All Forum Posts by: Ben Roberts

@Derrick Craig

5718 Myers

Memphis TN 38115

@James Martin 38115

I am considering a duplex in Memphis, this would be my first flip/buy and hold. Would someone mind taking a quick look and offering their opinion on the deal?

The property is $89k, the repair estimate is $12k. The expected ARV is $140k. Ideally, I would fix it, get it rented out, and then flip it. The worst case scenario is me buying it, fixing it, and holding it as a rental. I have some cash to put in the deal from my HELOC and I already have 1 hard money lender ready to finance the purchase, but his interest rate, 11%, makes the absolute worst case scenario a little thin. My cashflow would be about $90/mo. I've already reached out to a few different lenders and will continue to over the next couple of days.

Just a gut check, do these numbers seem reasonable? Does this seem like a good deal to anyone else?

Thanks in advance for your help/opinion/advice.

Ben 

I've been doing wholesale deals in Memphis for about 5 years now and it's time to move out of a hobby and in to a real business.  I've put together deals with both local and out of state buyers and sellers.  I've used direct mail, yellow letters, postcards, cold calling, PPC, websites, and facebook ads to successfully generate leads; done leg work, repair estimates, and even some marketing for out of town investors; even built some software to scrape data.  In my day job I'm a project manager and data analyst advising non-profits in process improvement, marketing, budgeting, and business basics.  How do I go about developing a business plan, marketing plan, or strategic plan? Something actionable that I can execute rather than doing things sort of ad-hoc?  I have a little bit of a budget to get me started I just need help coming up with the initial plan.  Does anyone have any advice?

Does anyone know how often the Shelby County Assessor updates their property sales data? Or the Trustee?

I’m trying to find Memphis sales data and I can’t really find sales going back at least as far as December or November.

@Michael Williams, welcome home!

@Rob Smith, I've got a few deals under contract.  I'll send you a PM.

@Lauren Brown, I'm also a wholesaler in Memphis.  @Curt Davis pretty well nailed it.  Most wholesalers simply assign their contracts to other investors and don't need financing on their own.  

There are a few who actually do a double close, but not many.  

I've got a few deals under contract right now, and few in the pipeline.  If you'd like, I can walk you through the process.

@Ehsan Rishat,I'm very confident in my valuation of the property and he is not behind on payments at all.  In keeping it for myself, I'm a little worried that the monthly cashflow is thin.  So I'm wondering what other exit strategies maybe available. Thoughts?

Normally I wholesale properties in Memphis but I got a call from a seller with a 3/1, about 1,200 sq ft.  The owner says its got a new roof, carpet, and appliances, the HVAC is in good shape and that property has been approved for Section 8.  

He owes $35k on the property, but I think it's only worth about $30-$35k. However, he says that he's willing to let someone take over the payments, so I'm thinking potential subject to deal. His payments are $332 / mo PITI. Rent is in the $700 / mo range. Just looking for some advice from the group. Would you pursue this as a sub2 deal? or do you have better idea? What would you do?

@Syed Lateef, thanks.  I'm trying to figure out the exact same thing.