All Forum Posts by: Sam Wilson

House in Coffee County. Under Contract. PM me for more information. It needs about 10k in work. All in including purchased price would be around 100k including repairs. ARV is 120k.

 20% equity upside!

Could rent for $750-$900 per month.

That's a great looking property Alex and a great price! Wow!

This is a great cash flowing rental property here in Memphis. It is a decent neighborhood. Most neighbors take care of their yards and keep the street up.  Tenants have been in place over 3 years, pay on time and are not moving. It is managed by a local management company. This house will need nothing but a new owner. The tenant has asked several times about owner financing too- if this is of interest to you. They said they could put a sizable deposit down and pay a higher monthly payment no problem.

It is...sort of. We are completely done w remodel. It is going on market Wednesday at full market value. I wish someone had purchased it as a renovation project. It will turn a very nice profit. Thanks for asking! 

This house is a nicely done home ready to rent. Currently owner occupied. Given the size of the lot, the sq footage of the house and the recent updates, this house could bring $900-$1100 per month. 

3 Bed

2 Bath

• Property is being sold as-is, where-is by the owner. This is a posting for a family friend.
• Figures are estimates. There are no guarantees or assumptions, either made or implied. Buyer should conduct their own due diligence.
• Property is to be sold to INVESTOR CASH BUYERS only.
• Buyer shall be responsible for paying ALL associated closing costs.
• Property is occupied, please do no disturb occupant. Occupant/tenant rights apply. Please contact me for access instructions.

Just picked this up last week. Easy little house with some minor repairs needed. You could be all in for less than 30K in this one. Should rent for $600 month.

This house is a cute little home with loads of potential. Only $19,900! It has a nice brick exterior and a fenced in backyard. It is a 3 bed, 1 bath home with hardwood floors.

List of repairs needed:
1) Paint
2) minor ceiling repair and minor mold damage around the vents. This home has been shut up for 2 years unoccupied. The mold may be surface mold, it may need more than that. It is not by any stretch prevalent throughout the home. Roof is in fair condition with no evidence of any leaks either, so there's not a concern on my part it is significant mold damage.
3) Kitchen flooring and cabinets
4) Basic landscaping
5) HVAC system updated ( maybe. The previous owner said she hasn't lived there in 2 years but it worked when she left. I'm going to say it needs some help as it has been vacant)

All in about 7-10k in repairs.

This house could be a nice rental at 29k all in! Or could be a nice first home for someone!

Comps:

-2729 Merle St Memphis 38118 sold in December 2016 for 39k. It is a 2 bed 1 bath.
-3549 Fuller Rd Memphis TN 38118 sold in Nov 2016 for 52k. It is a 3 bed 1 bath


This is a cash only sale. Home is available immediately. 

So here's an interesting dilemma we've had in the past. Our purchases are at the courthouse, which here in TN requires 100% of funds due at the sale. It's hard to borrow money from folks who don't know you because they have no collateral until I buy. And then, there's no way they're getting title insurance. So it's not for the risk averse. Hard to ask for 300k with nothing but a glorified IOU. I figured out a strategy that we're implementing today with a HML. And that is: We have about 250k in reserves. I buy at the courthouse, and immediately refinance without even having deed to the property with a well known HML. I have assigned my future interest in the property to him (if I default) before receiving a substitute trustee deed, and he's forked over the cash before receiving any equitable interest in the property. And I have one more property that I own free and clear that I'm using as hard collateral, as well as signing a promissory note. This is the best we've come up with, but still a bit slow and has a variety of legal holes. Tomorrow is the big auction day of the week, and our title co is moving at a glacial pace. I don't have the check yet because they're dawdling...we're both done with our parts. Just waiting. Now of course, the sale could be rescinded, at which point I'll just give him his money back and say thanks. Has anyone come up with other creative ways to cash out in situations like this?

@Jay Hinrichs- I couldn't agree more. I'm here. I'm buying here. I'm staking my future ability to eat on living and working in Memphis, which I why I request substantive data when presenting a "run like the wind" from wherever it is claim. 

This is great, and I love seeing all points of view. Each of us (thankfully) is free to make claims without regard for veracity.  I have a front row seat to some of the things I've said in life, and trust me, there was minimal accuracy in some of it.  Sometimes we have to go with our gut despite what others are doing or saying and that can be frustrating. Maybe you got burned here? It does boil down to empirical evidence to substantiate a claim though for me. I love data and would love an opportunity to review anything someone has to share in this regard. Much of what was posted above meets this criteria already. But if there's a storm coming and we can estimate its intensity with data projections, I'm all ears. What I hear so far does not comport with that notion, which is why I'd love to hear any counter argument with substance.

Thanks y'all for coming out! It was great to meet everyone. And Jay rode shotgun for a personal foreclosure tour of Memphis till noon today! Thanks for riding along and seeing the sights! Till next week!