All Forum Posts by: Ryan Flannery

Who knows the Jackson, MS market that can help me out? Looking for feedback on areas, price points, availability of inventory, rehab challenges, rental market, etc. Thanks!

@Lena Davis I sent you a message with a referral. 

I am DFW based and have been here for 5 years, although we have been investing here for 8.  I agree with @Andrew Postell but I would push that value to 200k or even a little higher on the north side of Fort Worth (NRH, Watauga, Saginaw, etc) and in some parts of south Fort Worth, and I would say minimum value is closer to 150k right now renovated properly.  You should be able to get around .8% rent to value ratio if you do a renovation for long term success (no deferred maintenance).  

@Brandon Miller I would love to further discuss whenever you are available.  We currently operate in DFW and HOU, so fully understand foundations and proper permitting.  Looking to possibly go into San Antonio in the future, and it sounds like will be similar to DFW with better rent to price ratios.  We repipe all cast iron in DFW as well, so not scared of the 50-60k rehabs, although we do stick with 1950 and newer.  

Looking for information from people with experience in San Antonio. How do the rent to price ratios look if the properties are fixed for long term success (i.e. no deferred maintenance)? Specifically in the 120-200k ARV range. What is the availability of the inventory in that range and where will you find that product? What are the rehab issues (foundations, repipes, etc)? How are code and permitting for the rehabs? Rental Inspections required? Any and all help is much appreciated.

@Kalen Jordan I lived in Memphis for 7 years.  Nothing wrong with Frayser if that is the type of product you are looking for, I personally would not invest there though.  I would 100% not buy without physically going to see.  

@Nate Pucel Are you asking how do we buy them from the wholesalers?  

@Ron Singh Obviously you need to look at the exact contract you are signing, but title issues void any contract we enter in to.  The 5k would come back to us if title issues were the reason we couldn't close.  The worst title issues, meaning the hardest to resolve, are typically payoff coming in much higher than purchase price or so many owners on title that it is nearly impossible to track them all down to sign and close.  

@Rose White I'm not sure what FMLS is, but typically the wholesaler doesn't know either.  We typically go into contract, then title will pull the info and see if we have any problems.  We run into payoffs coming in high, liens seller didn't know about, others on title that seller didn't realize/mention, stuff like that.  

We don't operate in Atlanta, but I would check if New Western or Net Worth operates there.  They are some of the higher volume wholesalers we deal with in a few of the markets we operate.  Otherwise, go to every meetup and event you can to build a list.  No easy way to it.  

75% of what we buy is off market, so dealing with wholesalers is great.  I'd say the most frustrating part is we tend to run into title issues more often with the low priced, off market deals.