All Forum Posts by: Dustie Zvolanek

Hello @Rachel Luoto !

   I also would say John Phillips with Brighton Bank. We currently have an investment portfolio with him and his team is great! Feel free to email me and I would be happy to send an introduction email. Best wishes!

Dustie Zvolanek 

That is a super common mistake so don't beat yourself up over it :) Thanks for sharing! Congrats on your first one and for finding the notary, which is a great start to building a great team. 

I am so sorry you are dealing with this especially so early on in your investment future. I am a PM in Memphis, TN and my advice is to get out now. This is not the way you want a relationship to start and will most likely only get worse. By no means is accepting a deposit grounds for moving forward with a tenant that most likely lied on their application. I know it is common to ask for eviction history and if they say "none" and we find in the court system they have had evictions in the past that is immediate grounds to refund any deposits or cancel any applications. The alternative is the tenant told the PM company and they did not pass that info along so either way it's not good. Your property is still vacant meaning most PM agreements allow you to cancel effective immediately verse a 30-60 day notice (look over the PM agreement to see what it says) and hire another company.  

As for the maintenance issue...This is a primary reason I started a PM company because my investors were getting  ridiculous bills. I have a strict policy that I forward the quotes I get for repairs and charge a set agreed upon percentage of bills I coordinate once you approve. I supply photos and videos of all work done and only release funds once investor approves. Of course emergencies come up and smaller repairs do not require approval (although I get it anyways). I think you absolutely have the right to ask what the contractor charged because any mark up should be disclosed and agreed upon. The exception to this is if the PM company has in house workers that perform the work instead of a sub-contractor. This is something you should for sure outline in any future PM agreements. If you decide to stay with the company maybe ask now if you can add a maintenance billing clause to your agreement and everyone initial and spell out any other clauses you wish so everyone is crystal clear on your expectations. 

Best wishes!

Investment Info:

Single-family residence fix & flip investment in Memphis.

Purchase price: $115,000

Cash invested: $30,000

Sale price: $164,000

Great single family home in East Memphis, TN. This home is in a residential area of Memphis' subdivision of Colonial Acres. The home featured three bedrooms, two baths, formal living and dining room, den, breakfast area, and a large backyard.

What made you interested in investing in this type of deal?

The location and size of the home.

How did you find this deal and how did you negotiate it?

Wholesaler

How did you add value to the deal?

Rehabbing it and virtual staging.

What was the outcome?

It sold :)

Lessons learned? Challenges?

That location and size doesn't always set the price. I think we needed to replace the kitchen cabinets and spend more on opening the kitchen to the den.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am an agent and of course recommend my team :)

With this website you can buy credits which average out to about $9-15 a picture. Good luck and let me know if you need help :)

http://visualstager.com/?utm_source=sendinblue&utm...

Investment Info:

Single-family residence fix & flip investment in Memphis.

Purchase price: $205,775
Cash invested: $125,000
Sale price: $450,000

This was a one owner home in East Memphis that was very dated but well maintained. The home mainly needed cosmetic updates.

What made you interested in investing in this type of deal?

The location and size of the home plus I love one owner homes so that just added to my interest.

How did you find this deal and how did you negotiate it?

I found the deal on the MLS and negotiated it with the listing agent.

How did you add value to the deal?

I added value by converting the walk in attic to a bonus room and a storage room in the attached garage I converted to a mud and laundry room. I also virtually staged the home with professional photos.

What was the outcome?

The outcome was a bit slow at first but after 50 days on the market we had multiple offers and sold over list price.

Lessons learned? Challenges?

One of the main challenges was timing of course.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am an agent and of course would recommend working with my team :)

Great opportunity to own a tri-plex close to Downtown Memphis. One unit has been rehabbed and being rented out. The other two units need to be rehabbed and estimates the seller has received are approximate $15,000 total for both units. A potential of 20% return once all units are rented out! Email me today for more details!

Cash and as-is sale

@antho yes it is still available 

@Patrick Bingham Jr. @Patrick Scifres @Tina Sandoval 

Fast Track Realty 

Great house that has been COMPLETELY rehabbed in 2014 with new windows, fresh paint, new AC, completely re tiled bathroom, and brand new laminate flooring through out!! This house has a huge lot and is convenient to everything. 

Market Rent: $875

ARV: $125,000

Motivated seller, make an offer today