All Forum Posts by: John Britt

Hi everyone,

I like to know where to get started, I have a small opportunity in the Memphis market (42 units).  The only thing that I know is that syndication would be a great way for me to participate in acquiring an apartment complex.  But I don't know enough about it, and I am not sure where to being.  Plus me and my partner in Memphis are in the middle of talking to this owner about his apartment complex that he has not improved in a year of owning it.  Can any one point me in the right direction or come along with us, to put this opportunity together?

@Zalman E. I am considering doing a mailing campaign for the Cordova area for multifamily properties.  So yes Cordova is a good area, but also Bartlett, Germantown, Collierville are good areas.  But you might also consider inside the city Whitestation, Ridgeway might be some areas that might interest you.

@Jay Krietzman 1. get the owner's number 2. call the owner and find out if she would be willing to sell the house.  3.  If she would be willing to sale the house express to her how interested you are in purchasing the house as is.  4. View the house with your contractor or an experienced investor that has done multiple rehabs.  5. Calculate your cost, the value of the house after rehab, and your desired profit to come up with an offer.  6. Call the owner back and present to her your offer and if need be why you came up with the offer you made.

@Vaughn Smith Thank you.

@Account Closed Does you lease have anything in it that states that the tenant is not allowed to have pets except for service animals or requires additional fees and permission from you?  If not, I would just be nice as you can to the tenant and make regular property inspections to make sure the tenant is not destroying the property.

Hi @Barry Je it is great that you are interested investing in my hometown.  I am excited.  So, far if Memphis is multifamily or single family friendly what do you mean by that?  Are you looking at it from building codes and zoning or are you asking if there are a lot of multifamily units available to look at an potentially purchase?  Also, when you say multifamily are you talking about duplexes to quadplexes, or are you talking about apartment complexes greater than 50 or 100 units?  

I think it will be important for you to first learn the areas of Memphis, for example whitehaven, Bartlett, Frayser, Midtown, South Memphis etc.  Second you are correct Memphis is a street by street, even in high crime areas.  So a tool that I have told people that I have shown rental houses here in Chattanooga to use if they are new to the area was Trulia.com.  Since I am a license agent I could not say alot of things about the neighborhood so I would refer them to this site for some good information on the neighborhood.  I use it myself when I am not sure about the street I am looking at a house on to get an idea.  On the realtors that you would like to use, it depends on your focus that is multifamily or single family housing. 

I need advice of what information to read and or what to be on the look out for.  Last year while I was trying to put together an apartment deal, my client suggested that I should ask for an equity stake sometime in something I would like to get started investing in.  Well this year I want to build a house and sell it, and when I was referred to a building I asked him if I located a property that he would be interested in building on would he consider allowing me to become an equity partner.  He said yes, and I sent him some properties that I found and a couple of properties that I knew the owner of that would be interested in selling.  Well he is now very interested in not the lots that I sent to him to build one house, but the 2 acres in the hottest part of my area, that will have to be rezoned and developed.  

Has anyone trying to become an equity partner in this way, has anyone tried doing this before?  Any advise would be welcome.

I received a call from a person today that I have worked with before wholesaling residential real estate, about a commercial building that they have under contract for right at the county assessed value.  That is problem number one, (if it was my lead I would have worked hard to get it under the assess value, since I have never done a commercial deal).  So they have no idea of where to start to find a buyer for it.  I told them before I put any time into this they got to have the paperwork in place, but I knew of an investor that I was planning on showing a place next week that my former broker is trying to wholesale which is a 4 level commercial building which he mention he felt was bigger than what he needs.  So, my first question is how do I find out if they have a deal at all since they have the contract at the assess value, second if my only potential buyer is not interested in it, how do I go about finding a developer or another investor that would be interested in the property? 

Thank you @Mark Chapman, @Account Closed for all of your advise.  It looks like through me talking to an investor I know, he ran across someone looking for an 100 acres in the area, but as you stated the price has to come way down.

I have an opportunity in LaFayette, GA area.  The opportunity is an inherited property with 3 siblings involved in the sale.  They are asking $559k for 120 acres, but what I discovered from talking to him that he is very motivated to sale the property quick, but I don't have any idea of how to market it or do with it once I get it under contract.  Do any one have any ideas?