All Forum Posts by: Jordan Ray

I buy houses in the Memphis market.

Terry Clothier REI Nation

Hello,

Does anyone have a MTR/STR PM recommendation? Property is a 5 unit in Memphis, TN near several hospitals.

Merry Christmas Jordan!

Let's connect be great to have a seasoned agent up in Memphis!

I am looking to speak to some people that are knowledgeable about the self-storage market in the Memphis area.  Can you point me in the right direction?

Good advice! You would think that this would be obvious, but it's not (for newbies)

And don't be afraid to p*ss off the seller....on the last house I bought, I offered $60k less, and the sellers got irritated/insulted and refused to even counter. Fast forward a few months and guess what I got the property for? Yep.... that exact same price.

So, yes, offer what your budget allows and if the seller says no, just move on. But you have to be somewhat reasonable, meaning don't offer $100k on a $500k house :-)

Greetings from Los Angeles, CA!

I’ll be brief. I am extremely outpriced in my market, and I am a first time home buyer. I am looking to purchase a multifamily out of state. Most likely Indiana. I am pursuing Fannie Mae’s 5% Down Multifamily Loan. I know the loan requires you to live in one of the properties for at least 1 year. I currently hold two jobs in LA and was hoping to manage the property remotely. I can offer more than 5% down. And also, would I have to be employed in the state that I am applying for this loan? The loan officer that has been coaching me is saying that I would have to show proof of employment in the state I purchase the property in. Anyone have ANY experience with this loan type? Is this loan possible for an out-of-state purchase?

This past weekend I was driving with my mom and daughter looking at properties in the Memphis Area. Cutting to the meat of the situation, I came across a property that looked like a fixer upper, typical investment grade property. Could use some work, good bones. Fast forward, I called the agent this morning. I informed the agent that I was a wholesaler. I was informed that the property is held in a conservatorship. While the Agent mention that the seller would prefer no assignment, to which I acknowledged. 

If the seller accepts the offer, (contingent on appraisal[as per court approval requirement]), How should i proceed in the situation. Can I just birddog the situation, step out the way, bring the buy and asking for a referral? or partner with a buyer for a flip? 

Just curious has anyone been a situation like this before. 

HI There;

There are two properties built in 1894 located in South Orange, New Jersey. 
Blocks away from Seton University, one with 11 bedrooms and 4 baths and the other with 14 bedrooms and 4 baths.

Both show signs of deferred maintenance but one more so than the other.  The couches and other furnature are outside on the porch, trash piled up, broken floor tiles and unkept yard. 

The sellers says it's just college boys and that's to be expected.

He's currently getting good rents...as unbelievable as it may seem and if cleaned/fixed up it could make more as well as increase the value of the property.

We own several coworking/coliving properties in the US and Mexico, so we are used to hospitality and properties out of state.

However, my questions are;

Is this a norm for college students, or student housing? 
Will they continue paying market rent for a mismanaged property. 
Are there great property managers that specialize in student housing properties?
Is a shared bathroom common or should we add more?
Are they profitable?

Student housing would be new for us and it may be better for us to stay in our lane, but... you never know.

Thanks for your feedback!

Desiree