All Forum Posts by: Lee Berkwits

Normally I am on the investment/ownership side of the equation, however, I have a job opportunity in Memphis, TN which will require relocation.   

Looking to rent 3/2 SFR, 1900-2400sf, 2 car garage starting in May 2022, but could do April for the right property. Prefer East Memphis, Germantown, or that general area.

No kids, no pets, non-smokers. FICO score 800+.  Great references from prior landlords on request.

Thanks much for any info/leads...    Lee

@Dakota Verrico  The local Upstate CREIA [ upstatecreia (dot) com ] meeting for Greenville/Spartanburg is being held 5/17 - so you will miss it by 2 days (unless you can adjust your travel plans.)  This is a GREAT place to make connections.  There is also an informal Meetup group which has just reformed.  I am up in Asheville, NC in the mountains - relocating to Florida panhandle - in the next 2 weeks.  Other groups on [meetup (dot) com] include greenvillerealestateinvesting and GreenvilleReal - see below.  

Best, Leland (Lee) Berkwits

UpstateCreia

GreenvilleReal on Meetup

greenvillerealestateinvesting on Meetup

More thoughts... there is significant cap rate compression in Asheville due to in-migration.  We are seeing a large influx of buyers from California and Illinois with cash purchases (often without appraisals) which has caused prices to rise rapidly over the past few years.  

You may want to consider joining CREIANC which is the local real estate investors group in Asheville (  CREIANC (dot) ORG) - great group, great educational opportunities, and they have continued to pound away through Covid on Zoom.  (We have had visitors on Zoom drop in from as far away as Argentina - all are welcome)

We have subgroups for various interests including Vacation Rental Group which has an upcoming meeting on 4/6/2021 so timing should be good for you.

creianc (dot) org / Events.aspx?ID=Vacation-Rental-Group-Online-Zoom-Meeting-125-4-6-2021

Have lived in the region since 2006.   Chimney Rock is far out from Asheville.   Saluda is closer to Tryon which has developed a large equestrian center at which many Olympic equestrian teams train.   Bryson City is a cute little town about 1 hour 15 minutes West of Asheville, home to Great Smoky Mountain Railroad - and also close to Nantahala Outdoors Center.  Lots of VRBO's in that region.   Brevard has a lot of digital nomads is a smaller town and close to great hiking.  It is located in Transylvania County with a population that doubles in the summer - so the activities are more seasonal.   Very close to many great hiking trails.   Asheville has been taken over by many hotels that do not like competing with AirBnB - so the city council has placed strict restrictions on short term rentals.  

@Jay Greener  I heard Tom speak at PaperSource direct conference in Vegas in April.  When I learned of his conference, I signed up on the spot.

I had been to Eddie Speed's NoteSchool3 day course the weekend before.   

Tom is a master at Time Value of Money calculations and is a great teacher on structuring deals.   He has a complete knowledge of note brokering and creative financing.   While he does rely on the financial calculator, he also uses the TValue6 /TimeValueOnline software which is extremely useful and very reasonably priced (www.timevalue.com)   [DISCLAIMER - I have no relation to/financial intersest in TimeValue software, but own a copy]  

I believe this is not a Note Investing class (like NoteSchool - Eddie Speed) but more a deep dive into creative deal structuring with resources for best practices when buying and selling Notes.  

Tom is a great speaker who makes these concepts easily accessible and does so with humor.  

I am performing due diligence on an REO that is scheduled for a Trustee Auction in Tennessee. I am trying to reconstruct the sequence of events as it appears this was put up for sale (or auction) 3 times, and foreclosed 3 times (3 foreclosures listed on Title Search).

I am wondering if anyone has any experience with foreclosures being reversed, or thoughts on what transpired.

( I understand that I likely will need to get to the courthouse ( prior to auction) to pull the Judgement - as I cannot locate them by their document numbers on PACER.GOV.  )

Thanks in advance.  Lee

Zillow documents the following listings:

1. 2/5/2019 Listed For Sale ( Auction date 2/26/2019)
2. 7/17/2018 Listed for sale, 7/31/2018 Listing Removed
3. 9/7/2016 Listed for sale, 9/27/2016 Listing Removed

Three Foreclosures Listed:  

1. Recording Date 1/25/2019  - Notice of Sale, Trustee name is listed, Lender "No Lender on Document", Borrower "Owner of Record"
2. Recording Date 6/20/2018 - Notice of Sale, Trustee name is listed, Lender "No Lender on Document", Borrower "Owner of Record"
3. Recording Date 10/13/2017 - Notice of Sale Trustee name is listed, Lender "No Lender on Document", Borrower "Owner of Record"

Throughout these three foreclosures, the Trustee Name is the same 3rd party (not original owner of home).

Following this are 3 Personal Liens:

1. Judgement: Recording Date 3/15/2018 - $1398, Judgement entered 10/30/2017,                                                                               Defendant is original owner of the property, Creditor is BANK , Plaintiff FUNDING COMPANY #2
2. Judgement: Recording Date 3/24/2017 - $2926, Judgement entered 11/22/2016,                                                                                               Defendant is original owner of property, Creditor is not listed, Plaintiff FUNDING COMPANY #1
3. Judgement: Recording Date 2/25/2016 - $4460, Judgement entered 7/21/2015,                                                                                              Defendant is original owner of property, Creditor is not listed, Plaintiff FUNDING COMPANY #1
4. Judgement Amendment/Release:  Recording date 4/4/2016, Original Recording Date 1/1/2016                                                                         Defendant is original owner of property, Creditor is not listed, Plaintiff FUNDING COMPANY #1

@Karen Rittenhouse   Thanks for your welcome.   Asheville is a beautiful place to live, however there has been significant change over the past 5 years... we now have traffic jams, the number of hotels has doubled (but so has the nightly rates) and everywhere you look there are 300-500 unit apartments being built.   

@Brian Levredge , thanks for sharing your thoughts.  Sounds like a lot of good factors driving demand.  In the time I have spent there, I found it to be a nice area.   Though the traffic is getting a bit difficult over the past 2 years.  Are there any perimeter bedroom communities that are up and coming?  Cleveland seemed like a cute little town, with some new development when we came through about 11 months ago.  

@Derek Robinson  Fully understand the crowd thing and social overload.   It has taken me a few decades to be able to be comfortable in those environments.   Thanks for your thoughts on "Sparkle City" as they call it, great info!

@Brian Levredge  My wife and I stayed in Chattanooga on our way to my brother-in-laws home in Oxford, MS.  It had been about 4-5 years since we had been through that area.  Every in-fill lot was under construction.   There seems to be a decent amount of varied industry - but Northeast of the center of town it looks like the main industry is VW.  I remember driving through when VW announced they were going to build.    Lots of multifamily in that area, though agree that it all appears quite pricey for even C class.