All Forum Posts by: Jackson Long

@Chelsea Canning it is easy to sucked into a bad quote in Memphis.  Knowing you are remote and powerless a lot of companies will just throw out an absurd number and risk you walking away because enough people will just agree to it.  I think it is a morally objectionable business tactic- but it is very very common.  That old "get three quotes" thing is your best insurance even though it can be difficult to execute on.  Both from a "he seemed honest why not just move forward" standpoint (I've been guilty of doing this too) and a "you can barely get guys to show up to even give you a quote" standpoint.

Let me know if I can help with anything.

@Don Gouge I think nationally you are correct and will be "more correcter" as time goes on.  Memphis has some unique problems in this area though that go beyond that. 

It is tough because there are also plenty of ****** and unreliable contractors that are expensive.  And while there are many excellent contractors that are not expensive it is almost like...  There is a pretty strong link between operational scale and financial wherewithal.  Its a correlation thing- but a strong one.  Almost all of the inexpensive but good contractors are at the very low end of this.  Because they are not overcharging for the work itself and because they are not charging for work that is extra and because they are often trying to find the least expensive way to meet your goals (note: I did not say cheapest or lowest quality) there isn't much buffer.  When things go wrong, and they go wrong in almost all projects, this means there is less built-in buffer to absorb the impact.  Similar in a way to how the Covid closures destroyed fleets of small businesses, but Chili's and Walmart didn't need to give a ****.

But back to the point- It can be overwhelmingly upsetting to have a project go 50% over budget or whatever. Especially watching it happen in increments. Emotionally it is more difficult than just getting quoted double and going 15% over budget... But it is better for your pocket book.  Ultimately I think you just need to make the best decision you can at each stage along the way and try to learn from the mistakes.  I hope @Bob Beach finds what he needs.

@Bob Beach

ha! 10 applicants per unit makes me miss being a landlord on the west coast.

@Cade Edwards totally agree on the relationship between housing prices and rents.  I still don't grok the underlying catalyst, but I am glad you mentioned that. 

I do not see a big shortage of inventory.  I do not see waiting lists (and that turnkey company that says they have one- is lying).  And for there to be a shortage now and not a shortage two years ago we either needed to lose a bunch of housing (I do not think this happened- but enlighten me if I am wrong) or we had to have a bunch of new people...

Maybe this is one of those cases of spontaneous organization in the universe?  Memphis rents had been too low for too long and suddenly all the factors lined up and every PM and owner simultaneously got the urge to raise rents?

Over the past couple of years we've seen a pretty big surge in average rental rates in Memphis.  There has not been a corresponding spike in wages or a massive influx of new jobs.  Any thoughts on what is driving this or how it is sustainable?

Unless you buy the whole development I am against townhomes/condos/etc

Oh also reach out to @Jack Inman

Okay so apparently I wrote the above weeks and weeks ago and never hit post reply.

But message me if you want to chat- and funny enough I am in San Jose at the moment.

Hey @Michael Hansen search for some of my posts and you can get some ideas of the uphill battles you face in choosing a place. Feel free to message me direct- I know people. :)

Looking for resources and direction for a 1031 from an SFR at 200k to a TIC at about 600k. The best video I found on youtube was 14 years old. The best article I found read like it was put together someone with a background in advanced law and accounting, but who was also trying to prank me as a joke. :)

@Chris Clothier They are militant about deleting any post that smells of self promotion.  So if Tyler said something like "we have some great resources you can use on our website" or whatever... poof!  I run into it a lot because for me- if I am posting it is either because I want input about something I do (which can be construed as self promotion) or sharing about an experience (which can go the same way).  Its tough because I think they cut out a lot of good dialog and content.  But, if you've ever looked at something like the Facebook Memphis Real Estate Investors page you know that if they don't it will just be a massive string of wholesalers screaming about how much money they will make you.  Sigh.