All Forum Posts by: Mike Mosee

Hi Michael

Like Washington, Oregon has same issues of over valued properties so we went to mid south region.   I've never seen properties before buying because the people we work with are trustworthy.  Some we've yet to see after several years.  The questions you ask require more than a simple post can answer.  Feel free to reach out for a private conversation

Not going to say I have the right answer for you.  We have 12 SFRs, (Two of 10 are duplexes) & one 10 unit apartment.    All are in Memphis area.  Our turnover ratio is about 2 to 1 for apartments versus SFRs so rehab costs nullify what some others will say benefits of scale are with multi family.  Apartments typically have lower per unit income in most markets as well.

There are several advantages to SFRs. Easier to buy, easier to sell. Most important I've found is turnover is far lower than apartments so cashflow is automatically higher. You're right about ROI per unit being higher with SFRs. We have both in equal doors & find the SFRs to be far superior ROI. It's just a matter of the apartments ultimately higher cashflow when the numbers get higher.

It all starts with having the right team you can trust to steer you correctly.   Have never seen any of the several properties we've bought until years after the fact & so far never gone wrong

2 cents of advise. Found out after the fact that having a registered agent in Tennessee & registering LLC in Tennessee is the way to go to avoid being labeled as foreign entity for taxes

Hi Keith

Use a mortgage broker.  We've done several BRRRs that way in as little as 60 days.   Good luck

Hi Shira

We've been investing in Memphis successfully since 2011 in both sfrs, duplexes, small apartments, but you MUST have people you can trust there to pick the right areas &  good property management or it will go wrong.   Mid South Home Rentals, Chris Peak, is who we use.

Good luck,

Mike

We have had this problem. Simply say HELOC is for house improvements & leave it at that.

Can't say I'm familiar with commercial space there, only residential.  Your best option is to contact a couple of commercial property managers to access.   The area is experiencing business growth with Fedex & Nike.   There is some gentrification going on there due to market availability, but the crime rate there is far above national average.  Proceed with caution until you get boots on ground eyes.    Our contact there is Chris Peak of Mid South Home Rentals.   He may know who you should talk to.   Good luck

HI Cody,

We have a few units in that area.  Definitely have a boots on ground team to access as a couple of blocks one way or other makes a big difference in crime & livability.