All Forum Posts by: Mark Anderson

You need to figure out what your ideal property is (price point, size of rehab, neighborhood, etc.) and how you are going to pay for it (bank loan, cash, private money, etc.)

Once you know those things, then you can come up with a gameplan on how to find your ideal property (use an agent or create your own marketing plan).

Ha! I've actually had a few sellers say this to me...but not enough to invalidate your point.

Personally, I've done flips, wholesales and buy & hold.

The answer to your question depends on your goals. Are you wanting to replace your work income so that you can leave your job and be a full time investor? Or do you want to acquire long term rentals to build wealth over time? How much time do you have to devote to real estate investing, etc?

Finding the answer to why you are wanting to do this will to a certain extent guide you in a certain direction.

Not a one! For everyone out there wondering, the national news acted like the whole city of Memphis was washing down the river. In reality, a little area along the river was flooded. About 1,500 houses were affected in a city with 1.2 million people. This may sound morbid but many Memphis residents actually thought the news coverage was comical. Don't get me wrong, it was very serious where it happened but it seemed a little overblown. I don't know if there are other cities along the river experiencing the same thing.

I see you are looking to get started investing. What type of investing are you wanting to do? Rentals? Flips? Other?

@LuckyAMark

Another vote for Kaaren Hall. She is on top of her game. Also, Sarah Laeng with ETC has been a good contact as well.

On a similar but related note, has anyone dealt with companies that are not self-directed IRA custodians such as the ones mentioned, but are instead self-directed IRA advisors?

I talked to a company a few weeks ago that gives advice to folks with SDIRA's, which custodians are not allowed to do. Does anyone have a list of these types of companies as well?

Personally, I don't think you did anything wrong. Sounds like he wasn't motivated. Since there is a tenant in there, he probably is at least breaking even or better if he has no mortgage.

Better to find this out right away than setting up an appointment, researching comps, etc. then have him tell you there is no way he would sell for that low a price.

Hi Philip. Welcome aboard. I'm in Memphis too.

Bryan, those would be the all-in costs for the investor for a rehabbed property.

Memphis is a good cash flow market but the question is kind of hard to answer and I certainly don't want to overstate what is normal for the market here. For 50k, you can buy a 2/1 or a 4/2 in two completely different parts of the city so rents will vary accordingly.

I've seen plenty of houses rent higher than the ranges I mentioned previously...and some that have rented for less too.

Dee,
There are practically no 4-6 unit buildings in Memphis. Almost everything here is a single family home on a quarter acre lot. When Memphis was developed, land was cheap and plentiful so there wasn't a need for those types of buildings. Duplexes are few and far between

In regards to rent rates, it of course depends on the house and the area. Generally speaking though, a 50k SFR rents between $500-650. A 100k SFR rents between $950-1150. Once again though, it really depends on the house and the location.