All Forum Posts by: Diane Tycangco

Thank you for your responses.  I found out the owner does his own repairs too which I can't do because I am out of state, plus I don't know how to repair things.

HI everyone!  I am thinking of offering on a rental property in Memphis, TN.  The owner rents it out by the room - there are 6.  It is always full.  He goes there every week to collect the rent and sign a new lease every week!

I am looking for a property manager who can do this for me.  I am still getting details on the maintenance and cleaning of the property.

Hopefully, rent collection may be made online.

Are there companies who do this?  I talked to an airbnb company and they said they don't do this but haven't had the time to find another one.

Thanks!

Hi Rico, my goal is to keep them as rental properties. I won't be doing a BRRR. I don't want to use hard money. I don't have a "business" but I do have rental property I've had for 1 year.

Which one do you think is the best route?  Someone suggested getting a small business loan.

Hi!  I am thinking of buying 2 properties, one for $29k and another for $67k and was hoping to put $20k down for both properties and borrow the rest.  I was talking to a lender and they told me they cannot lend to me for the $29k property because the closing costs is too big a percentage of the property price and so I would have to pay cash.  They can lend for the 2nd property but then I have to put down $20k for it including closing costs and so for both I would have to put down $50k at least.

How can I borrow a lump sum of $80k to buy both properties with different owners?

Hi Ali, actually I have researched about 5 Memphis turnkeys and 3 or 4 of those charge 15% maintenance fee.  I have been looking at the price trend for some Memphis properties and they are all over the place!  Up and down like a yoyo so it is hard to determine historical appreciation.  I talked to a company and I think the guy said they make you pay for the difference in a low appraisal.  Where do you invest?  Do you know of a reliable turnkey company in a market with good appreciation with houses maybe $100k.  That's my budget.

Thanks for your input.

Thanks for the tip Jeff.  I will keep your recommendations in mind.  I have never heard of Mid-South before.  I will go to their website and take a look.  Memphis has appreciated a lot since 2016 and I don't know if it will continue but with covid, I think even more people will go online and use delivery services that's why I am considering Memphis.

Hi Jeff, can you recommend turnkey companies in the markets you were in?  Also, did you physically go and inspect everything yourself before you bought?  Where can I find reliable information as to home prices and rent prices?  Thanks!

Thanks Layne, I saw your message and will study the Indy and Dallas market.  Bought a property last year and cannot afford an higher priced purchase.

Layne, what market have you invested in?  Have you invested in turnkeys?  Now that I have read other people's bad experiences, I agree with you.  But I don't think I can do rehabs from far away.  There's just too many things that can go wrong.    Maybe you could recommend a good broker/ property manager to me in the market you are invested in. 

What turnkey company are you investing with Jonathan?  Which market? How's the Indianapolis market Frank, does it appreciate or just cash flow?