All Forum Posts by: Pat Martin

Chris Clothier and his company Memphis Invest are mentioned several times in this WSJ article.  Congrats to you!

http://online.wsj.com/articles/new-ways-to-profit-from-renting-out-single-family-homes-1411150866

Seems pretty obvious to me why that house has not sold.  Its way out of line with the neighborhood.  Who on earth would build a 1.2 million dollar spec home in a neighborhood where the highest sale price is 600k with most 200-300k???

A hot water heater kill a deal???

Mine are not financed and I am getting about 8%.

I bought my first property in January 2013 by December I had 5.  I did most of the labor and also leased and managed the properties.  If you had a lot of cash you could do 20 in one year but you would definitely be busy.

1. MLS

2. MLS

3. Estate auction.  Kinda funny at closing to watch 3 sibling beneficiaries fight over $20k in proceeds like its several million.

4. Auction.com  Lady still lived there and was a hoarder.  Had to evict.

5. Auction.com

6. Auction.com

Along with going to the auction.com auctions Im also going to a bunch of other trustee auctions at the courthouse.  Plan to buy 2-4 more in 2014.

Thanks for the feedback.  Here are the two clauses in my lease regarding this subject.

14. Vacating Upon Termination. Tenant agrees that upon expiration of the term of this lease, or upon the earlier termination of the lease for any cause, Tenant will at once peacefully surrender and deliver the Leased Premises together with all improvements thereon to Landlord in the same condition as received, ordinary wear and tear excepted.

15. Holdover Tenancy. Tenant covenants that Tenant's occupancy of the Leased Premises beyond the term of this lease shall not be a renewal of this lease, but that the acceptance by Landlord of rent accruing after the expiration of the term of this lease shall be considered as a renewal of this lease for one month only and for successive periods of one month only; provided, however, Landlord may, in its sole discretion, give Tenant notice in writing at any time during such holdover tenancy of an increase in monthly rent, and upon the giving of such notice, Tenant shall pay the increased monthly rent effective as of the first rental payment date more than thirty (30) days after such notice. 

I just payed my lawyer to write up a lease for me when I started but it appears that I should make some changes in that favor me in these types of situations.  Im pretty sure she not gonna get any of her security deposit back.  She has a dog that pissed all over the carpet.  So she will be buying me new carpet.

I have a tenant whose lease is up August 5th and she contacted me today saying they will be leaving at the end of lease.  Im guessing that she does not have to give 30 day notice because she's just following the lease, but how do you guys deal with that so that you don't have a tenant tell you a few days before end of lease that they will be leaving?  She verbally agreed to resign at the end of the term but then changed her mind.  Also how early would you have them sign a new lease?  A month before end?  Thanks!

I have bought 3 homes through them.  They are fine to deal with but not great.  They  only give you a starting bid but that is not equal to the credit bid.  So often times they are a waste of time because the credit bid is way too high.  That being said there are defiantly deals to be had just have to be patient.  The big issues are the same as with auctions at the court house...clean title, tax liens, back taxes, and occupancy status.  I would advice going to some of the live auctions and just watching and getting comfortable with it and talking to some of the buyers.  Good luck!

A good way to look at things is that if you didn't currently own that house would you go out and by it for a rental. That makes your answer pretty clear I think.