All Forum Posts by: Gary Mariencheck

I'm extremely happy to see Memphis area investors have our own area. Good job BP!!

Michele Fischer Id love to listen ! Which episode is it? Thank you!

@Erik Nowacki

I grew up in the not so great area here in Memphis so yes I'm very familiar with the neighborhood lol as I still have many friends in the area and I grew up there myself. I've got pretty thick skin so I don't see those areas being a problem for me.  You are actually doing what I'm planning on building into with the Apartment complex. Wish you the best of luck on your complex!

Thanks to everyone's advice! 

My favorite is #108. Very powerful episode. They should bring him back in.

Originally posted by @Curt Davis:

What neighborhood has $50k duplex's in Memphis with a top rated school?  

 I am looking at Memphis city schools that rate at a 6 or above and/or schools that offer optional programs. 

I'm new to this but let's say you got it, rented out most of the house and kept one room for yourself as a "home office" or something like that. You are just basically renting out the rooms , not the house. I'm not sure how exactly it might work though. Just an idea.

Anthony G. Yes, the properties are built in the 1950-1965 era. The area is lower income blue collar. Lots of construction(rehabs) and investing going on in the area. It is one of those Memphis neighborhoods where you can be in a nice area and the next street over can be questionable haha. The elementary school in the area rates one of the highest in Memphis though so you do have demand to get in the area. I have kids myself so that is why I want to move to this area. If I can get my kids into a great school and invest in the same area that would be great.

Curt Davis yes I'm very familiar with the 2 zip codes I'm targeting. The first zip code is where I'll buy the first 4 duplexes because of the lower prices it'll be easier for me to acquire them and I'll be within 5 minutes from each one incase of any problems. Once I get these 4 purchased I'll move out of the one unit and purchase in the higher priced area. And either start this exact process again or try for small apartment buildings.

Jedd Braunwarth , this is gross before expenses. The units usually rent for $500-550 per side from what I've been seeing in my target areas.

I'm currently putting a plan together to get myself into multi family investing. I've picked two areas here in Memphis close to desirable schools. I can find duplexes, triplexes, and fourplex in both of these areas. My plans is to purchase, over the next 3-4 years, 4 duplexes in the $50k range. I will live in one side with my family while renting the other side. I do however need advice on getting financing on one of these. Based off of a $50k purchase price, was going to put $12,500 down and go for a 15 year mortgage on all of the properties as I acquire them. I understand that cashflow will be a little less. After 4 years my goal is to have 4 duplexes all cash flowing at $3.5k/mo for 7 units. Any input? I'm keeping an open mind?