All Forum Posts by: Doug Woodville

Check into property radar. There is a monthly fee though.

Your example doesn't work so you'll either have to firm up some of the numbers you're guessing on (taxes, insurance...) or you've gotta find an area where you can get more for rent. 

I think this is a great idea. In fact I'm trying to do the same thing myself because of the high cost of entry to SFH's in the area and I'd like a little help on paying the mortgage month to month. In addition to what @Christopher Phillips said I'd make sure your exit plan is solid and can withstand the few years of rehab time it might take (just making that time frame up, maybe you'll be much quicker). 

I scanned through replies but didn't see this one yet. Start analyzing properties. There are some good spreadsheets on here but if you want I can send you the one that I downloaded off of BP a couple years back. Start looking at some cities you would want to invest in and start running numbers. Can't find rental numbers in the listing? Start doing research on the rental rates in that area of town. The more you run and analyze numbers the quicker you'll be at being able to determine if something is worth pursuing when that time comes. 

Is the place rented already? Whats it gonna rent for and what kind of cash flow will you be seeing? Lets see some more numbers!

I agree that having "stickies" at the top of the forum main pages would help a lot.

On the subject of PM's in Memphis I have spoken to Crestcore and they seem like they have their stuff together. Sounds like we had almost the same exact experience with Premier Property Management. I spoke to someone who took my info and questions and they said they would call me back but I haven't heard anything in almost 2 weeks. It's not necessary to me anymore since my offer wasn't accepted but it would have been nice to get some response from a PM I've heard great things about.  

I agree with what everyone else has said. I'll also add, is that materials purchased? Materials on hand?  Best to have a schedule of values and bill against that monthly (or maybe weekly?). 

This is a very good questions. My initial instinct would be to call up some reputable contractors and pick their brains for a few minutes about this. At the same time you will be establishing a relationship with what could be some of the contractors you'll use in the future. 

@Alex Witte Unfortunately I do not have any links on how a neighborhood is rated. If I find something I'll try to report back. 

Nice work @Alex Witte. What kind of neighborhood is your fist deal in?