All Forum Posts by: Sam Wilson

@Marcus Hill -  Why you might not "need" an accountant with just two properties, I think having one is an excellent business decision.  They know the tax law/rules WAY better than non-experts (like me) could ever learn.  Our accountant not only keeps us out of trouble with the IRS but uses the rules to keep us from paying any more taxes than we already do!

@Tracy Wang - Do you have family or close friends OOS who you like to regularly visit?  I've chosen a few properties for this reason because those become business expenses!

Also you might also consider buying a rent-ready property directly through the MLS with a realtor who works with investors. At least compare prices.

Personally, all of my SFH are in Memphis; the market is great for rentals and I live here so I can personally manage those properties.

@Austin Johnson - Aww, thank you! I really appreciate that shout out and you listening!

@Matthew Thurman - I'm not 100% sure I understand your question correctly.   Are you wanting to educate your future LP investors about how deals and syndications work?  If so, I completely agree with @Austin Johnson and think this would be a perfect why to establish a relationship with your investors and show them that you are extremely knowledgeable regarding this types of investments.  I have these conversations with my investors all the time and share with them basic information regarding syndication and explain future investment opportunities.  

You can do this yourself the same way.  I've chosen to do it through a daily podcast and weekly newsletter and blog post.  Yes, it is an investment of time and money, but I get to reach different audiences and great feedback!

If you have any questions about this, please let me know! 

@Jack H. -   Not sure if you have listened to any of his podcasts/videos, but Haim Mamane (the virtual wholesale guy) had a great system of buying homes from owners and wholesaling them without ever seeing them (or really ever coming to Memphis).  

He trained a guy as his inspector.  Which is also what we did when we were buying homes directly from owners or buying at auction.  This worked for us because we were looking at so many houses.

If you are looking at only a few, I'd suggest talking with property management companies to see if they have someone on staff with the experience to evaluate a home and at least give you an idea of what type of upgrades or repairs are needed.

@Divanshu Arora -  I don't think there will ever be a "best" market for investors.   One of the reasons I love investing in real estate is that it is so diverse in both types of investments and those who invest.  I've been investing (and living) in Memphis for almost 10 years and I couldn't be happier with the results of those investments.  

BUT I have only invested in SFH here. ALL my other (and larger) investments and syndications have been in MFH, parking, and storage in different parts of the country. So for me there have been many markets that I have found "best" for deals for myself an my investors.

Though one particularly interesting thing about the Memphis rental community (and I'll be curious if @Dean Harris and @Verna Littleton will agree?) is that we have generational renters.  I was surprised by this when I spoke with several of my tenants and they simply had zero interest in ever owning their home.   I'm guessing that is one reason that we have such a high rental community.

I'm very lucky that my wife has supported my REI journey from the beginning. She really started getting on board when we began seeing the cash flow from our passive investments!

My advice to anyone who wants to get involved in REI but their spouse doesn't: first find out why he/she feels this way? There is usually more to it than just fear of investing. Often when my wife does disagree with an investing decision I'm thinking about there are good reasons for her wanting to persuade me to do something else.

Personally, I have loved getting to work with my wife on our REI deals!

@David Sills - we use Xero for all of our businesses and outsource bookkeeping!  If you decide to go that route, message me and I'll share my bookkeepers info. She is fabulous!

@John Harvey - Last year I received branded Yeti travel mugs, branded fleece blanket, and a branded journal.  Personally, I love the travel mugs; they get a lot of use at our house!

@Brock Bolduc - Great work and congrats on your first (of many) investments!!

And I completely agree with your sentiment on hiring professionals to not speed up the process but free you to concentrate on managing the investing side of the business!