Memphis REI: Deal or No Deal

[Nick Moore]

Hey guys!

My wife and I are looking to make some actionable REI moves in a few months and are practicing identifying deals in our local area (Memphis, TN). We wanted to get some additional perspective on one particular deal due to our confusion as to why it's been on Zillow for so long? (Link at the bottom)

1) 4 bed 2 bath Listed at 89.5k

2) Flipped/BRRRd Houses at same sq ft have almost doubled in value in that area - so potential ARV 130-170? (No pics or anything, so just going off of neighborhood and nearby comparisons)

3) Appreciation looks promising - A block away from a huge urban development of an old sears distribution center crosstownconcourse.com

4) Reno was said to be around 50k

Is it not necessarily a bad deal, but just a lot of up-front capital for the Reno? Couldn't it still be pulled out of the refi if you were to do a BRRRR?

https://www.zillow.com/homedetails/322-N-Claybrook-St-Memphis-TN-38104/42130798_zpid/

[Koleton Daley]

@Nick Monge it’s most certainly not a good deal! They have been catching more and more negative feedback from all over the place. I can tell you from personal experience that we’re currently involved in a Civil matter with them for fraudulent activities they performed on us. They offered a settlement but with a clause.. we had to sign a non-disclosure agreement and not talk about any of it. People need to know what this company is all about my friend. They tell you that they can handle rehabs, tenant placement, evictions, and be a one stop shop but I can assure you they are anything but that. If you’d like I can put you in contact with our representing attorney and he’d be more then happy to talk to you about how honest and ethical Crestcore is (Sarcasm haha). Save your money now and run from the deal, everything looks great on a paper and how they’ve presented it but it’s not what it truly seems. You’ll sign on the property and you’ll end up regretting it. I can also put you in contact with other members we’ve connected with to discuss our civil case with and they’ll tell you similar stories. Crestcore is bad news and in my opinion is one of the most dishonest groups in the Memphis market.