All Forum Posts by: Sean Tagge

There are several Turnkey providers in Memphis TN. My definition of a true turnkey provider is they have been in business for years, and have a in house property management company, and provide a true full renovation meaning they take care of the cap ex like roofs, water heaters, HVAC's along with a full cosmetic rehab. 

Vet the company check out their google reviews visit them see if they are operating out of their garage or have a team who can handle your business. 

We use Lipscomb and Pitts they have the absolute lowest rates and most coverage (best value out there) 

Hey Kirby, 

Our company manages over 700 multifamily doors. I'd be willing to add my input in any way.

Nice work Millington is a great little area to invest in. 

Good turn out today. Thanks for joining us Shontrice Dean, Quantel Carter, Evan Burton, Coleman Wilson, Tom Ely, Bernard Green, Rose O'Maley and Justin Phillips. Topics covered today BRRRR Investing, Multifamily vs Single Family pros and cons, Hard Money Lending, How to do you first deal, How to find deals and How to scale your real estate pipeline. Join us next week as we discuss topics that will improve our market knowledge. What subjects would you want to mastermind? Sound off on the comments section!

Nice work Ryan! What was the bank you got the HELOC for your personal residence?

Great discussion, great breakfast, great minds. We talked about Memphis investments, new deals, marketing strategies and making offers. The group analyzed a participants deal and the repairs needed on the property. Masterminded how to find more leads for wholesaling. Discussed how to get started in real estate investments. Even talked about the prospects of Airbnb. Thank you for joining us Patrick, Martez, Keith, Tom and Ira. I'm heading out today to potentially buy a property that a wholesaler sent us the deal to. What a great morning mastermind indeed. Join us next week. Light breakfast served weekly, 7:30am, at the Reedy Company Compound 4701 Summer Ave. Memphis, TN 38122

Hello @Rolando Garcia

congrats on potentially purchasing a home here in Memphis this is a great place to invest! 

Out of curiosity:  what zip code is the property in? How did you find the deal? 

Here are some appraisers who are familiar with investment real estate in Memphis TN : 

Tim Walton

Sam King

Stephen Forrestor

Michael Bray

Hey Matt

there are lots of national HM lenders

Lima One

Lending One

are two for example and reputable. 

Hey @James Hughes, 

Ya so my first deal in Memphis was when I was buying out of state (currently I was living in Salt Lake city Utah). it was in 2016. I bought a house in Memphis in zip code 38118 typical 3 bed 2 bath 1200 sqft home 1 car carport fenced back yard. 

Purchase $40k

Repairs $15k

ARV $75k

Holding / Closing / Interest costs: $5000

All In: $60,000

Rent $850/mo

I purchased it through a wholesaler that I found through a Facebook group. 

I go the money for the initial purchase from a guy I met at a local REIA in SLC. He lent me the $40k purchase price and the $15k reno for a 20% annualized interest rate (no points) (so basically a hard money loan high interest but I didn't have to put any money into the deal except the $5k holding costs)

I got a contractor to rehab it for me and he sent me pictures weekly on the reno update took about 5 weeks. 

Once I got it renovated and rented I got it refinanced through a traditional fannie mae refinance mortgage 75% LTV 30 year am 5.125% interest rate fixed. It appraised for $75k so the loan was 75% of that = $56,250 My all in was $60k so I had to leave in $3,750 into the deal after the whole BRRRR was finished. The whole process took about 3.5 months.

It has cashflowed about $175/mo so annual = $2,100

So Cash on Cash ROI has been about = $2,100 / $3,750 = 56%

Then it has appreciated to about being worth $80k now.