All Forum Posts by: Account Closed

 Working on it.  Newbie here. ;)

I use google spreadsheets at importxml calls to automate the process as much as possible.  I've got a stack of letters I'm running to the post office ASAP.

You can search the county register for assignment of deed of trust or appointment of successor trustee.  That might give you a few days lead time.

Would the Section 8 voucher cover the cost of the unit, even if it didn't yield any cash flow?  

Your blatant sarcasm aside, that would be a pretty groovy development.  I have yet to taste a food as delicious as a homegrown tomato.  

I believe in a middle ground between utter depravity and utter communitarian bliss.  A key component in reaching that middle ground is responsible ownership.  My lack of a fatalistic outlook (which some would call naivete) on impoverished areas leads to me believe that leaving a house vacant and boarded does little good to reach that goal.  Doesn't do much good for surrounding property values, either.

@Chris Clothier , thanks for your thoughtful reply.  You gave me some insight into the issue.  

There are, however, plenty of properties that are investor-owned, vacant, abandoned, and tax delinquent, with or without boards.  Whether or not those owners are likely to be browsing the forums at BiggerPockets, I know not, but I still found it worth mentioning.

@Douglas Skipworth thank you for your reply.  I once had an issue with a Crestcore managed property in my neighborhood that a few calls to the owner in California cleared right up.  That house now has tenants and no more boards!

 I like that, a tax on being idle.  

As a resident of Memphis, in a zip code many investors wouldn't touch, this issue is meaningful to me. I work hard to find any owner, investor or occupant, who doesn't maintain their property. 

The city is currently doing a parcel survey to put eyes on every piece of property in the city (may extend to the rest of the county).  This should generate a list of the most negligent owners and things can go from there.  

 I can Google like a professional. And in Memphis I know how to work the tax websites automatically.

It ain't my worthy cause, Curt, it's city ordinance.  No less than that, it is expecting investor owners to do the same thing that owner occupants are expected to do, keep up their property.  What's so pie in the sky about that?  Not every investor has to pay the $200, just the ones who don't want to maintain their property.  

Your fatalistic attitude is predictable because by saying that nothing will change if investors step up to the plate, you then attempt to relieve those investors, and possibly yourself, of the moral charge of stepping up to the plate.  I don't pretend to know what it's like to have been born in one of "those neighborhoods," but I do intend to make whatever dents I can by providing housing that is safe, clean, and affordable (ie not boarded up and neglected waiting for another buyer).

Like I said in the original post, I knew flack was going to come.  I just didn't think it would come from someone who actually lives in Memphis.  

Hello Memphis investors - 

This is a quick bit of info to let you know about the Memphis Vacant Property Registry.  It is a city ordinance enacted in 2013 to help fight blight in the city of Memphis.  Basically, if you have a property that is vacant for 30 or more days with no intentions of getting it occupied, you are supposed to register that property with the city for a fee of $200 / year.  This registration helps the police monitor vacant properties and, I believe, helps pay for the city to cut the grass so it doesn't show up on the tax bill (don't quote me on that).  Information is available here: http://safeguardproperties.com/Resources/Vacant_Pr...

This is a serious issue to me as I believe blight is holding Memphis properties down. I personally seek out delinquent owners who don't manage their properties and contact them directly.  For out of state or country owners, this is usually a problem with the management company, I know, but the owners still have to put the pressure on their management companies to keep the properties up.  

I recently bought my first rental property in North Memphis, in an area that is currently scrappy but has potential for growth.  There are a few junky properties nearby, including one owned by an investor in New Zealand.  I tracked down a phone number and we had a chat.  When I informed him of the registry, he simply balked, then cursed me out.  I emailed the property address and his contact information to code enforcement right after the call.

So, if you're reading this and you have a boarded vacant property in Memphis that you aren't planning on fixing up, please just register it with the city.  Yes, it hurts your precious cash flow but it also helps keep the city that much safer.  The boards on the windows do very little to deter the criminals in this city who would use these homes for nefarious purposes.  Registering the property pays for additional police coverage which protects your investment and the neighborhood.  

I'll probably catch a lot of flack for this, but it had to be said.  

 BOOM!  Good for you and your tenants.  +1 for the good guys.