All Forum Posts by: Allan Fisher

I've had one of my properties with Reedy for around 4yrs now. They usually send out the monthly statement around the 7th. The rental proceeds usually show up in my bank account by the 13th of the month. I personally don't like that they send the funds so late in the month, but that's the way it's been since I've been with them. 

I'm in Southern California and own 3 SFH's in Cordova, 38018. Current rents are: $1250, $1350 and $1400. As an out of state investor, I'd probably classify them as C+ to B areas. Steady income w/ good renters and good cashflow. I've been to Memphis a few times and I've grown to like the Cordova area, especially for SFH rentals.

I'm in San Diego county and own two investment properties in Memphis. I chose Memphis because it's a good rental market, good job market, low properties taxes, and in a landlord friendly state.  

I did a ton of due diligence before buying the first home and have been out there a few times to check on the houses and familiarize myself with the city.  I can tell you there are areas that I absolutely would not touch. I bought in an area where rents are $1200+ per month, which has worked out pretty well for me. 

Good luck in your search! 
 

@Dan T. Congrats on your purchase in Memphis. I'm also in SoCal and have a couple of rentals in Memphis, both in Cordova, 38018. One cashflows slightly better than the other (I pay city and county taxes on one of them). Rents are $1250 & $1300. I took a slightly different route on purchasing, although I did consider TK. I did somewhat of a remote BRRR method, paying cash (both were off market properties), fixing them up, putting a renter in, then refinancing them. I've had a few issues with some earlier renters but now both properties have great tenants!

I'll occasionally jump on RedFin or Zillow to see what's available in Cordova and Bartlett.  One thing I did notice is that 3/2 w/ 2 car garages in the 120k - 150k range aren't staying on the market for long.  They are selling quick! Glad to hear the appraisal came back high.  Congrats on your purchase! 

Hi @Amy Hu, I'm curious, what city were you OOS investing in?  

I've got a couple of rentals in Memphis (Cordova) and I also use Shelter Insurance.  Very reasonable rates. 

I'm sure our situations are different, but to give you an idea, my CPA charged me $405.00 to do my federal and state taxes. I'm a full time W-2 employee (so is my wife) and also have an LLC. I have a primary residence (in Southern California) and 2 out of state investment properties (in TN). I believe everything my CPA did matches what you described above (loan write offs, depreciation, biz expenses, etc.).

So if I were to compare,  I'd say $4200 seems a little steep, but your tax situation is probably much different than mine. 

@Henry Tse  I live in San Diego and I recently began investing in Memphis. I own 2 properties, both are in the Cordova area.  For my first property, I purchased on 11/18/16 and it was rent ready on 12/7/16. I got a renter in paying $1200/mo around 01/07/17. So far no issues. 

For the 2nd house, I closed escrow on 3/23/17 (a week ago).   I'm waiting on the rehab and hope to get it rented by 5/1/17.  I plan to rent it for $1200-1250.    Not sure if this helps or not but I've had no issues with the Memphis market so far. My strategy was to stay in areas where the rent was greater than $1000.00. 

@John Dombrowski Yeah, you can get a conventional on a rental. I closed on a property in Memphis TN on 11/18/16 and immediately started the refinance process. It was rent ready on 12/7/16 and I got a renter in around 01/12/17. My refinance closed on 01/27/17. I was able to do a cash out refinance for 75% LTV on a conventional loan. So all in all, it took about 2.5 months from the day I closed on the house to the day my refinance went through.

I'm located in So Cal and I used US Bank for the HELOC against my primary residence. They gave me 90% LTV.