All Forum Posts by: Jordan Murrell

@Sasha Mokrousov

Hi Sasha ,

Welcome to BiggerPockets. I am looking forward to connecting with you on your future ventures. Please let me know if you need anything.

Afternoon fellow investors,

I have been working on building real estate business through flips and rentals. We have come up on a duplex property we were looking to assign as right now, I feel this would be the best strategy for my team. We have it under contract and found a buyer that then couldn't get his funding together. We are looking for potential buyers of a 1 bed 1 bath duplex in Memphis TN 38122. One side is currently rented at $395 with a tenant going month to month in 3 months and the other side is vacant. There will be some repairs needed at this time but believe this is a great cashflow property. Market rent is closer to $500 per side. We are looking for those investors looking to purchase and hold at this moment in time.

I am not sure where and how to continue to market this property. The seller has been cooperative. We will put it on facebook and in the groups in Memphis as well as on craigslist. Sent to a few potential cash buyers...

Any suggestions on how to get this property assigned will be greatly appreciated!

@Todd Rasmussen

@Greg Ranjitsingh

Thank you for the tag Todd! Greg and I have been friends for 15 years.

Greg! Welcome to BP brother.

Any questions you may have please let me know. Some other ballers are on here also like @Tesho Akindele . Let’s connect this week!

@Stephen Akindona

Hey Stephen,

I will message you.

@Mario Fletcher

Hey Mario,

I’ve spoke with Stephen a couple of times actually on here. I will definitely reach out and see if he’s available.

We did run the numbers with my current realtor and it would still make sense to go through with the project. Just a lot more capital deployed in this project than necessary and expected. Things happen of course.

@Stephen DeThample

Hey Stephen,

Yes I have already found someone that will project manage and keep them accountable multiple times a week. Can’t wait to be finished with this project.

@Aigo Pyles

Thanks Aigo!

Hope you are well. If you’re looking for a project. Let me know!!

So I chose Memphis for my destination to invest out of state. Studied the content on BiggerPockets, engaged in posts, read David Greene’s Long Distance Real Estate investing book a couple times over and take a leap of faith. Currently have a few properties in the Memphis market. Then I wanted to take on a flip project with my partner... Turns out the contractor has been doing a terrible job.

Had him send pictures and videos on the job weekly. Then towards the back end we weren’t receiving pictures or phone calls answered. We had made a mistake trying to do too much at this moment in time. Turns out 3/4 of the way through for the final finishes, his work became extremely sloppy. I had people pop their heads in checking up on the job and they let me know how poorly the finishes looked. We had to fire him as we are a couple months over the timeline and set us back in terms of wasted materials, time, holding costs, you name it.... yes we will be over budget.

I had 4 new contractors go out and waiting for bids back to complete the job. At this point, we are so deep into the project and they will need to redo a lot of the previous contractors work. I am not sure what’s the best solution is in terms of finishing it or selling. It’s a property with large potential upside in a great neighborhood of memphis in 38117 zip code. All and any advice would be much appreciated.

@Tesho Akindele @JORDAN HAMILTON

What’s up bro?

Long time no speak.

Happy to see you on your journey.

Let’s definitely connect this week. We can all jump on a call. Love seeing footballers on here building businesses. Looking forward to chatting!

We have been working on acquiring this portfolio. We are almost at the finish line. Honestly, this has been a whirlwind of a transaction. This past month has been filled with many negotiations, headaches and ample learning lessons. I couldn't have asked for a better experience so young into my investing career. 

Initially, the seller and I were discussing the best approach for him to offload his portfolio. He has been going through quite a tough time as his parent's are taking care of him. His parent's are elderly... 80 plus years of age. He also just had some hard times accompanied with a life changing surgery. This surgery will not allow him to be the same ever again. It is quite sad.

With that being said, he has been working with me about the portfolio he has with his family. His family consists of his siblings who are back in their homeland thousands of miles away. They aren't able to travel because of COVID 19.  The portfolio discussions were started at $10 million. After many phone conversations and meetings while social distancing, we have agreed to a price of $7.25 million. 

Now, I know what you're saying... Jordan... How are you going to fund this? You're right. That is a great question. BiggerPockets typically reiterates that the deal is hardest to get. Once the deal is secured, the money will follow. Well, here's the time I am looking for the money to follow. At this time, I would be looking for suggestions on how and who would help fund this transaction. There are some great opportunities within this portfolio, properties with great equity and decent rents. Las Vegas is definitely a hot spot for real estate. 

I would be looking for partners to take this portfolio down with. There are a few flip opportunities as well as buy and hold options. I have asked friend's and family to help fund the deal... Frankly, none of them have this capital that this deal would require. My current partners also don't have the capital to complete this deal. Any suggestions would be greatly appreciated.