All Forum Posts by: Evan L.

Thanks! Thats very helpful. I believe that due to the storms in california, it's been extended to Oct 16.

Since I sold a property last year, I have a lot of capital gains tax to pay. There's an option to pay in installments within 6 a month period, but with fees and interest. It doesn't say how much the fees and interest are. Does anyone know if this is a good idea or if I should pay the amount in full? Thanks.

Hi,

Has anyone had experience with tax garnishment for debt collection? I have a former tenant in tennessee who missed several month's rent and did damage to the property, who then abandoned the property.  I hear wage garnishment would be difficult as he worked as a truck driver. Also, the PM either lost or lied about having his social security number and I would think it is necessary to have that. Thx

Thanks for the suggestions everyone! Sounds like a very popular area. Any suggestions on educational resources on the area?

I'm exploring doing a 1031 exchange and wondering where some strong markets and property types are for my price point. Thanks.

Thanks for the advice. It is a tough reality. After the tenant was late after a month, I asked the pm to file for an eviction, which took them 2 more weeks to do. According to them, the courts were backed up for months, which is why the tenant was there for so long. They eventually abandoned the property before the courts got back.

My previous tenant left with unpaid rents(6 months) 8k and damages about 9k. I ended up not repairing the damages and sold it for less than it would have been if damages weren't so bad. Now the debt collectors can't find him. The pms never got his social security number even though he said he did.

Im considering suing the tenant if that's possible being that he's missing, but wondering if I should be suing the pm instead for neglect and not getting their SS#.

Does anyone have advice for this? Thanks.

Quote from @Randall Weatherall:

Quote from @Evan L.:

Quote from @Curt Davis:

Prices may not be soaring like they were the past several months but the home is worth more now than when purchased and rents done historically go down.  The home should cash flow better now so I dont really see any downside. 

Thanks. What are the main pros and cons of cordova? I have not had a great record in quality tenants. Two have done 10k+ in damages and one filed for bankruptcy. If I rent it out again, I need to change management for the third time. I refinanced it for 2.75% last year and hope it's possible to turn things around as I can't imagine dealing with another bad tenant situation. I know my experience is not typical, but I'm not sure what is typical in the area anymore.

That does suck for Cordova, hate to hear it.  That said, Memphis's biggest hurdle for investors is the tenant quality in general, so some carry-over from bad tenants to nicer neighborhoods is expected.  With a 5-bedroom, I have to bet that your PM is trying to place MHA/Sec. 8 tenants because they pay a ton for 5-bed, but I could be wrong.  Even market tenants here are lifers, so they know how to play the system if they want and almost no amount of screening can help that - it's just a quirk of this area from what I can tell.  Once you do find a good tenant, do your best to keep them as a good tenant in this town is worth a hell of a lot more than some PMs 'mandatory rent raise' every year scaring them off.  Be willing to work with them instead of letting the PM just run their processes - and your tenant away - without your input.

 Thanks Randall! Those are great tips and wish I would have known all that early on in my experience investing there. 

I ended up selling the property in July. It was a stressful experience.

Also, the tenant did a lot of damage and missed like 6 months rent and are gone. The pm never got his SS number so he can't be found. I need to see who to go after here.

I'm looking for insight into the outlook for the Cordova area. I have a single family 5 br, 2.5 bath, 3150 sq ft. and is a couple houses down from the lake. I believe it's in a good location, but have some concerns due to its large size, being out of state, and other concerns. My goal was to hold it long term, but I got a good offer to sell as the house has doubled in value since purchased.

I would appreciate info on population growth, inventory, job, vacancy, whatever should be important. I read that population has stagnated the past few years, and hundreds of homes are being built in memphis which the realtor says will make the prices go down along with interest rates increases.

And any thoughts on the future outlook on the area? Thanks!

Quote from @Curt Davis:

Prices may not be soaring like they were the past several months but the home is worth more now than when purchased and rents done historically go down.  The home should cash flow better now so I dont really see any downside. 

Thanks. What are the main pros and cons of cordova? I have not had a great record in quality tenants. Two have done 10k+ in damages and one filed for bankruptcy. If I rent it out again, I need to change management for the third time. I refinanced it for 2.75% last year and hope it's possible to turn things around as I can't imagine dealing with another bad tenant situation. I know my experience is not typical, but I'm not sure what is typical in the area anymore.