All Forum Posts by: Sean Tagge

Awesome feeling when you start your day with awesome people. Thanks for attending Bill Reed, Benny Shaker, Tarris Mitchell, Daniel Epps, Kristen Beu and the rest. Topics included today: How to skip trace homeowners, How do an ARV, How to do more deals and Analyzed a few deals together. Also how to develop an Investor mindset. Join us next week for other exciting topics!

Thursday mastermind is about sharing best practices, networking, discovering deals. Join us every Thursday at 7:30am.

Real Estate is about creating relationships! Networking with other investors can take your business to the next level! Are you just starting out? Trying to scale your deal flow? Need a mentor, partner, or someone to bounce ideas off of? Looking for private or hard money? Contractors? Deals? Buyers? Don't miss the premier Real Estate networking event in Memphis! Nothing sold or presented. Just networking with other like minded entrepreneurs.

We will be holding this Every single Thursday Morning: 7:30 AM - 8:30 AM

At Memphis Investment Properties / Reedy and Company

4701 Summer Ave Memphis TN 38122

(Walk in the front Doors facing Summer Ave then Turn Left) (Our office is also the office of Reedy and Company)

Light Breakfast will be Provided for FREE.

I agree with Chris Clothier on this it is highly unlikely this has undergone a true turnkey renovation. 

I would also add that you are thinking you will be able to refinance in a few years on this. You will be able to refinance but most likely not with conventional lenders reason being is that their minimum loan amounts is usually around $45,000 so the value of the home would need to be around $60,000 (to do a 75% LTV refinance which is their maximum LTV for refinance). I dont see a $45k property appreciating that much in 5 years I would guess on a good day maybe being worth $50k (see my appreciation table below) so that would mean less people who will be able to buy it from you thus if you did in the future want to exit and sell this property you will likely have to seller finance (like these guys who are selling to you are because they know all of that and have no underwriting) or help someone find a non-conventional lender like a local bank and typically local banks do not like to lend to out of state investors for this very reason. So you might get left with the only option to sell it to someone who pays all cash and a cash buyer is going to want to buy it for a discount. You need to consider you exit strategy as well this will be a hard property to exit out of as you can see.

Also out of curiosity what will this rent for? 

Thanks for the reference to our company @Jason Hopkins There are some great turnkey provides here in Memphis TN. A simple google search you will be able to find a few and a lot of them are here on BP as well. Give as many of them a call as you can and see what they have available. 

We Buy Houses Memphis Masterminded about Commercial deals and Marketing strategies this morning. Thank you for joining us Tremell Thomas, Malcolm Wilson, Elise Jordan, Andrew Hartsfield, Xavian McNeal and Michael Thomas. What would you like to discuss next Thursday?

Thanks for the mention @Nathan Killebrew

Hey Joseph Memphis is a great market to invest in if you're interested I'd love to talk about the market here and how I can add value to you. 

Thanks for the mention @Nathan Killebrew

Hello Danielle ya I'd be happy to show you around our PM company Reedy and Company and tell you about the A B C and D class neighborhoods in Memphis. 

Here is how to get started in wholesaling

https://www.biggerpockets.com/blog/2015-01-31-ultimate-beginners-guide-real-estate-wholesaling-2

Welcome LaDarius! 

To find a contract search here: 

https://www.biggerpockets.com/files/search?category=contracts

This contract is very simple and we use one similar to this one: 

https://assets1.biggerpockets.com/uploads/user_file/file_object/1821/PSA2018.pdf

Here is an assignment agreement

https://www.biggerpockets.com/files/user/TomG92/file/assignment-agreement

I have seen people make millions of dollars using these two pieces of paper. (and a lot of hard work, marketing spending, networking, thinking, strategizing, hiring employees, organizing, talking to people, making mistakes etc) But it sounds a lot better just saying 2 pieces of paper.