All Forum Posts by: Tim Bergstrom

Thanks @Luka Milicevic and @Matthew Anderson! I ended up getting a Purchase and Sale agreement, which was my immediate need for yesterday and got in touch with a title company that was recommended to me from another investor friend of mine. But should something change I will still need assistance for all other needs to get to closing after the PSA is signed. Matt I'll definitely keep your info/you in mind! Thanks guys!

Hey BP!

Looking for a little help here. I'm in process with a deal here in Nashville and am in need of the name(s) of a good real estate attorney to help with all the documentation. Time is a bit of the essence. If anyone has a good recommendation I'd greatly appreciate the referral! 

Thanks so much!

@Zach Lemaster send me an email [email protected].

@Haim Mamane Palman. I just emailed you.

Hey Stephen,

I'm interested. Feel free to DM me or email me at [email protected]. Guessing this is an off market deal?

Thanks for your input Daniel! Much appreciated. That's good to know for the future.

Hey DJ,

Thanks for the response. Asking price is under $35k. In moving forward I'd hope to get it under $30k. 

Good to know your opinion. And I always knew JT was from Memphis, but didn't know Covington specifically! Ha! Definitely could add sentimental value for sure. Haha.

Hey BP,

I specifically have a question for those who know and understand the market in Memphis, TN and the surrounding areas. Rather, I would love to get a second (or third or multiple) opinion(s) on a deal I'm looking in to.

I'm considering making an offer on a property in Covington, TN, which I understand to be about a 50-60 min drive from downtown Memphis. It's looking like the numbers are making sense and I could Flip or BRRRR it.

I guess I should say that I'm located in Nashville, hence my reason for not knowing detailed specifics on the market and not being able to easily pop over and go see for myself. 

The property is on the south edge of town (a little south of James Ave and a few streets over from 51), but still very accessible. My realtor I'm working says that ARV's in that area for a 3/2 1500sf-ish property would be safe to bet on around $100k. And that rents should be in the $1000/month range. And for this particular property we're guestimating around a $30k rehab.

So my question is do these numbers on ARV and rents sound about right to y'all that also know the area? I trust my agent, but just like going to the doctor I find value in getting a second opinion. Haha.

If so, would a Flip make more sense or BRRRRing it make more sense (perhaps that's just a matter of what I'm wanting to do). If you have thoughts on that I'd also be open to hearing whatever you have to say!

Thanks in advance for your advice! If I can return the favor in some way I'd be happy to do so.

-Tim

Awesome! This is all great feedback guys! Much appreciated. A lot of what y'all are saying were many of my suspicions as well. Good to have hard confirmation from others more experienced though. Also thanks for the specific information Curt! Super helpful.

Hey BP, Would love to get a little insight into a specific deal I'm analyzing. I'm looking into a property in Memphis that has fire damage. I'm in Nashville and haven't been able to go look at the property or anything so all I really have to go off of at the moment is a picture, the listing saying it had fire damage mostly in the garage, and the advice of my realtor/investor contact on the ground there. The preliminary numbers so far are looking good on the property. Asking price: $25,000 ARV: $75,000-ish Rent Rates: $900/month I'm planning on buying cash and using my capital to also fix it up. Sadly, at this point the scope of work is hard to tell due to the info I currently have. I want to do the BRRRR strategy in this situation, but my realtor brought up a good point about whether or not I'd be able to get financing on it on the back end due to the history of the fire damage. So my question is this: does anyone have any experience or specific insight with this type of situation? I'm sure it probably varies state by state/case by case. But is it typically a difficult thing for banks to lend on a property with repaired significant fire damage? Or is it something that wouldn't even be an issue if all the repairs were done to code and passed inspection? Or somewhere in between? If anyone can shed light on this I'd be much appreciated! Thanks y'all! - Tim