All Forum Posts by: Jordan Ray

Thank you Jordan.

Sales are up 6.3% YOY through July.  Median sales price is down 4.5% to $210K.  It will be interesting to see if volume increases dramatically with interest rate cuts.  

We'll have one ready this week and another one next week. We can put tenants in them, if needed.

We're planning on selling 1-2 every month.

I am a realtor, but these properties that I am offering will be sold from our LLC.

Looking for good place for rental properties 

I have a few questions about how the Memphis Land Bank operates in practice.  Yes, I have read all the rules, but that doesn't always give you the whole picture of how the institution operates in practice.  I would appreciate it very much if someone who is involved in real estate in Memphis, either as a realtor or as an investor, would private message me so I could have a text conversation and ask my questions.

UPDATE:

I have finally reached the point that the property in question has a tenant moved in. It has passed it's housing inspection and the Midsouth Turnkey is footing the bill for the rent until the housing office starts paying. To say this BRRR was a disappointment is an understatement. After 3 delays the appraisal was finally done and it came in $28K short of the ARV that was done when I purchased the property to which a lot can change with appraisals after almost a year of being delayed.

I bought the property 12/1/23 with a 90 day SOW contract.  It is now August so it's been over 9 months.  The only thing that has occurred as sold to me was the amount of rent from the City of Memphis but we don't know if that will possibly change as well.

I know I reached out for points of contact in the area for doing more transactions but at this point I think I'm done.  I do not see myself buying another single family rental.  As far as investing for income and equity I am moving strictly to Syndications.  They have appealed to me since I learned about them and I have learned a lot from Jim Pfiefer and Left Field Investors.  They just announced they were bought out by Bigger Pockets and will be joining the company under the name PassivePockets and I can't wait to continue to learn with them.

Given the required time and number of transactions needed to get the right people for these I do not have the time to do it.  I've had nothing but price gouging and overall terrible service when it has come to dealing with single family homes.

I wanted to say thank you to everyone that reached out and provided their help and I'll hopefully see some of you in the PassivePockets forum.

What do you guys normally do if a tenant moves in without a pet but then they want to get one later.  What kind of pet deposit is fair these days and is it fair to ask for more rent per month and how much?  I know every area is different but I was thinking $300 pet deposit and $25 more per month.  I'm in the Memphis area.  Thanks for your suggestions. 

@Jordan Ray who do you have managing your memphis section 8 rentals? Im currently with reedy but looking to hear about others

Quote from @Jordan Ray:

Quote from @Nick Holmes:

Good afternoon,

Long time lurker and podcast listener. Grew up in Memphis, TN, graduated from University of Memphis, then joined the Marine Corps. I did 12 years, got out last year, and started a defense consulting firm. I've been at it fully remote for nearly two years and I absolutely love it. But I'd also like to get into RE to leverage our current income to set up future wealth and (mostly) passive cash flow via LTRs on SFH/MFH/maybe some commercial. Not interested in doing the manual labor side or being a property manager (I'm "old" and arthritic and 100% P&T disabled thanks to the ole Corps!), but I do have 830+ credit, cash, solid income, and no debt save for a new vehicle that I can very easily afford.

We do need to buy our primary residence in April/May 2025. For that, open to a house hack. Since we don't have our primary yet, I feel like it doesn't make a ton of sense to get into buying rental properties and potentially hurting my own mortgage loan application. I do plan on using my VA loan.

I guess I'm just looking to reach out and interact with folks in the Baltimore and Memphis areas both. I'm leaning more towards investing in Memphis since I lived there for 24 years and have tons of family and connections in the city, but of course I'm open to Baltimore, too. I'm just newer here and can't speak to the nuances of certain areas as well as I could for Memphis. I will say: they're very similar cities in a lot of ways, but I'm not scared of it.

Please feel free to reach out, tell me I'm dumb, make a joke about Marines eating crayons - I'm here for it!

Nick

Hey Nick! I am an Army Veteran with a 1 year deployment and currently still serving in the Army National Guard (8 years of service) and as a full time real estate agent. I bought my first home with a VA loan back in 2020 after my deployment and that purchase has lead me right into real estate with using my equity to buy my 1st property and then on to building a small portfolio. I would love to help you find a duplex that meets your need to do a house hack! Feel free to DM me and see how I can help you get started there! Talk soon!

Thanks for your service, brother. We will continue to live in MD as my fiancée’s family is all here, but I think it’d be very realistic and *relatively* easy for me to invest in LTRs in Memphis. All of my family is still there and I’ve still got a ton of ties. 

You do any of your RE work or investing in the Normal Station area by U of M?

Hi everyone! I am thinking of buying a few section 8 properties and heard that Memphis is a pretty good market. Would anyone be able to give me some guidance in terms of the steps I should take and things I should be aware of specifically for investing in Memphis section 8? Hoping to connect with a few existing investors in that area! Thank you and happy Friday.

Best,

Artiom