All Forum Posts by: Jim Huish

@Caleb Heimsoth I'd love to hear your thoughts on the different turnkey companies you visited in Memphis. I'm looking to go that route very soon. Your advice would be a huge help if you have a second. Thanks man! 

I sent you a request but I guess I hit send too early and now it won't let me type a message until you accept.  

Thank you @Matt Leavell!!!  I'd actually love to talk to you about your management company since I'm moving away from Nashville and leaving a handful of properties behind.  

@Douglas Skipworth, I LOVE Zion!!!  So amazing!  I'll be moving to St. George, just south of there!  I'd love to talk to you about CrestCore.  I just listened to your Joe Fairless podcast.  Great story!!  Great values!  

(I don't mean to make this about me. Sorry Coco.  Hope I'm not bugging anyone.)

@Victoria Townsend Yeah, balloons are common on owner-carry, but negotiate what is best for YOU. The creativity that you get to exercise in negotiations (especially on owner-financed deals) is one of my favorite parts of REI. My deals were both asking $50,000. I just offered asking price because the TERMS of the note were where I needed to do the negotiating (I just needed a low monthly payment). One was $5,000 down. The owner wanted higher monthly payments and a faster payoff than I could do. For the deal to work for me, I needed $375/month payments, so he ended up agreeing to extend the loan a few years so I could be at my lower monthly payment. 10 or 12 year loan (can't remember). Rents for $800/month.

My other owner-finance was asking $50,000 with $10,000 down.  I only had $7,000, so I talked them into letting me just pay an extra $200/month for the first 15 months.  So my payments were $510, and then dropped to $310/month after that, where they'll be for the remainder of the loan.  No balloon.  Just a 12-13 year full amortization schedule.  And it rents for $750/month.

I'm about 4 years in on both.  

I think both were just negotiated over the phone.  A couple calls with each owner. 

I say roll with the $10,000 down offer. And why not ask him to carry the note for 20-30 years? Why a balloon? I've only done a couple owner finance deals, but they were fun to negotiate. Your terms are all up to you and the seller. Work it!!

So cool!!!!! Congratulations!!!!

Hey Roman Cobb I'm in Nashville too! Let me know if you need anything.

KC Hunt I'll be moving to St. George in June! Actually might be building a house in Washington. One of my rentals is in George too. Would love to connect.

Good to see some Utah investors! I moved to Nashville 7 years ago, but I'm moving back home in June! I own some properties out there, as well as here in TN, but right now, I'm looking at some Turnkey Rental companies in Memphis. Could be an option for you to look into as you start out (Utah can be tough to cashflow). Anyway, in my research, I actually came across a Utah boy that moved to Memphis. He works with Memphis Investment Properties. If you like the idea of Turnkey, his name is Sean Tagge

Sean Tagge I just checked out your profile and saw you're from Utah. I'm currently living in Nashville (7 years here), but I'm getting ready to move back to St. George. I was in Memphis just a few days ago for a Memphis Invest seminar because I'm exploring ways to continue to invest in TN after I move. I'd love to chat.

Don't know much about it, but I just applied for a cash-out refinance and then a HELOC. My credit was 740 when I applied for the refi. Then, on the HELOC application, I was informed it was down to 723. Not sure if it's lower now, or if that's where it stayed.