All Forum Posts by: Pat Zorne

You should still be able to do it under your company name as long as you sign as the guarantoor using your name. If not get an addendum to the purchase agreement putting the deal in your name and then once it is done quit claim it to the company for asset protection

You can still submit the offer to the bank with a contingency on the home inspection. Put it in your contract that the buyer has 10 days from bank acceptance to perform a home inspection. That would cover you.

Does anyone know of a good property management company in Memphis, Tennessee who could handle 50 to 100 homes.

Do they have a web site? Do you know if they will lend on the purchase of 74 homes as a package deal which are all located in the same city? Do you know if they have a limit to how much they will lend?

I had an attorney tell me to look for someone who is AV rated. This is supposedly a rating system and an AV rated one is one that other attorneys would use if they were looking for an attorney in that particular field.

If you have that much cash you would be better off leveraging it to buy a larger property. With 20% down you could buy a milliion dollar property with positive cash flow. Hold that property for a couple of years and sell and take the profit and leverage it towards something larger and continue that process

Cash Cow

I am in the process of buying 74 homes in the Memphis area. Scattered but in clumps. Buying them as a package deal using a hard money lender. Numbers look good so far but am waiting for the actual numbers from the seller. Looks like a good area for investment from what I see. Am I being misinformed?

Buying 60 single family homes for 2 million with a combined appraisal of all properties adding up to 4.5 million. seller is showing an NOI of 290k. Found a bank that will lend 2.3 million with no money down giving buyer 300k for repairs or whatever. the interest rate is 11% with the bank offering to refi in one year at 5.5% buyer has to pay closing costs including 4 points to the bank. properties are 90 % occupied. Interest rate is high but buyer only has to pay closing costs to get houses. Is this deal worth doing. Also the 11% loan is interest only.

You may want to check with an attorney on that one. I have been told that once you break the chain of title the title will become unmarketable which means that you may have a problem selling it. I don't know this to be true but it would probably be in your best interest to check it out.

Bamalucky-- Do you ever have anything positive to say or are you here just to see how many people you can irritate.