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Updated about 5 years ago,
Memphis native investing back into the market!
Hello BP!
My name is Gurshan Bansal and I lived in Memphis for 18 years before moving to Atlanta in 2015 to begin a career in the tech. startup industry. In 2014 I purchase my first home in the 38117 zip code, house hacked it for a year without knowing that was what I was doing and managed the property myself for 3 years after I moved out. I turned it over to a property management company earlier this year.
While I have been very fortunate to work for some great companies over the last 4 years, with more responsibilities in the tech. startup world come longer hours (like any industry) and a diminishing marginal return on pay. Yes, I make more money as I climb the ranks however is it worth the time? - That's what I was struggling with before I landed on BP in early May. I can not complain, I am very grateful for my job and all the opportunity that comes with it, however, I am seeking a lifestyle that doesn't require a traditional 50 + hour workweek.
I've made so many amazing connections on these BP forums and appreciate those who were willing to share their experiences with me. If you are a new investor in the Memphis market and folks are willing to share their experiences with you, definitely take advantage of that - It's been more valuable than any other education asset or resource, IMO.
Because of these connections I've been introduced to a credible wholesaler and have met people who I could potentially partner with on a first deal.
My plan is the following:
Next week I will be in Memphis, driving for dollars every night. One of the connections I've made is going with me and is willing to share their strategies. I will also be checking out a rehab that I will be potentially be funding through that same connection. I am keeping names anonymous out of respect for those individuals. If all goes well and there is a property that we find, I am prepared to make an all-cash offer on that property and use the BRRRR strategy. My main goal is to partner with someone who has undergone the BRRRR strategy on my first deal.
I know my biggest challenge will be finding deals and If you are a wholesaler in the Memphis area and plan to go driving for dollars next week please let me know if you are available to chat before to see if we could be a good fit for each other. I would love the opportunity to tag along and buy lunch/dinner for your time.
I am sharing all of this so other newbies how much these BP connections have helped me solidify my plan and just to overall introduce myself to the BP community.
Thanks for reading!
Gurshan Bansal