All Forum Posts by: Melodee Lucido

@Account Closed 

 Welcome to BP! I am originally from Southern California and when I first got into the Memphis market I was completely blown away that there were many houses in good condition to buy in the low 20's.

Yes, you can buy houses very cheaply---it may be a pretty nice little house---but the areas they are in can be a problem. I am not saying "Don't Do It!" but it would be a very good idea to do lots of research here using the handy dandy search bar. Do lots of reading on under 30k homes, turnkeys, buying homes in the hood etc.

The most important thing is to have a team  in the area you want to buy. Every month I talk to people that are now sellers that bought a few years ago and paid WAY too much, even at 30k, or 15k----I am not kidding or exaggerating. It seems like when sellers see that you are from California they know they have a good chance to take advantage of you.

Now, having said all that, I do like the homes under 30k. But I also have the most wonderful people in my market that give me the straight info on anything I am considering. They keep me from making bad choices that I could later regret.

Best of Success to You

ps. take your time, don't be in a hurry and study much ---> there will always be lots of houses ;-)

@Luke G. In my experience space heaters are very expensive and it would be a source of more frequent turnover. If you could get this place for a screaming good price it would possibly take some of the edge off the headaches it could bring. Constantly putting new tenants in or renting for very cheap to compensate for the high heating bill could possibly get very old for you.

The best way to learn about direct marketing is to do a search here on BP. There is tons of stuff that is worth it's weight in gold. If, after reading on the topic, you have questions about setting up a campaign I would be happy to help. Just send me a PM.

Prosperous New Year to You

Luke, I know Nashville is a highly competitive market and the inventory is super tight. There are deals to be found in any market though. Are you using direct mail to find your own leads? I like to search the bedroom communities around Nashville.

@Maciej Michalak, Welcome to BP!

 I agree with what @Mike H posted. I don't understand why many do not use Z the right way. It is not for getting a Zestimate, it is a resource for research. The Zestimate is an averaged out figure of both the wholesaled props and the retail props. 

If you analyze the comps there you will see what wholesalers and rehabbers are buying at in the area as well as what the arv is based on retail sales. I use it in combination with mls comps---some comps on Z are not on mls.

It's a one stop shop for a quick overview. I do not use it for finding props. If you are tight on money you need to get out there and start networking. And some good deals can still be found on CL.

Best of success in 2015

Welcome to BP @Hermilo Garcia !

There is so much info for you to explore here. It's good to start writing out the specifics of what you would like to start your portfolio with. It may change over time (your ideas of desired portfolio) but it is good to have some kind of initial path to start on.

We will be here when you need us!

Best of success

Nicole, I agree with Curt. Claire is awesome!

Here is her number and email: [email protected]  Office 1.901.753.1600

Happy New Year!!

Hi Seth,

When I am trimming costs PM is the LAST item I would consider. In this biz excellent PM is everything. I will PM a couple that I work with regularly so you can call and talk with them. The going rate is 10% but one of them does work at 8%.

Happy Prosperous New Year!!

Michael, Welcome to BP!

Bill is going to be just fine. He reached out, got help and is clear in his intention with this property.

Hope to see you around a lot!

Happy prosperous 2015 ;-)

Bill,

It was great to connect with you. Derrick is on a holiday vacation. He will be in touch ;-)

Talk soon!

Bill,

You have received lots of advice (as well as a bit of a whipping) here. As I see it, and I do see this very often, the person that sold you the house saw you coming and knew they could get top dollar from you since you are out of state. You will not get the price you paid for the property without it being on the market for quite a while---if then.

It seems to me that you tried to do some of the right things; going to the area to view, getting a PM etc. But there are so many n Memphis that will take the shirt off your back and laugh all the way to the bank. I believe you were misguided by the people you were working with.

If it were me I would get section 8 tenants in there asap. You can have wholesalers market to their buyers or list it---whatever feels right to you. I'm not sure why you are against wholesalers bringing a buyer but they could be your best option.

For PM I would jump on a call with @Derrick Craig quickly. He is honest, knowledgeable, wonderful to work with and knows Memphis like the back of his hand. I receive no referral fee for recommending him. He has been a great resource for many of my out of state/area buyers.

I sent you a private message also.

This too shall pass and you will be a better investor for it!!

Wishing you a fantastic 2015!