All Forum Posts by: Cory M.

In Memphis, I don't think you can meaningfully create a cheat-sheet or breakdown of zipcodes that investors can use without knowing the market. My experience is you need to work directly with someone who knows the area. There are plenty of local investors, real estate agents, & property managers who are experts. I wouldn't move forward on a deal without consulting with one of them!

For Memphis in particular, there are some good "Zip Code Breakdowns" floating around. But they are at best a starting point. I used one to narrow down areas, and then asked my agent and property manager about particular houses/streets.

3 Votes

Memphis, Tennessee

Why not keep saving in your 401k and Roth IRa, but take the savings you are currently putting in your brokerage and let it accumulate for a down payment. It might be a little slower than selling something. But you could use the time while you are saving to study and learn a ton.

0 Votes

Quote from @Jordan Ray:

If you're investing in Memphis real estate (or thinking about it), this simple repair estimate sheet might save you thousands. I use it to quickly break down rehab costs and avoid getting burned by sketchy contractors. No pitch, just a tool that works.

I'd love to see the sheet if you have a link.

1 Vote

Memphis, Tennessee

Quote from @Nithin Thampi:

I’m interested in learning more about your guys experience. I recently learned I’m going to on the top of the list. Any recommendations on zipcodes to choose and how to decide which property? Also how accurate is the cash flow to the examples on their website? Any specific bank I should use to get preapproval?

They have preferred lenders that you are recommended (maybe required) to use.

0 Votes

Little Rock, Arkansas

Quote from @Max Gunther:

Hi, I would also emphasize to stay away from Foundation Property Management. I had 5 houses with them that were terribly managed (placing bad tenants, extremely high rehab costs). I know two other investors with same problems. Beware...

I also have found some of Foundation Property Management's repair costs to be unreasonably high. Part of the issue is that they seem to double charge for their role in overseeing repairs. They charge the sliding supervisory fee (5-20%) which is listed on their website, but they also add a $75 service fee to every repair (not listed on their website).

1 Vote

Los Angeles County, California

Quote from @Robin Simon:

Do you own your primary residence overseas or have you owned a primary residence prior to going abroad? That might be the biggest hurdle - but otherwise, I'd check out "DSCR Loans" which are the perfect option for people like you looking to buy rental properties w/o W2 or DTI

We don't own any other properties other than the investment property we just purchased. We rented prior to moving overseas. For US government purposes, our legal residence is a family member's home where we stay when we are in the US.

Thanks for the DSCR info. I'll take a look.

1 Vote

Memphis, Tennessee

I'm an American living and working overseas. My job has steady income, but no W2s and no pay stubs. I recently bought my first investment property with a conventional loan, but the lack of W2s and living overseas made it a bigger hassle. Are there any simpler loan options I should research as I start thinking about our next property?

3 Votes

Memphis, Tennessee

Quote from @Heath Sizick:

This is a job for a handyman not a plumber. The licensed plumber will charge more. Do you know if your PM upcharges on all maintenance repairs? Many PM companies make money via maintenance upcharges. I would avoid these companies!

So, our PM company charges a sliding scale of between 5-20% based on the size of the repair (more expensive means they charge less as a percentage.) One issue I've uncovered in this is that they also add a $75 "admin fee" in addition to the percentage based "supervisory fee." I'm working to get to fully understand what makes up their maintenance fees (this is our first repair). But it hasn't been easy to figure it out so far.

0 Votes

Memphis, Tennessee

Good news. I got the property manager on the phone. It was mistakenly charged as if they had done each task as a different trip, rather than all of them in one trip. The cost should be getting reduced significantly.

3 Votes

Memphis, Tennessee

Quote from @John Morgan:

@Cory M.

I’d ask them for a break down. They shouldn’t be charging you over $300/hour for labor. $150 should have covered all this. You got ripped off big time.

That's kind of the feeling I got when I saw it. I just wanted to double check before I escalated things.

1 Vote

Memphis, Tennessee

All Forum Posts by: Cory M.

Cory M. has started 4 posts and replied 23 times.

Post: Lessons Learned Managing Properties in Memphis

Post: How do I leavarge 950k index funds brokerage account for rentals/RE buys?

Post: FREE Repair Estimator Sheet!

Post: Mid South Home Buyers - Has anyone ever done business with this company recently?

Post: Your Property Management suggestion for Memphis, TN Please.

Post: No W-2, Looking for Loan Options

Post: No W-2, Looking for Loan Options

Post: Cost to Replace Toilet Fill Valve & Supply Line: Is $365 accurate costs from my PM?

Post: Cost to Replace Toilet Fill Valve & Supply Line: Is $365 accurate costs from my PM?

Post: Cost to Replace Toilet Fill Valve & Supply Line: Is $365 accurate costs from my PM?