All Forum Posts by: Cherie Ganesh

On the whole that's a nice area and not much not under contract there. I think I see his house and it appears he started trying to sell in early 2019, took it off market after about 6 months with no price drops, listed with a new agent in Mar 2020 for 150k less,  dropped price two more times and is still available.  His price range in Memphis can be a challenge and buyers There pretty picky.  Nothing significant jumps out to me but a buyer seeing how high he started and how much the price has dropped they may just think if they wait a little longer it would be a price that would allow the new buyer to make some changes to interior decor to match their preferences.  I'm not a residential broker but have spent a lot of time over the years to learn as much as possible about residential buyers.  This property is more than I could ever hope to pay for a house so I can only really comment based on what I've recently been looking at in the $350k-$400k range which is a really sweet spot for buyers in Memphis right now. This market in Memphis is the craziest I've seen since returning to Memphis in 1991 with properties going under contract just days after being listed and most of them closing.  I don't know what he can do with it having been on the market for so long.  I hope this has helped a little.

Do you have an address.  I have no idea where you're talking about.

Thanks for info and we have found an attorney Howard Peppel who just spent time on the phone with me.  He knows his stuff and biggest issue currently is the backlog in circuit courts.  So far we have no restrictions with evictions since tenant hasn't given us notice that they can't pay rent due to covid caused issues, they haven't filed for any public assistance and we don't have any government financing.   

I have a tenant who is totall non-responsive to our messages to him about rent in arrears.  We need to find a good eviction attorney so we don't make any mistakes since we really want to get them out of the house.

I don't think they do. I'm usually searching for sales comps to determine property values or contest tax assessments.   I do search for recent sales which can be downloaded into a spreadsheet.  Pull up a property address and then request recen5 sales.  It diesn't always pick up everything so I do a couple of other searches of addresses in the downloaded list and run another recent sakes list and always seem to pull up a few more.  I can then organize my data however I want but I usually sort by # of BRs and date of sale.  I create a column where I can put a "yes" in for any fully renovated properties.  I have always focused on 38122 since I live there and can drive neighborhoods periodically to check my list, note houses for sale or for rent and then research those on realtor.com or if fir rent call for info.  This process has worked for me for many years.  There are probably companies you can buy the data from but I enjoy doing my own research.

No I haven't used it. I'm a commercial broker so only use Reator.com to look for SFR comps and new properties on the market in the area if Memphis where my rental houses are. As a CCIM, I use Site to Do Business which is a very robust application and has a lot of special info used to look for markets for users and look for comparative demographics to successful markets they may already be in. Even application like that are never accurate in markets that are in transition. Some data is updated with new data every year, some every 5 years and a lot of every 10 years when the census us done. Memphis can be a tough market to analyze since an area can change in a few blocks so a generalization even at the smallest area which is a census tract, the demographics can change radically and especially in areas that are in transition. Most of that inside the inner core of Memphis has been in the last 10 years so most demographic apps won't show the radical changes happening. I taught site selection for CCIM Institute for about 8 years so I truly understand the technical side of demographic analysis. For years I was a buyer rep and a huge value I brought to them was demographic analysis and understanding of local and regional markets from being on the ground. Pulling up crime stats in a city like Memphis may not help a lot since it typically gets reported by zip code which in Memphis are large areas due to our low density and our police department tends to report better than many cities so ours can look worse than other comparably sized cities.

This is close to a lot of medical facilities and area is in transition with both new apts and renovations of older units.  Rents have continued to increase in that area and you'll  see everything from studios to 3 BR apts. Go online to www.apartments.com  and put in Memphis, TN 38105 for some info. You may want to check adjacent zip code immediately south of Poplar Ave.   there are other publications that renters use to find apartments so in addition to the above, do a Google search for apartments in Memphis, TN and other resources will show up.  Vacancies are relatively low but lots of apts under construction or approved and not broken ground yet.  I have no idea when that apt market may become over built so I would definitely be conservative in my proforma rents just in case it happens sooner than everyone may think.  As you look at comps, you should be able to see which management companies are active in apts like yours will be.  Be sure to include enough for real estate taxes since they will increase relatively soon after you complete renovations.  Hope this helps.

For that price all in there are still a few 2 BR that can be found in the area north of Sam Cooper east of National, west of I-240 and south of Jackson Ave. This area includes 38122, some of 38108 and a small piece of 38128. Within this large area the triangular area between Chelsea (rr tracks), I 240 and Jackson Ave is beginning to improve and non-renovated houses may be found within your budget, but will take a lot of driving the area, looking for possibilities and tracking down owners and finding a reasonably priced contractor. There aren't many houses in your price range that can just have lipstick put on them. Most need updated electric,  updated water lines and new roofs at a minimum. This is blue collar neighborhood and many original owners who have been there since 1950s.  Curt and others will probably agree that a total rehab for a 1950s bungalow will most likely reach $30,000 even with moderately priced appliances, flooring, etc. Unless you can find a $30k from a family needing a quick disposal, I don't see how you can make enough profit on a resale to make it worth your time. Just my opinion but i've lived in the southern part of my defined big block since early 1990s & have watched the market prices increasing with the foreclosures from the recession now absorbed. 

I am a commercial broker and would be glad to meet with you to discuss your investment needs. I represent buyers only and specialize in retail investments and land for retail development and have contacts with local lenders. 

HOA fees can eat you alive and you have no real control over the common area and building maintenance. I've seen some as high as $250 a month. That info is rarely included with listings so you have to get in touch with listing broker to get the info. You also have a long term risk of special assessments if the money collected isn't enough to cover major projects like roofs and parking lots or the condo association isn't well managed. I'd also want to visit the property to see what it looks like and make any offer contingent upon you getting the last three years of annual financial reports for the condo association and taxes filed by HOA. Many years ago, I was very active in a HOA Board of Driection and found that a lot depends on the management company and the residents who choose to actively participate in the HOA to assure that everything is being done correctly.