All Forum Posts by: Lorne Shive

The best little nuggett I can give you is this.. Find 2 to 3 REO realtors and become buddy buddy with them!! This way you can get the inside track on your offers and I promise you.. You will get more offers accepted!! I use some realtors to put some offers in but the majority of the time I call the realtor who has the listing my self and put the offer in with them.. This way they get both sides of the commision.. You close 1 or 2 with them.. They will call you eveytime they get a listing!!

As for cash offers.. Go to your local bank and get a heloc on your primary residence or a different line of credit and that will suffice as a "cash offer"

Alex-
Typically when a tenant moves out or is evicted the money spent on the repairs is usually (usually) paint and carpet. There have been circumstances that have ended upwards in the $2000 range to get my properties back to move in condition... So it really depends on you as a landlord and the actually circumstance. Also it depends on if you are renting to Section 8 tenants.. If you are.... then you could spend way more to fix the home back up to Section 8 approval..
I start my repairs at $1500 per house each time a tenant moves out.. That way I normally over compensate for the repairs that were needed.
This number should help you understand better because you have to factor in the idea that the tenant may not fullfill the lease.. So the 10% of the rent amount would not come into play...

Remember when referring to Rental houses... its not "If" something happens Its "When" something happens!!

Hope this helps!!

I live in Memphis, TN and the Real Estate market here is unbelievable!! Here are some reasons why:

1.)The #1 city for most affordable homes! (CNNMoney)

2.)The 2nd metropolitan city in regards to having the lowest risk to
investing in Real Estate (CNNMoney)

3.)The 3rd most undervalued metropolitan market in the U.S. (CNNMoney)

4.)The 6th best market for investing in Real Estate (CNNMoney)

5.)Bartlett, a suburb, is ranked amongst Top 100 cities in America (CNNMoney)

6.)A revitalization to many parts of Memphis, i.e. Downtown, Mid-Town, High Point Terrace, Cooper Young, Highland Heights, and other inner city areas enjoying above average appreciation

7.)One of the lowest cost of living of all major cities (FORTUNE magazine)

8.)Surrounding cities support continued manufacturing development with Memphis as the distribution hub

9.)Recent Subprime crunch has resulted in a hungry Renter Pool

And there are many, many more reason of why real estate investors should be investin in Memphis, TN

If you would like to learn more please contact me at your leizure.