All Forum Posts by: Mike Mosee

Hi Matt,

We've been investing in Memphis area for over 12 years now.   You are wise to seek a good property manager to both guide you in purchases & will be a partner in your profitability.

I'm a trust but verify guy so we have picture inspections done every four months , cost $75, & well worth it.    Would recommend you talk to Chris Peak at Mid South Home Rentals.  901-282-5445 cell or office 901-451-5201.  We've bought over 25 doors with their recommendations site unseen successfully.

Best,

Mike

Hi Nida

I am very spectacle that the purchase prices you mention are anywhere but war zones.

Most worth considering will start at $100K with rehab necessary.

Please beware

Best Mike

Hi Ryan

Find a reliable property manager for accurate rent rates to determine how the numbers will work. Think you're a little shy on initial cost to find a SFR in C grade area, You're closer to $100k + rehab of $20-30K for a 3/2. We've been investing in Memphis for 12+ years in primarily this asset class with good results BECAUSE we have a great property management team. Can refer if desired.

Like Ko said the first one is the most difficult & then it gets easier to move on.

Best,

Mike

HI Walter

I agree with Engelo.    We have  found a great property management company that is well worth the 8% fee & is responsive to both us & tenants needs.    I'm a trust but verify guy so 3 times a year we have picture inspection reports done so I know the condition of the unit, cost $75, 

Will share information if requested.

Best,

Mike

We've used Mid South Home Rentals (Arlington,Tn) for over 12 years now with good success to manage our doors.

When you say Mid South be sure we're talking the same company as there's a Mid South Best that's not the same

It's OK to use another realtor to search (found several on my own) but always have them check area & expected rent to do numbers before purchasing. When you go to B grade or higher the ROI generally drops & your field of applicants qualifying does to.

Best 

Mike

HI Natan

Beware of $100K SFRs unless you plan on $25K+ rehab.   
We've been doing out of state investing there for 12 years.  Get  a good property management company with rehab capabilities to get numbers that pencil out for success.  Available to talk if desired.

Best,

mIKE

They do see slightly higher turnover, than SFRs,  but we've seen fairly good returns...far better than a 10 unit we have in Mid Town

We have a picture inspection done every four months, cost $75, with list of it's condition as many renters fail to report issues needing repair.

It's unrealistic to expect the property management to do the same thing as these reports do.  Sure they may drive by when in the area but these are detailed inspections showing interior & exterior conditions.  The cost is more than worth it for best management of investments.

We have a picture inspection done every four months, cost $75, with list of it's condition as many renters fail to report issues needing repair.

Memphis proper has not seen any significant tornado problems.     There's not a part of the country that is totally free of weather risk.