Memphis Terry Brown warning

[Dean Letfus]

Before we took control of our own acquisition one of our earlier suppliers was Memphis Investment Houses and their property management company owned by Terry Brown. Terry appears to have skipped to Chicago, (according to his facebook page) with tens of thousands of dollars of our clients rent money.

We have tried for a year to get clients rents paid to them and severa clients have legal action underway

So be warned, don't go near MIH, Memphis renters daily or USA prime properties.

And if anybody knows where the money is or where Terry is hiding we would love any info.

[Curt Davis]

Gautam,

If an investor is paying all cash or using private financing, appraisals are not required so then it is up to the investor to have and pay for an appraisal. The company selling the home should also be able to provide comps to the buyer.

The big question here though it what is considered over paying? If I sell you a home for say $75k that rents for 850 and another company sells the same home for $85k that rents for $850, does that mean you are over paying? Homes are worth what someone is willing to pay for them. What if the more expensive option did a nicer renovation. There are a lot of factors to consider. You need to come up with a formula that works for what you want and try to stick to it. Good luck.