All Forum Posts by: Nick Monge

@Koleton Daley

It is!! Why is that?? I thought this was a good area?

@Rashaad Baten This is awesome. Congrats. I'm looking at a property right now in 38127.. I'd love to connect with you and get the info on the guy you used for demo/rehab. That sounds like a very fair price. Also, I'd like to find out who did your roof. Was the whole roof job $3,416?? I'll shoot you a connect request. I'm also looking for my first BRRRR in Memphis.

Roof labor $1875
Roof materials $1541

Hey guys, I have a property under contract on MALVERN ST in 38104.. What are your thoughts on this area? It's right down the street from a brew house and (what seems to be a) VA hospital. It currently configured as a duplex.. It needs a full rehab.

@Dominique Pradel-Lewis I'll send you the information now.

@Robert Zazac I'll message you with the information!

Hey everyone, thank you all for your input. I decided to pull my offer.. Thank you so much!

@Michael Seeker, I'm not sure if this will help but it's right across the street from O'Reilly Auto Parts, T-Mobile & Family Dollar. Across from Saxon. I agree $2200 seems very high. Still waiting on all the docs to come through for review.

I'm looking at a quad in 38106 (East of 69, on Bellevue).. Seems like an amazing deal.. It's a mom and pop run property right now. All 1/1s, fully occupied. currently grossing $2200 per month. Is this a good area?? Owners will be putting on a new roof before closing as well. I'm in the due diligence period, currently waiting on rent rolls, P+L, contracts on utilities/tv, etc..

Any input on this general area? I hear it's not the best for OOS investors but I also hear memphis is a street by street city for investing..

Personally, I recently got two PLOCs to fund deals. However, these deals that I'm using the lines for are NOT buy and hold. They're quick fix and flips. I want to be in and out rather quickly. 6-9 weeks max. I then pay off the PLOCs and pocket the profits. This is my strategy for building more personal capital for future deals.. I do have other sources of funding. But if I need to act fast on a property for cash, PLOC is definitely a good option. It depends on your goals and strategy really. If it's strictly for buy and holds.. I would advise against it.. But that's just me. Unless you can BRRRR it and pay off the line fast.. But then again, a lot of bank require seasoning periods (6+ months).

I do have a lender that offers a program where they will fund 90% of the total loan amount (PP & Rehab), you only put down 10%.. This is good for the BRRRR strategy. Lets say you get a house for 50k, it needs 20k in work and the ARV is 100k.. You would only put down 7k (10% of 70k needed for the job) + closing & origination fee. WHAT I LOVE about this lender, is they DO NOT REQUIRE A SEASONING PERIOD and the fix and flip loan gets converted to a 30 year fixed right after appraisal is complete, after rehab.. So in other words, when you roll it into the 30 year fixed, you remortgage the house and pull the money back out.. pay off your Line and cash flow..

@Tom S. That is amazing. I'm going to shoot you a message. Thanks man!