All Forum Posts by: Jordan Ray

 I’ve heard on podcasts that developing a depository relationship with small local banks could result in more favorable interest rates and more flexible loan products after some time with the bank. 

Investment Info:

Single-family residence wholesale investment.

Purchase price: $86,000
Sale price: $120,000

The wholesale deal for 4390 Annie Mae Cv, Millington, TN, greatly impacted all parties involved. The seller's family, burdened by a vacant and vandalized house, simply wanted to eliminate the mortgage. Discovered by "driving for dollars," the property had an ARV of $215,000 and a remaining loan balance of $86,000. The deal was assigned for $120,000, with the buyer making $5,000, resulting in a $38,000 profit. Coordination with out-of-state family members and affidavit of heirships enabled the cl

What made you interested in investing in this type of deal?

House was distressed

How did you find this deal and how did you negotiate it?

Cold called driving for dollars

How did you finance this deal?

Wholesaled the deal to cash buyer

How did you add value to the deal?

By being the contract holder

What was the outcome?

$33,000 dollar profit

Any investors in Memphis have recommendations on small local banks for business checking accounts?

I'm located in the Charleston, SC area but have had a tough time getting numbers to work in this area.  I have decided to focus on Memphis, TN (specifically 38111 zip code where the University is located).  I am working a couple other zip codes (38117 - East Memphis & 38122 Berclair) but main focus is 38111.

I have done some in depth analysis on my YouTube channel if anyone is interested in seeing how I run my numbers and always happy to hear constructive criticism or better ways to do things.

Additionally, later today I will have a video out reviewing "Rent To Retirement" and giving an overview of their site and academy.  Thanks for watching!

Here is one analysis in Memphis.

Property 930 Marsh Ave Memphis, Tennessee, 38127

Hi,

I have a turnover for a property in Memphis TN, and there's a bit of extra work that needs to be done in addition to standard wear and tear, some bedroom doors need to be replaced, blinds, patching, painting, some floor tiles etc....I got an estimate, and I know everything is costing more these days but it feels a bit aggressive.  Can anyone recommend someone in the area that may be able to help out or if you have a good pulse on how much things should cost?

Hi @Minesh Patel I have heard nothing but good things from working with @Jordan Ray or @TylerTapley. I would also check out @AmyHolland with TurnkeyInvest.com, she is great helping OOS investors find flip deals. I would definitely recommend one of them. 

Investment Info:

Condo buy & hold investment in Homer.

Purchase price: $290,000
Cash invested: $85,000

Bought this 6 unit condo set utilizing a seller finance structure at 0%. Monthly payment is $1,000. Dealing with a HOA scam that is going on with it, but besides the scam I'm actually really proud of this deal. Average rent is $800, but this entire zip code is slowing growing over time and getting better.

What made you interested in investing in this type of deal?

The 0% interest deal

Lessons learned? Challenges?

Property managers can be huge scammers, wholesalers and realtors do not care about you so don't trust anything they say, ask hoa for financials before moving through the deal

How did you find this deal and how did you negotiate it?

Through Prosway.com. Realtors submitted it on there and I jumped on it right away 

How did you finance this deal?

seller finance

How did you add value to the deal?

Fixed the units up, pushing hoa hard to fix complex up and raise value

What was the outcome?

Still working on it

I looked into it a bit, and it is expensive, man!!!

I was wondering if the tax benefits outweighed the upfront cost, but it doesn't appear to be so.