All Forum Posts by: Sam Wilson

@Tommy Nguyen - you might have one of the coolest, most unique jobs I have ever heard of! Would love to know how you got involved in this!  I'm a private pilot but have never done any ocean flying; would love to add that to my credentials one day!

It's great that you are using your free time on the boat to learn about multifamily investing!  I'd also start networking (as much as you can with limited internet) and looking at potential properties so you have a better idea of what is available in your area/pricing.

Please post updates as you can about your investing/flying journeys!

@Craig Parsons - From what you have said, it sounds like a great investment idea.  What size are you thinking for your storage?   The reason I ask is we are developing a boat/RV storage site that is geared for hunting/fishing season in our area.  Didn't know if you had room for that or at least wanted to give you another option!  When doing our market research, we found that there was a huge need for people to store their seasonal gear/toys/etc.  

Please post before and after pics!  I always love seeing people's creativity in retooling commercial spaces like this.

@Kyle Momany - yes! Found one on Oct 6!  Will you be there?

@Justin Goodin - Great post!  Thanks for sharing.  Have you ever added any security features as a multifamily value add?  Was it worth the investment? I know of some in Memphis who have added outside cameras, gated parking areas, security lights, etc.   Wondering what others have done and if it was a selling feature for their renters?

@Sean Dawson- You have already heard from some of the best investors in the Memphis market so I don't have much to add to them, but one thing I would suggest is to connect with any OOS investor who is doing what you are wanting to do. Managing projects like this is very different (obviously) as an OOS investor rather than a local one.  

One of the reasons I transitioned away from SFH investing in Memphis was I got tired of managing contractors. Most of the guys on this thread have their own teams (I think) so they probably have a different perspective.

I'm sure there are other OOS investors who have successfully managed teams in Memphis remotely and they would be great insights to what worked for them and what didn't.  

Also come spend time in the city and meet/interview as many potential members as you can. We truly have a great REI community and market!!

Besides a decent, competitive wage what other benefits and bonuses do you offer your staff (both to retain them and to hire them)?    And do you offer those to full-time and/or part-time staff?

We are based in Memphis, TN (if that matters)

Thanks!

(surprisingly there isn't a forum for HR or staffing related issues - unless I just missed it!)

@Gabriel Spinella - absolutely love the hustle and passion!  I might have missed this but I didn't read anything about current employment while in college.  I highly recommend finding a part-time job in some aspect of real estate - any aspect.  While reading and listening to others is important there is nothing like hands-on industry learning.  With your drive and desire to learn and grow, you will have no problem finding a job working for someone who will help you to succeed.  

Also continue networking: being a part of REIs, meetups, BP, etc.  This business is as much about connecting to the right people as it is anything else.

I look forward to hearing your progress reports here!  You are going to rock this!

@Sheronda Nichole Williams - first of all congrats on your purchase!  Not sure which banks you have already tried, but we have had better luck with smaller, community banks.  Have you tried Bank of Bartlett or Brighton Bank (@Douglas Skipworth - might have some insight into this option).  Honestly, this is a challenging price point to get a loan but it is possible!  Best of luck!

I have to agree with your wife and @Jay Hinrichs on this one.  Good tenants have their own value!  Though if they have been paying a 3-5% increase with the previous landlord, they might not even flinch when you continued doing the same because they expect it.   You might also time it so the next contract is signed when you do some time of home improvement for them so they can see you will be actively involved in keeping up the property.

My family and I will be taking a vacation to the Panama City area from Oct 2-9 and would love to meet up with any local investors for a drink to chat about the local market and learn what you are doing.    

We do not currently invest in Florida, but always looking for new opportunities and new connections!