All Forum Posts by: Tory Tolson

Please contact me if interested. Excellent property management in place. 

Not too hard. Really just takes picking up the phone and starting to call people. Start with a good agent with a lot of reviews and get references from them. That's how I started- and it worked!

I'd say it's a good market to start investing in. I started out buying my first investment property as a turnkey setup in Memphis. It's a competitive market, but you can find good deals with relatively lower risk as most areas in Shelby county are more affordable. Make sure you look into the different areas/zip codes, and of course, build a good, trustworthy team there. My strategy has been BRRRR ever since I bought my first 3 investment properties (capital dwindles quickly when you're doing 20% down payments all the time!). I currently own 13 SFH's in Memphis, 2 in Maryland, and running through due diligence on a 15 unit in Ohio as we speak. My goal is to scale and diversify into a couple different markets. Let me know if I can answer anything else specific.

@Isaiah Hamlin Sure thing. I’m all about out of state investing. Forces you to do things right. But, it also has to be the right market and make sense with the numbers. After all, it’s strictly a “numbers game”! Let me know if I can offer any other advice. 

Yes! Learned to be patient and trust the process sometimes!

Well, I really accelerated into different things. My first property was a turnkey property that I paid retail for. I quickly realized that to continue building, you have to have a realistic financing plan. Dropping $25k+ of personal cash on each down payment isn't realistic for most people. After 3 properties purchased at retail, I decided to BRRRR. Now it's really fun! The hardest thing to overcome is getting the first deal from analysis to closing, making it official. Just do your homework and make sure it's a good deal that will rent for the right amount. Other than that, be ready to learn and just know that mistakes will happen, just work hard to control them and keep them to a minimum.

I'm 33, and started investing 2 years ago. Looking to be able to retire, having all monthly living expenses covered, by 35. I look at retirement as having different levels. I'm a personal trainer and exercise science professor and love what I do so I'll likely shift to a less stressful part-time schedule. The main 'play' is to continue building the passive income stream to get to the level where it's really fun- traveling a ton, dream primary residences in several locations, etc! That will be 38 tops.

Isaiah- It all starts with one good contact. I think one of the best places to start with is looking for one of the top agents in the area your looking at. You can even search different platforms like Zillow and Realtor to see how many sales an agent has completed in the past year. From there you can get all kinds of contacts and recommendations. I invest out of state in Memphis, TN while living in Maryland- started about 2 years ago- and have a solid team now. Starting my 11th property/project there. I started with an agent, asked a ton of questions, and got a few more good contacts. 

For partners, I'd say to make sure you guys have goals, visions, expectations, and business plans aligned first. Also, make sure your personality types compliment each other, which means different personalities that help move one another forward. It doesn't hurt to have written agreements either! 

Investment Info:

Single-family residence buy & hold investment in Memphis.

Purchase price: $30,000
Cash invested: $55,000
Sale price: $114,000

Oh no! BRRRR gone wrong!?
Initially, my renovation budget was $45k, purchase price was $30k ($75,000). The project seemed to be a nightmare and required $10,000 in unforeseen items! After a long 6-month process, my all in cost of $85,000 slipped right outside the 6-month seasoning period for 75% LTV on a cash-out Refinance. This home appraised for $114,000 and left me with $85,500 cash out of the deal! Thought it was going to be a loss after the nightmare rehab!

How did you finance this deal?

HELOC from my Primary Residence

Investment Info:

Single-family residence buy & hold investment in Memphis.

Purchase price: $30,000
Cash invested: $55,000
Sale price: $114,000

Oh no! BRRRR gone wrong!?
Initially, my renovation budget was $45k, purchase price was $30k ($75,000).
The project seemed to be a nightmare and required $10,000 in unforeseen items!
After a long 6-month process, my all in cost of $85,000 slipped right outside the 6-month seasoning period for 75% LTV on a cash-out Refinance.
This home appraised for $114,000 and left me with $85,500 cash out of the deal!
Perfect timing and numbers! Thought it was going to be a loss after the nightmare rehab!

How did you finance this deal?

HELOC from my Primary Residence