All Forum Posts by: Jay Shires

I’m an investor here in Jackson.  Feel free to reach out

I am here in Jackson.  We are focused on long term rentals.  But have had multiple insurance companies reach out recently about mtr and we have multiple larger businesses moving into the area over the next several years and do believe there will be a greater need.  Let me know if can tell you anything else about the area

I’m in Jackson tn down the road from Memphis.  Still finding cash flowing deals in single and multi family here.  Similar numbers to Memphis.  

Sounds like a great deal.  I’m here in Jackson if you ever need any help

I’m here in Jackson and have connections with several contractors if you want to reach out

Investment Info:

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

Purchase price: $100,000
Cash invested: $60,000

4 plex bought from around 100000. We have replaced all the windows. Refinished hardwoods. Painted everything. Updated kitchen and baths. Rented currently 950/1000

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

Small multi family at a low price

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

My brother was living in another apartment this seller owned. Bought the 5 plex he was living in, this 4 plex and the duplex next door

How did you finance this deal?

Traditional 20% down

How did you add value to the deal?

Needed tons of rehab. 100+ year old home. Now that rehabbed it cash flows great with great tenants.

What was the outcome?

Currently renting for 950 for upstairs apartments and 1000 downstairs.

Lessons learned? Challenges?

Old homes always come with tons of repairs.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Would recommend my agent and lender. Let me know if working in west tennessee

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $26,000
Cash invested: $30,000

Fix to rent. Currently rented for $1300

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

New builds across the street

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

Craigslist. Paid asking

How did you finance this deal?

Cash

How did you add value to the deal?

Added bathroom. Full gut to other bath. Updated kitchen. New flooring and paint.

What was the outcome?

Rented at a 2% rule now

Lessons learned? Challenges?

Multiple issues during rehab but long term is a great deal

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Yes. Love my agent locally if in west tn

Come a little west to Jackson.   Not that we will ever get to nashville/Franklin prices but lots of room to grow.  

I do think the Memphis and West TN markets in general are going to continue to see appreciation and rent growth.  Ford is building a large factory between Memphis and Jackson and both areas are anticipating growth associated with that.