to start. Would love to hear where your rentals are OOS. 

Thanks ! 

@Jordan Ray - This is great!! I appreciate any and all feedback as I am green in this new space. 

@Jay Thomas - Thank you!!! I was actually looking at Cooper - Young, it’s a really cute area. I briefly looked at Germantown too but wasn’t sure if that was an area that would be great to invest. Thank you for the pointers. I will look in Mississippi as you suggested. Thanks again! 

@Taz Zettergren - Thank you so much. I will definitely reach out. Looking forward to it. 

@Nicholas L. - I really appreciate your insight. Much appreciated. This is something that I didn’t even think about. I have to tweak my strategy and start looking for vacant properties. 

Thanks Robin! Much appreciated. I have a lot to learn! 

Hello All. This is my first post so please be kind. I have been thinking about becoming an investor and did research. Memphis is where I want to start this new journey. I have been to TN a few times, and I instantly knew I wanted to either invest or move. I currently live in CA, in the south OC area. I own a SFR home in a very desirable area that is known to be family-friendly.

As a first time investor and newbie, buying in CA, especially in my own backyard is not doable. Prices are outrageous in addition to HOA & property taxes. Hence why I am looking in Memphis.

I am hoping to find a SFR in the Memphis area for STR but ideally LTR. My preference would be to find a home that ‘s tenant-occupied. I have been searching and found several homes which are tenant-occupied. As this is my first investment and it's out of state, I want to start small and with little risk but I'm open to hearing what my options are. I do not want to invest in the "war zone" and from what gather, real estate varies street by street. I would like to discuss which areas are best for rentals as it's my first time.

I have contacted an investor friendly agent  that I found on this board. Hoping to connect soon to discuss my goals, strategy and everything related to investing. 

In short, my goal is to have several rental properties in Memphis before prices go up. And also, I eventually I would like to expand my portfolio and do an Air BnB. 

Thanks!!