All Forum Posts by: Walter Jones

Everything I've ever bought was tenant occupied, and many of them are still with me. Downside is they're still slightly under market rent, with minor increases, but upside is I've spent very little.

When they do decide to vacate I spend some money and get the rent up when I turn it over. 

Memphis is a great area for S-8. Properties may be in less desirable areas but price to rent ratios are good, and if a S-8 tenant isn't a good tenant they lose their ability to participate in the program. 

@Orhi Tahi,
Almost every zip has good and bad, and you are 100% correct on the street by street. Most of my properties are in 38111, but there's a wide range there - I focus on the Sherwood Forest and Normal Station neighborhoods, but I live close to there, there's some adjacent areas that are worth keeping an eye on.

As far as A/B neighborhoods I'd focus on the north part of 38117 and 38120, and anything in the city of Bartlett. The school systems in those areas are very desirable and it should push appreciation as well as rent growth. You'll give up some rent to price ratio in the short term but they'll be great long term.

C to B neighborhoods - Speedway Terrace, Vollentine Evergreen, Sherwood Forest areas. Also check out Liberty Park - it's a 200 million dollar renovation of the area around the Liberty Bowl Stadium https://www.libertyparkmemphis.com/. The neighborhood to the east is turning over.

Hi @Sean Doyle. My first question for an agent would be: "How many properties do you own?" Then find out if their own focus and strategy aligns with yours, and how many people they've helped start and/or grow their portfolios.

Memphis is good. Sometimes you have to leave a little money in the deal when you refi, but rent to price ratios are strong.

Truth. 17 doors and counting.

I did a deal for a client with y'all recently - loved working with Dean and the team!

Truth. Makes me think of the saying: "Don't wait to buy real estate, buy real estate, then wait."

I use Rentometer Pro a lot as part of my due diligence with helping myself or a client research properties, then I loop in a property manager in the discussion. I'd be happy to run a report on the property for you and email it to you.

Have you considered Section 8? 4 bedroom homes are hard to come by, and I think the upper end of what HUD allows in Shelby county is around 1600.00 for a 4 bedroom if it qualifies.

Hi @Sheila Centeno! Memphis is great but I'm biased lol. I have a good mix of a 4-plex and several duplexes along with 3 single family homes. 

I'd be happy to connect and talk about your criteria and goals.

Walter
 

Hi @Aria Sabour

Airdna.co has a rentalizer tool that I've used. They have a free version, and you can plug in the address and it will give you a revenue estimate.

I just converted my 3rd one. I initially did them as Furnished Finder mid-term rentals and have been happy so far, but the last one I had a calendar gap and I opened it up as an Airbnb - I got 3 bookings right away, so now I'm considering converting more.

I've worked all across Shelby County - from Section 8 buyers to nicer properties - my sweet spot is somewhere in the middle.  I have a great HVAC, plumbing and electrical guy, but I'm still vetting a couple more contractors.  

I'm up to 13 doors, with 2 duplexes under contract that I hope to close in June.