All Forum Posts by: Kevin Byrne

I might be too late for this, but I would be interested also. I own a few long term rentals and have been frequenting Mammoth for years and am looking to invest there.

Hadar Orkibi Alan Grobmeier Alan is right. With my fixed costs and no vacancy, repairs, etc... I cash flow $331/mo. I put down $27,180 plus about $4000 for closing costs (let's call it $32k total). Of course, the expenses are coming and I don't expect to cash flow that well on average. Also, I can't tell you how the numbers will shake out in 5 years. Only time will tell. Maybe someone with a property from Memphis Invest that has owned it for longer than 5 years will chime in. For the record, the home was built in 2004.

@Sean Autry I'm still really early in the process.  My house was rented out in mid October and I received my first rent check in November and my second in December.  Both on time.

I wouldn't dare walk into the "cap rate police trap" on this forum. Seems to be a volatile topic lately.  I will share with you my numbers and you can use your own reserves and formulas.

Purchase price: $135,900

Rent: $1225 (for year 1, $1275 for year 2, it is a 2 year lease)

Monthly mortgage with impound account: $771 (20% down, 4.375% interest, 30 years)

 County Tax: $1335, City Tax: $1038, Insurance: $500 (through Memphis Invest, plus a $100 annual administration fee)

Property management fee: 10% (lease up fee is first months rent)

Feel free to use your own numbers for vacancy, repairs, cap ex. etc...  I know Memphis Invest is very good with their data and has enough years of tracking the data to be statistically significant.  I'm sure @Chris Clothier could chime in with their historical vacancy rate and other pertinent numbers.

Besides the numbers, my experience with Memphis Invest has been top notch.  I have dealt mainly with Carol Henderson and Ashley Claunch.  I could not speak more highly of their professionalism and customer service.

@Emily Powell The cost of my house was $135,900 and the appraisal came in at $139,000.   I have had a renter in for 2 months (they got a renter in faster than I could close my loan) and I am still very happy with their product and service. 

Jim Wilcox You're from Lexington? I misspelled the group. Riesig Group is the proper spelling. Justin Johnson is who I have been speaking with. Still nothing?

I've been talking with the Reisig Group out of Lexington, Kentucky. I was hoping some people in the Bigger Pockets community could share their experiences they have had with this group. Good, bad or neutral.

I will be closing on a property with them this week. They are the second TK company I have worked with. I can't speak to the performance of my property yet, but outstanding customer service and experience thus far. Anything that is not done in house feels like an extension of Memphis Invest. By this, I mean the quality of service is just as high.

John Anderson Good point about the POF. I was under the impression they have had this discussion (if not actual documentation) since she told him she would be paying cash for the first property they looked at.

Fire him. You shouldn't have to have an "expectations talk" with a good agent. If he is not bringing you potential properties, he is just a document pusher. I think most respectable agents think of their value as more than someone who just pushes the documents through.

Lane K. So what is your new opinion now that you have 12 SFH? What do you think your next step will be?