All Forum Posts by: Alex Evans

Hey Danielle, 

What area of Memphis is this property in? 

Hello @Presley Balestreri

I hope you are doing well. I am also going to chime in with what most people are saying 4% for an interest rate is a little low right now. We have seen lenders be able to get people below 6% but that is with 25% down and a point. In an area like South Memphis, we see that turnover costs tend to be a tad higher so I would say to add a little more in those categories to be a little more conservative in running numbers - especially for utilities. I know that the tenant will have utilities in their own name to begin but if there is ever a prolonged vacancy you will be responsible for those costs as well. I would be more than happy to discuss the Memphis market with you feel free to pm me! 

 Hey @Tricia O'Brien

Right now what we are seeing is between $99,900 and $119,900. Let me know if you have any other questions! 

Feel free to PM me I would be more than happy to help you! 

Feel free to shoot me a pm and I can help with how I set up my proformas as well! 

Welcome to BP congrats on the first property! 

Hey Justin you could also look at turnkey properties that way it may be a little less overwhelming without having to do the rehab on the property. 

Working in the industry helped more than anything but the rookie podcast also helped from Bigger Pockets!

Welcome to BP! I have been to Albany a number of times it is a great place! 

Welcome to BP! If you ever come across any deals in Memphis send them my way!