All Forum Posts by: Jordan Ray

I am 55 years old and looking to build wealth through real estate. Primarily in multi-family units 2-4 units to start, then scale quickly. There is no need to remove cash flow now; just keep reinvesting. Just doing research now, hoping to close first deal (maybe 2) before end of 2025.

Hello bigger pockets family, my wife and I just moved to Memphis area and need a place to reside for 1yr to long term. We don’t smoke, drink, or have pets. We don’t have a lot of stuff. 2 bed and 1 bath with a garage would be nice. The neighborhood must be safe and secure. Does anyone have any properties and connections that can help?

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Sale price: $175,000

Charming Duplex – Fully Renovated with Modern Upgrades
686-688 Westview Rd, Memphis, TN 38109

This beautifully renovated duplex offers modern comfort and stylish upgrades throughout. Each unit features 2 bedrooms and 1 bathroom, providing a total of 4 bedrooms and 2 bathrooms across 1,684 sq. ft. of heated living space.

Key Features & Upgrades:
New Roof for long-term durability
Fresh Exterior & Interior Paint for a modern and inviting look
New Interior & Exterior Doors with updated locksets for added security
Luxury Vinyl Plank (LVP) Flooring throughout, combining style and durability
Fully Renovated Kitchens featuring brand-new cabinetry and quartz countertops
Updated Bathrooms with new tiled tub surrounds, vanities, and toilet seats
New Light Fixtures & Mini Blinds installed throughout the property
Complete HVAC System Replacement for Unit 686 & New Condenser & A-coil for Unit 688
Plumbing Upgrades including new water heaters, updated faucets, leak detection, and a cleanout drain installation
Security & Hardware Updates with rekeyed locks, new smoke alarm batteries, door hardware, and cabinet adjustments
New Landscaping to enhance curb appeal
This turnkey property is ideal for homeowners or investors seeking a low-maintenance, move-in-ready duplex in a prime Memphis location.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Sale price: $175,000

Key Features & Upgrades

-New roof, fresh interior & exterior paint
-Luxury Vinyl Plank (LVP) flooring throughout
-New doors with updated locksets
-Rekeyed locks & updated hardware
-New kitchen cabinets & quartz countertops
-Updated bathrooms with tiled tub surrounds, new vanities & toilets
-New light fixtures & mini blinds
-Full HVAC replacement (686) & condenser/A-coil (688)
-New water heaters, plumbing updates & landscaping

Hey Everyone! I have been listening to bigger pockets podcasts for a few years now and have read a few of the books by David Greene, Brandon Turner and Dave Meyer. I have since passed my Real Estate License Exam and plan to be more active in the forums. I look forward to our future discussions and learning/growing together.

Hello everyone! I'm excited to share that I've finally taken the plunge into real estate after a long search! I'm closing on my first single-family home in the Memphis area, which I plan to turn into a long-term rental. My goal is to place tenants soon and then move on to my next investment.

While it sounds straightforward to rinse and repeat, now that I have this property, I'm wondering what my next steps should be. I want to minimize my out-of-pocket expenses and am considering using a HELOC on my home or leveraging the equity from my first rental down the line. What suggestions do you all have?

I'm helping my MIL get her apartment set up as a LTR in Memphis. She found a PM through a friend in the building and they sent me the contract to review. The fees seem far above what I expected, but I manage my own rentals in FL so am not familiar with PM fees in general. I have listed the fee structure below. If you have any experience or knowledge in the Memphis area, will you please share your insight as to whether this is a normal fee breakdown or too much. If too much, do you have any PM recs?

Management & Leasing Fees

1. Management Fee: 10% of the monthly rent = $180/month
2. Leasing Fee (Tenant Placement): 60% of one month’s rent = $1,080 (one-time)
3. Lease Renewal Fee: $250 per lease renewal

Upfront & Annual Fees

1. Onboarding Fee: $350 (one-time for setting up the property)
2. Annual Administrative Fee: $45 per year (for statements and 1099s)
3. Reserve Fund Requirement: $300 (held for maintenance and expenses)

Maintenance & Repairs

1. Ordinary Maintenance: Any repair costs exceeding $300 require owner approval.
2. Emergency Repairs: Up to $300 without prior approval; HVAC, plumbing, and electrical repairs can go up to $500 without approval.
3. Home Warranty Claim Handling: $40 per claim (if applicable).
4. Multiple Quotes Request Fee: $100 per request if you require multiple vendor quotes.
5. HVAC Filter Supply Fee: $195 per year per HVAC unit.
6. Repairs & Improvements: 10% markup over vendor invoice cost.

Additional Fees

1. Interest on Unpaid Sums: 10% late fee with a $39 minimum per month.
2. Paper Check Administrative Fee: $20 per check if not using direct deposit.
3. Insurance Documentation Penalty: $40 per month if proof of insurance is not provided.
4. Eviction Protection Program (Optional): $15/month
5. Property Damage Protection Program (Optional): $25/month

Termination Fees

1. Early Termination Fee: Equal to the management fees for the remaining lease term.
2. Vacant Property Termination Fee: $500 if no tenant is in place.
3. Transfer to Another Manager: $500 file transfer fee.

thank you for the quick response 

The other concern i had creating an holding llc like WY holding the  TN llc is the franchise amd exercise tax. Would i be exempt on the tax if the TN llc is not owned by me rather WY llc does?  

I am looking into llc formation as well. Does it make it fool proof having a regular llc or a series llc hold the properties for a TN llc

The other question is - i have heard from a few just have a TN llc is a not sufficient enough as there is no charging order protection in TN so the recommend asset properties structure is -> put the TN properties into a TN llc and the create a holding llc in WY to hold the TN created llc

Let me know if this is really needed??

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $340,000
Cash invested: $110,000

This is my first rental property. Began renting the property out in June 2024 for $4,500 per month. With a 2.25% IR, total monthly expenses are at about $2,000 currently. No HOA, single family home. Put A little over $100,000 into renovations, mainly solidifying the property against hurricanes with impact windows & doors and a metal roof, but also some cosmetic stuff like floors, lighting and paint, etc. I am still new to a lot of the REI terminology and calculations, so I'm just using the amount spent on renovations as my "cash invested." I was a Realtor when I purchased it in 2019 and I used my commission towards the closing costs and I am a U.S. Army Veteran so I was fortunate not to have a lot of the typical expenses or a down payment. After living in the property form 2019 to 2024, my wife and I moved up to Maryland for a new job. We purchased our second property in August 2024, a townhouse this time, in Odenton, MD. With the interest rates and market prices, I am not sure this will be as great with returns. My goal is similar to the BRRRR method, and I want to hold on to rentals and create cashflow. My next property will hopefully be a multifamily. Hoping to learn a lot from this community.