All Forum Posts by: Kevin Perk

Jimmy,

"no insurance will touch it."

Yes they will, you are just going to have to start making some phone calls. How are all of those other 80 year old homes insured?

Good luck,

Kevin

Hello Heajin,

As a fellow Memphian and a blogger here, let me welcome you to BiggerPockets!

I am glad you found this website as there is a lot of great info here.

If you want to meet and network with local investors in Memphis, like Curt and myself, please join us at our local reia. It is another great source of info. Not sure if I can mention it here, so send me a message and I will give you the details.

Again welcome,

Kevin

Basements stay cool w/o AC.

Perhaps, just don't expect prices to go back to where they were without some serious money printing (which is not happening right now). I think at best we may see small gains in some markets, but many will remain flat or continue to decline.

Memphis has many great things going for it and the low cost of living is one of the best along with the fact that we can buy properties that actually cash flow! However, there is a reason those 3 bedroom homes are $2,000. Frankly, $2,000 is probably to much. A low price does not necessarily mean it is a good deal. Caveat emptor!

Our property management software keeps a log for us.

Never really felt the need to before. Problem tenants would generally move on. But I am glad there is a record now.

It all depends on your area, the type of tenants and how they want to communicate. My tenants for example are usually younger and computer savvy and thus use the internet, e-mail and text messaging to communicate. We have a website (through our property management software company) that generates most of our leads. The management software also automatically posts ads on craigslist and other sites, which also generates numerous leads. We hardly use yard signs anymore and the daily paper is no good and too expensive.

In other areas, I have friends who have to use yard signs because their prospective tenants are not connected or do not read the paper or are driving around a particular neighborhood they wish to live in. I have one investor friend who even hires people to hand out fliers at supermarkets advertising his rentals.

So it just depends on how your prospective tenants want to communicate. You have to figure that out. Good luck!

I wish I had been as smart as you are when I was 21!

Is there a local REIA (Real Estate Investors Association) group in your area your could join? My local REIA has been a great resource for me.

Good luck!

I think you manage a few (3 or 4 units) rentals pretty easily. As others have said here, find some trusted people to help with maintenance, repairs and such.

Since you have money, have you thought about becoming a private lender? I know many investors, myself included, who use private lenders and pay a nice return. Most of your time would be spent getting to know your borrower. You could possibly network and find folks at a local reia group if you have one near you. As Michael said above, it will all depend on your investing objectives.
Good luck!

5+ years. Most stay about 2.