All Forum Posts by: Dean H.

Sad, those that don't understand, in an effort to help maintain an inventory of affordable housing have seen the need to further burden those that could solve the problem with more needless regulation. Like you I know many large apartment developers that are just quietly slipping elsewhere. It used to be just the tri county Portland area but with the new law it has forced there hands statewide. The help for affordable housing lies in less restrictive zoning, less burden from regulation, a viable freeway system, less expensive permits and development fees, and an attitude promoting sensible development. Unfortunately the decision makers here don't agree.   

@Heidiofferdahl

Heidi, In Memphis we handle A/C on a house by house basis based on neighborhood and competition.

Compressors tend to get stolen often in some areas. We tend in those areas to supply good dedicated circuits for window units which tenants supply if they want A/C.

Remember if you rent a home with central air you must maintain it, if tenants supply window units maintenance is on them. 

Again it all depends on the area and competition

Dean 

I play when they when they get above a couple hundred million. Someones going to win and heck with that much money I could buy a jet sled and still pay for the wife's beer. LOL

@David H.

It is very expensive to use cheap paint

@Scott Lyons

Most of what I buy fits your description Scott. I don't know if I would recommend it for someone lacking experience. Although I no longer do c-d multi family ill past along a few hints.

I always look the area over and make sure I can change the neighborhood by taking one of the worst and making it a nice fit for the area. Good neighbors that are happy with your presence are a blessing.

A street full of multi family, well that doesn't work for me. I like about 60% owner occupied, especially in C -D. Again back to the happy neighbor thing. 

If you purchase it buy it vacant. Clean them up decent and do necessary repairs. Do not get carried away fixing it up. They want a roof over there heads and that,s what you are a going to provide. If the area improves later you can fix them up better between vacancies.

Get a property manager that works the area and knows how tenants are in the area. If you want to clean it up yourself tell them your a handyman or contractor and let the manager deal with the locals.

There is more but dinner time...................

@Adam Philpot

Adam, We have been doing class C in Memphis for years now. We carry no debt on our units and figure at the end of the day 1/2 of rent revenue will be spent on expenses. I'm vary cautious of multi family in class C, there is just too many single family available to have a decent tenant base for multi. 

Maybe the locals have a much better understanding of the local market compared to out of state investors that base their decisions on comparisons to out of state market situations. If its too good to be true it probably is.

Yep I'm an out of state investor in Memphis.

@Doug Pretorius

I think your right. It just seems like such a waste of time and money to me to not research your pursuit enough to filter out the ones that just are not going to happen.

I guess I've learned more  than i figured in all these years

Or,,, maybe not LOL

If you evict her give her my contact information. I have a nice Class C duplex unit available that I would more than love to rent to her. 100 dollars under market rent and i'll even repaint.

So a couple of days ago a daughter of ours that lives 1500 miles away receives a cold call from some idiot while she is studying. The guy asks if everything is going alright with your family's property at XXXX, yyyy street in Memphis. Our daughter of coarse knows little about our portfolio so calls in a panic wondering whats going on. Turns out the guy had called me 3 times the same day but being busy I let it go to voice mail. I understand the process, I understand the drive but really, do a little research guys, it's not like the place is an abandoned dump with unpaid taxes, it is a nicely rehabbed long term rental and I haven't  see my obituary yet. Until i'm dead kindly leave my children out of it.