All Forum Posts by: Sam Wilson

I would wonder more about what the ARV of the property is and less about repairs (though those ought to be accounted for of course). Say you're all in at 183, and you need to put 75k into it but it is worth 325-350k...seems like a no brainer. However, if it is only worth 200k then maybe you need to reconsider. Also, flood zones suck. If you ever want to sell they suck. Yeah, there is flood insurance. Usually pricey and can destroy cashflow. Just my two cents on that front. I avoid flood zones like the plague but that is just one of my personal rules. You will have to develop yours.

Deals can still be found at auction.com in person sales. Certainly not as good of a deal as you may get from a less advertised source though. @Forrest Wright - start with your local newspapers. Get used to reading foreclosure auction ads. There is a lot to unpack in those and you will need to get good at skimming through them quickly.  That's all we did for many years and there are a lot of tips and tricks on how to quickly navigate that market. I no longer read the newspaper as I have a faster system in place.  But if I were you, I'd start with the newspapers. Read a few of the notices. Research the document# or loan# that is being foreclosed on. Then find that deed of trust in the county records and read it. Do it a whole bunch. Then go to the actual auctions even if you do not intend on buying that day. You'll learn a lot. Talk to the people there bidding and see if they can help you any. I know many of them are unfriendly (for good reason) but there will be someone there who can point you in the right direction. It's just a get in and go type of thing to be honest. You may also be able to buy a digital copy from the newspaper of all the public notices. That may speed things up for you too.

Karen,

On an average, figure about $22k-$27k per space to build a garage from scratch- above ground. As far as income goes- you're going to work with a national operator instead of self operating the garage. You'll have a lease with them that will provide all the financial information. What else would you like to know? I've stared acquiring and syndicating parking this year- and it's been a great niche to learn.

@Brian Alfaro - From what my wife tells me it was a good event.  Sadly, I ended up with the flu so missed all of it.  We are buying some commercial property in Houston in the next few weeks, if I have time I'll try to connect with you then!

We (@Elizabeth Wilson) and I will be at the Quest Expo in Houston this weekend and would love to connect with any other investors who are going. Feel free to message me or respond here.

If there is enough interest we can organize some social event Friday and Saturday evening after the conference.

Happy to chat to anyone going about how we have used our self-directed IRA, flipping, foreclosures, or about the Memphis market in general.

Not selling anything just going to learn and network. 

See ya then!

Are there any landlords who currently have rentals in cities with rental registration and/or rental inspections?  If so we'd love to hear how those have impacted you and/or your tenants.  Memphis is currently trying to push these. @Douglas Skipworth already posted this info regarding the proposed regs:   https://www.biggerpockets.com/forums/517/topics/712622-the-price-of-landlording-in-memphis-going-up-rental-registry?highlight_post=4202298&page=1#p4202298

I'd assume that rents would rise, evictions would rise (because landlords would be punished by code complaints that are caused by tenants - which the vast majority of those in Memphis are), and there would be higher vacancy rates/times because of increased rent/deposits.

We had a meeting with government officials last week and they couldn't tell us any of this info and pretty much just said that this was the new "best practice" and "other cities were doing it".  From what I read, about 10% of Detroit landlords have registered; but haven't read any other statistics on this.

Thanks!

@Harrison Melton -  We are Memphis investors and will be in Seattle next week.  I'll send you some info if you are interested in talking about the local market and/or have questions we could help answer.  

@Abhay Sachar - Will do now!  If you are interested in other properties in Memphis, I can add you to my cash buyers list.  Just let me know.  Often our best deals go before I even have time to post on BP!

This house is  an easy fix and flip project. Needs 20k at most. 

Roof is brand new.

ARV 135k

1612 Ivy Road was finished and sold for 178k recently. It had sq ft added to the back of it to bring up the value though. 

Has very nice garage too. 

House next door is on market for $284,500. It has been fully rehabbed. This house needs to have the attic finished out into a bath and bed, the kitchen started over from scratch,  downstairs bath updated etc.

Estimated repairs are 50-75K.

This will retail for 269k if full rehab and sq ft  are added (figure 75k for rehab)

It can retail for 229k if no sq ft are added and 40-50k is put into it.