All Forum Posts by: Joseph Salegna

I'm not a lawyer and don't know how the state laws go but the security deposit belongs to the tenant unless forfeited in the event repairs need to be made when they vacate. I would think any money invested with tenant funds the profit belongs to the tenant. 

Hi @Jason Luongo. are all of the expenses taken into account? I don't own any MF yet but the expenses may look a little light. Are you managing yourself? On paper looks good. Can you ask friends and family? Maybe partner with someone or hard money loan. 

@JJ Mayer I own 2 properties.  One in Memphis and one in Dallas. I wanted to diversify myself with and be in more than one location. 

@JJ Mayer  I recently closed on 2 homes with Memphis invest and I can tell you I couldn't  be happier. All of the staff I worked with from criteria selection to closing to customer service have been nothing but a great experience. Everyone made the process easy and seamless and always answered my questions. I suggest writing down all of your questions and submit them to the person you speak with or on your call just go one by one. If you have any more questions feel free to pm me. 

@James L. Is you have any questions, pm me. 

@James L.  I went with Memphis invest for my dallas property. We closed June 1 and it's been good so far. I'm cashflowing about $300 a month after mortgage and property management. Cash on cash is about 9%. There's another turnkey provider in Dallas I spoke with named American real estate investments. 

@Matthew Wright You could structure your partnership any way you like. I would have an attorney draw it up. Generally in what i've seen in partnership agreements, in the death of a partner, they interest would go to the spouse or whoever you designate. You should also set up sale and dissolution provisions if you havent done so already. 

@Richard Cheung. I don't know if all turnkey contracts are like that. I would ask to include an insppection contingency. You may also want to just come out and ask the provider what to expect after the renovation. Did they send before photos and send you a scope of work of what they will be doing? I received before and after photos. Also they reputation of the provider is important. I'm sure you can find lots of information about them and maybe even do a google search. PM me if you have any questions. 

@Michael Kantar  I'm from New York also and just recently got into real estate investing. I chose to invest out of state. In particular Dallas and Memphis. It's important to find a property manager you can trust. PM me if you any questions. Good luck. 

@Anthony L. - for about 2 months, i did nothing but research and call as many people and read as much as i could on what to ask and look for in a property manager and about investing. I still continue to read and research as much as i can in my spare time. 

PM fees generally run 8%-10%