All Forum Posts by: Mclean Smith

Thank you @Account Closed for being the welcoming committee!

@Tyler Tapley Thank you for offering to extend your network and provide info about successful BRRRRs. I will DM you.

@Dean Harris I would like to know more about your success doing a BRRRR.

Thanks to everyone!   Steep learning curve here. If I can be of assistance to any of you with anything pertaining to landscape contracting, please let me know.

Looking forward to the meetup.  The last meetup at Pyro's (that I attended), I met several interesting people, including a wholesaler that has been sending me deals here in Memphis.  Thanks for hosting and making it possible even during these isolated times.

My plan, after a year of diving deep into it…

I live in the Memphis area and I understand that this is a solid cash flowing area. I want to buy a property this year in my 5 mile radius and BRRRR it. I want to keep my all-in cost (purchase and rehab) below $120k and hope to appraise for $180k minimum. I have identified specific neighborhoods and zip codes where I believe this will pan out well. I plan to manage the property myself, but will factor in cost for professional management down the road.

I’d like to get my first property under my belt to get some momentum. Looking forward to getting experience on my first deal.

I’ve been doing the following:

• - analyzing a property a day (SFRs)
• - driving and checking rent prices for the neighborhoods and zip codes where investing makes sense
• - combing through Craigslist in search of deals
• - signed into the FB marketplace to look for deals and join RE groups
• - attended a few meetups, but not enough
• - listening to real estate podcasts and reading books on investing
• - take a cold shower and make my bed everyday

I would like to do the following:

• - send out direct mail (not sure if the money is worth it when I’m looking for first deal)
• - develop network in Memphis area
• - figure out how to get accurate comparables
• - figure out how to bring value my network and meetup groups
• - figure out how I can use my landscaping experience and knowledge to help those in the network/industry
• - develop relationships with real estate agents, wholesalers, contractors, lenders and property managers
• - take action and buy a property that I can BRRRR in the next 90 days

This has been my Ted talk.  Thanks @Reade Smith for getting me interested in REI.

I have a few inputs.  

Keep in mind that even if you do have plants that are considered low water/zero water/drought tolerant there is an establishment period and they will need water until properly established.  I lived in CA for many years and we typically installed plants towards the end of the "rainy season" if there was one.  IF you have an irrigation system, that's a plus, but I'm assuming you don't because you mentioned it's all gravel.  Plus, that's an extra cost to you with maintenance and water bill.

Also, when picking plants, make sure to pay attention to the mature plant size.  The last thing you want to have to do is get on a trimming schedule.  Avoid adding spreading groundcovers and plants with indeterminate growth patterns such as bougainvillea.

Should you need a plant list for your area, check this resource:  http://www.amwua.org/plants

A few plants that I personally like...

Salvia leucantha has pretty purple flowers and will fill a space

Euphorbia rigida adds a nice blue pop

Rosmarinus officinalis has solid green color year round and does great in full sun once established (keep out of shade)
Muhlenbergia capilaris is a great grass that adds color as well.  it dies back in winter though, as do all grasses

Salvia clevelandii is another good candidate that will attract birds and hummingbirds

Then pick out some "specimen" plants to add interest.  

Make sure to blend compost into the planting pits to add a degree of water holding capacity and nutrients.

Bam, done.

@Alex Levich 

Considering the pool was likely a place that residents hung out when the weather was nice, why not consider making this another space for residents to congregate.  You could easily grade the area, add steel edging and install decomposed granite with a hardener or stabilizer to create a low cost patio.  You could then spruce the area up by adding patio furniture and a BBQ grill if that is something you're interested in.  Take it a step further and add landscaping around the patio to soften the space.

@Rousner Ermonfils I live in Memphis and am working on my license as well, so I recently scoured the surrounding area for a classroom setting. There are plenty of options, but you have to wait for classes to start up. And I’d like to get going ASAP. That’s why I’m going the online route which gives me the ability to work at my pace. If you’ve got a computer and are willing to sit down for a couple of hours a day, you can knock it out in 1-2 months.

Look up THE CE SHOP for online classes.

If I was able to wait, I would have gone with Memphis Real Estate School and it’s in Bartlett. It seemed to have good reviews, a person that would answer the phone when you call AND when I told them I was ready to start now they recommended that I try the CE SHOP.