All Forum Posts by: Arthur Crum

Beautiful job!! I'm in the process of flipping my second home now. Thanks for sharing come of your shortcomings and pitfalls. I do most of my own work as that will often save a TON of cash. If you erased that $27K in labor you may have actually made a nice little profit. I hate hiring lazy contractors when I know I my work is far superior to anything a day laborer is going to slap up. Anyway, just my two cents...beautiful renovations though!! 

Absolute propaganda in my opinion. Buying my first home was one of the best financial decisions I have made. Was it an asset?...absolutely not, but I quickly realized this. That's precisely why I sold it a year and a half later to some other sucker for $45K more than I payed for it (all before the real estate market ***** the bed). I then took that profit & equity and rolled it into the Duplex I currently reside in. I essentially live for free now as the rent next door (great tenants of over three years) cover the mortgage on the property. Also, had just enough left over to cover the down payment for my first flip which I currently stand to make $50k+ from. So yeah...keep renting America. There is nothing I love more than collecting residual checks!        

Really appreciate the response Stephen. I kinda figured that was going to be the case. Since your a local, I'd be interested to hear your opinion on single family homes in Memphis? Have you seen appreciation in your local market over the last few years or so? Memphis is so cheap I find it very appealing. Of course Baltimore is too and yet I know many people won't even touch that market.

Hello! 

I'm fairly new to BiggerPockets and looking for some advice. I'm excited to announce that I'm about to close on my first multi-family unit, a value-add Du-Plex! I will occupy one side as my primary residence to eliminate a mortgage payment. The other side is already occupied and paying $950 a month. Market would yield $1200 but I don't want to go pissing off a 5 year tenant who pays on time (at least not yet anyway).

But I digress...I'm hoping to close on another multi-family unit shortly after the acquisition of the duplex. This property is going to be a four-plex somewhere out of state (I live in MD and RE is too overpriced in my market). Anyway, I'm looking at South Memphis as you can pick up a four-plex down south just north of $100K which would be perfect. 

Does anyone here have experience in this market? I know Memphis is a notoriously rough area but I'm from Baltimore and have a pretty good idea what I'm getting into. Anyway, is it worth the hassle to pick up roughly $2000 in cash-flow or should I save my money and try to buy more units in a better area? I really need the cash-flow to fund my real estate business (I'm an agent). Having no mortgage in addition to even $1500 a month is cashflow would be huge for me as I have no debt. My next purchase would be to step up into a commercial loan (4-6+ units) but that's a ways away. I can't afford the down-payment for anything more than $175K. Open to any and all suggestions!!!

- Art        

Your sure to learn a few things. However, for the most part these "free" seminars simply act as a form of lead generation for the individual (whom won't even be there btw). They just continue to up-sell you on more classes and products. Honestly, your better off reading a few good books on the subject and just learning as much as you can, anyway you can.   

Hey Mindy, 

Does BiggerPockets pay bloggers??