My dilemma your thoughts

[Marco Morkous]

So I’m investing in Memphis, TN(first property) and very excited! Actually got this one off of the mls. It had gone stale so we went way low. Long story short it’s in a bad are but good neighborhood(relatively). Those of you who invest in cash flow cities I am sure know what that means. So it’s only been vacant 3 weeks now. Reason being I am waiting on a line of credit from the lender to cover rehab costs. It’s almost here but due to it remaining vacant some kid threw a rock and broke a window.

I guess I knew something would happen sooner or later? For those of you who got started owning rentals in the not so hot areas, what is your advice in order to start this way, be successful and at the same time not lose all the cash flow I make to maintenance!

[Anna Catron]

My most basic advice would be to start doing something on the property daily.  Chores that you can easily do yourself, save a little cash, and make your presence known.  Rake up the yard, power wash the house, demo small things you know will be demo'd. It will help you get to know the property better, put your person on the property and maybe save yourself further "broken windows".