All Forum Posts by: Jonathan McGee

@Cody DeLong

Based off my experience with dealing with pre-foreclosures, you would need to ask or assist the homeowner with contacting the trustee or attorney that is handling the foreclosure. She will need to request a total payoff statement and also an authorization form for you and your title attorney to speak with the trustee on her behalf. Once your title company has authorization, you can complete this deal just like any other. 

Glad to hear you are interested in good ole' Memphis @Barry Je! I always tell out of state investors that you really can't go wrong here in this market (of course, not everyone succeeds). You are correct about needing to go street by street and it indeed helps that you have people on the ground here to at least drive by potential investment properties. As far as being a SFH or MF city, I believe it is a more lenient towards SFH but if you can manage to get your hands on a MF unit at a decent price, it can be well worth it. While there are several complexes, there seems to only be duplexes concentrated in certain areas of zip codes, unlike other cities I've seen where almost a whole block is all duplexes. Triplexes and quadplexes seem to be mostly in 38111/38114 area. You can also find great deals on condos to start with.

Several out of state investors I work with tend to use the crime map and steer clear of the yellow/orange/red zones, which can be tricky because almost all of Memphis is in the yellow. If you want to grab some cheaper properties with decent returns, you can search thru areas like 38127/38128 but you'd want to thoroughly check the street and comps. Although most people suggest to steer clear of 38127, I know many people who have great success in that area. 

Feel free to reach out if you have any questions!

CALLING ALL MEMPHIS, TN SINGLE FAMILY HOME INVESTORS!

My name is Jonathan McGee (Founder of Pyramid City Invest, LLC and Co-Founder of ResolutionsHomes.com) and I am a local investor and wholesaler here in Memphis, TN! I'm sure many of you are well aware of the amazing and profitable market here in my hometown! I can be your point of contact to add single family homes to your portfolio!

I primarily wholesale many of deals to most of the local turnkey companies here in Memphis (feel free to ask for references) and now you can jump in on the action!

I utilize leads from my websites, property scouts, and a local broker to offer multitudes of profitable wholesales deals both cash flowing rentals and vacant properties! Because of my references and experience, I also work with several local and out of state investment companies who utilize my network to unload their inventory.

I can also recommend the services of property management via my principal broker and reliable general contractors. I can even connect you with my local hard money lender or my mortgage broker (investment loans up to 80%) for conventional loans!

Most of my deals do not last long, but I currently have over 20 cash flowing properties available ranging from 12-18% ROI!

For instance: Contract - 4443 Pine Ridge Cv. Memphis, TN 38118 - 38k (3/1 1200 sq ft. brick SFH rented at 675/mo - 17% ROI)

Please feel free to reach out to me at [email protected] and I'll add you to my exclusive contact list! You can reach me at 901-500-8077 if you have any additional questions or if you'd like to just chat about the market!

Looking forward to hearing from my fellow investors!

@Devin Davis Shoot me a PM and let’s see if we can work something out. I’m sure I can find her contact info outside of Facebook and reach back out to her. I have an attorney as well but I’d be interested to see if yours may be able to figure something out that we could do. 

@Devin Davis I use online obituaries to find relatives or a spouse. You can check probate records from the county, but I believe this only shows up if a spouse or family member filed. Sometimes you can check the register of deeds to see if a spouse was on the mortgage. 

I’m dealing with one now where the deceased individual owned 6 properties here in Memphis. I found his widowed wife on Facebook, she was unaware (or pretended to be) of the houses. She called me and sounded like she was willing to work with me, but blocked me the next day. We noticed that somehow one of the mortgages had a refinance on it 3 years after he passed so I’m wondering if that’s why she shyed away.

Welcome to BP Jacob and glad to know you are interested in the Memphis market! It is definitely a unique market here! It does require some knowledge of the city, streets and area. As Elizabeth stated, "good" zip codes can still have their streets that you may want to look further into before investing. I always recommend to out of state investors to use Google Street View to circle the block and check the streets on each side. One street may look nice, but the street behind it could be a questionable area or there may be an apartment complex directly behind it. 

Some investors have great success in areas that others tend to steer clear of such as 38127 or 38109, both of have their merits.

The suburbs are indeed a safe bet, but the price ranges are considerably higher than what Memphis is known for. You also have to find the sweet spots as some suburban areas are too far out from the city in a rural area to be a solid rental.

If you have any questions, please feel free to reach out!

Hello @Angela A.

38134 which is the Raleigh-Bartlett area of Memphis is generally a safe bet and can expect rent rates to be between 850-1000/mo depending on the property. As @Antoine Martel stated you may be looking at higher price points especially for turn key but if you don't mind buying distressed and putting in some rehab work you can come out with a solid deal. This is one of the most desirable cash flowing areas. 

I actually have a few in this area available from an investor who is unloading. 

Wish you the best in your real estate success!

Ruddy yes, you'd have to coordinate with a licensed agent to pull this list from their MAAR software for you.

@Antoine C. Definitely feel free to reach out and refer my contact to others! 

Hey @Antoine C. welcome to BP! I'm glad to hear you are interested in the Memphis area! You can dive right into this market fairly cheap and generally make safe bets here. I am an investor and wholesaler living here myself, I wouldn't mind sharing a few connections with you! I have a few different contractors I deal with depending on the scale of the job. I primarily wholesale SFH deals and cash flowing rentals but I also have a few fix and flip options that you could profit off of on a BRRR type investment.

You'll find there's quite a few of us Memphis investors here on BP and I'm sure you'll get to hear from a few more! 

Wish you the best in your real estate journey!