All Forum Posts by: Shardae Robinson

Awesome cashflow! Congrats! 

This is a great property! Congratulations! 

Nice! Congratulations and way to persevere despite the challenges and delays. I know that was not easy, but the pay off is definitely there! 

Great, thanks for the advice @Jon Schoeller. Will definitely need to start making some contacts around the neighborhood and city. 

How have long distance investors and/or landlords gone about handling the initiation and switching of utilities for newly acquired and/or vacated units?? Most utility companies seem to require at least one in-person visit to start services. Anybody have experience on how to handle/streamline this process when you're out-of-town? All help is greatly appreciated! :)

So smart @Adam Cole! And what a great market to be in right now with close proximity to the local college/university. So excited for you! Thanks for sharing your insights! 

Hey @Anthony Gayden - yes, this is definitely a low income area (hence the designation as an "improvement zone" by the city of Jackson). I appreciate that location is a huge part of the market value equation. I do feel that people in all parts of town should have access to nice, newer homes so I would happily keep it as a rental and still get a decent return. 

I am certainly learning that lesson @Jay Hinrichs! Thanks for responding. 

I am learning a HUGE lesson in market value versus assessed property value. Just purchased a foreclosed home in Jackson, TN via auction in an area where the market value of homes (what they are suggested to sale for) is way below the assessed value of the property itself. I got a 1600 sq.ft. 3 bed/2 bath SFR built in 2006 for $61,400, but assessed property value is $106K. Sounds great, BUT the problem is the market value and comps in this part of Jackson, TN are around my purchase price. My dad is a contractor and he could not build this house for what the market value is suggesting. Please check out the pictures to see for yourself.

There are several issues at play in this area negatively affecting the market value and potential price point: 

1. No newer homes have sold for a long while within 2 miles or so (but there are similarly aged, nice homes on that street)

2. The older homes of similar size are so outdated and in need of repair that they won't sale for much; hence, low comps

3. This part of town, North Jackson, is on the list for revitalization by the city; market value is NOT this low for the entire city

I'd love to hear your opinions about what to do with this home and/or experiences with large gaps in market vs. property value. Any tips? Is it too much to think I could sell for closer to $95K with no similar comps in the area?? I would prefer to flip it and sell after doing a little bit of updating (add vinyl plank floors in common areas, appliances, and paint entire interior); however, there is great return as a rental property as well with monthly rent ~$900/month. 

I am not at all disappointed with my purchase. This house is almost turnkey and I love the street it's on. Owners clearly take pride in their homes. It's just the market value that I'm struggling with. Any thoughts are greatly appreciated! 

I'm loving this portfolio you've built @Adam Cole!!! So interested to know how you're planning to manage the room rentals; it just seems a little daunting considering the potential turnover. Also, how did you go about furnishing the homes? Thanks for sharing! It's really good inspiration!