All Forum Posts by: Rico See

Should I sell and buy two more properties or refinance my existing rental and use the equity to buy two more properties?

Are turnkey investment properties usually priced above comps? I've been looking at some newly rehabilitated rental homes for sale in Memphis and saw they were priced 10-15% above local comps. Prices for these turnkeys were not negotiable.

I have a vacant single family home in the Memphis area. I'm having trouble getting qualified applicants for it. I have two applicants: one does not have any credit, the other passes a credit score qualification. They do not have any evictions or bankruptcies but they do have two judgments 2007/2009 and one resulted in a garnishment. They make over 3x the rent but do not meet 4x the rent income qualification. I was able to obtain a rental verification from their current landlord: 0 late payments, never been filed on legally, and is eligible for re rental.

In your opinions, should I keep looking?

My management company accepted partial rent and didn't tell me. I noticed a shortage and had to contact them to find out why. I understand the argument for something is better than nothing but I'm inclined to tell my management company to only accept full rent.

I have a late paying renter in a turnkey property in Memphis,TN. The management company is accepting partial rent payments from the tenant. I know in California if a landlord accepts partial rent, that may have a negative affect on eviction proceedings in the future. Is this the same in Tennessee?

How much in closing costs on an investment property loan should I expect to pay? I'm closing on a turnkey in Memphis soon.

Thanks for the replies. The properties I am purchasing in Memphis are turn keys.

I am looking to purchase rentals in the Memphis area .  I have been quoted a 5.1% mortgage rate. Are Mortgage rates higher for rental property?

Henry J., The rents here in South California are low, purchase prices are high, and I just sold a condominium here that I was in the negative with rent income. I sold it for $300k with about $86k in equity.  I'm currently in a 1031 exchange. I like the Memphis area since the rents are about $850- $900 for about a $75k home. You can't get that in California. 

Thank you