All Forum Posts by: Derek Okahashi

 He is consolidating right now and doesn't really need funding for new projects. 

Jonathan this is a great question. As I stated in an earlier comment or two, a step uncle of mine had to sell his later mother's home and although it was appraised at 40 or 50k (i don't exactly remember), it sold below 15k. So I think numbers in Memphis (or other crime ridden areas) can be hard to read. I also met a guy who purchased tow properties from Mid South and he was happy that his homes appraised 10k more than they purchased them. Given my uncle's situation, idk if that 10k in equity really means anything were he to try and sell. 

@Tom Ott yeah wouldn't know. I know a guy who found an awesome deal a couple of years ago in a hot Oakland, CA market and now cashflows 4k a month off of one multi family he got well under market. As you know better than I do, it can happen. I just arrived at a place where TK is a hard sell in the neighborhoods i've seen them farmed. 

@Carrie Carlton @Elizabeth Wilson 

My coworker who was born and raise in Memphis did show me that MidTown was one of the few areas with moderate crime. She pulled up a map and everywhere where the turnkey investments were was in the red on a crime map. I don't think these TK companies typically have Mid Town properties. And the example about my uncle and his mom being assaulted to death in Memphis... they just wanted to be done with the home and sell it and even though it appraised for 40 or 50k, they had to let it go under 15k. 

I live in Alameda, CA. Cross a little estuary and in 1 mile you can go from nice town to rough area. It happens in a street or two in some places. I get it. I just think people should be more cautious about Memphis turn key than they are. That goes for homes from any provider in that city and probably goes for turn key in any area. 

Thanks for your comment. I am not really focused on Memphis but back when I wrote this post I was interested in Mid South and they do a lot in Memphis. I also met someone with properties in Memphis so it was a topic of discussion. I have actually been looking at South of Nashville areas, Augusta, GA, and Phoenix. 

What is Hipster Investments all about?

@Rob Hakes thank you for the advice. I will look them up. Another company I have heard decent things about is Rent to Retirement but I ave not done my own due diligence. 

One of the things about Memphis invest and Memphis in general, I think it is hard for people who have never spent time there, to realize how rough of an area most of Memphis is. I have a few people in my life who are from Memphis and after consulting them, they begged me not to invest in Memphis. Then I looked at some of the crime rates and asked more questions and realized they may be on to something. My step-uncle's mom died in Memphis after being attacked with a  baseball bat in front of her home. She was in her 90's. The home "appraised for $50k" but they could only sell it for about $15k. 

@Ola Dantis thank you for the reply. I have been looking (sometimes actively sometimes casually) for over a year. This would actually be from a distant cousin who is a professional in the area. That said, we have a genuine family love and respect, but are not very close geographically or personally. I don't think he'd do me wrong but it is what it is. He actually said "If you want it I'll get it to you first. Not gonna say it's a great deal but it's an alright deal. You could do better if you lived here but you don't so it's an ok deal."

I appreciate @Lane Kawaoka's comment about exit strategies though. (not so much about fishing for advice on BP though Lane, that's what this place is for and I appreciate yours). I have deeply rethought exit strategies though and will post if I decide to move forward. 

I was active and am still a reservist. The military does not pay you a lot by most people's standards. It is great and fair, but does not provide real big paychecks. 

Were you in San Fran with married BAH and now the midwest?

@Luka Milicevic

https://www.redfin.com/TN/Spring-Hill/2018-Huyana-Way-37174/home/144836760

In the Maury County part of Spring Hill off of Port Royal. Let me know if you move forward or want to chat further. I'm sure you know the market better than I do but I have been kind of watching it for a while.