All Forum Posts by: Mike Mosee

Hello Galit,

We also are an out of state Memphis investor since 2011.  The most important piece I can advise is to have a trusted person check each location thoroughly before purchase as it's a heavy crime city with lots of gangs.  Because of our property management team  we've had great success.

Mike

Hi Jared

We have used Mid South Home Rentals, Arlington,  for 10 years successfully.  We have inspections with pictures done, cost $75, every 4-6 months.  Ask for either Chris Peak or Katie Tawater.

Best,

Mike

Hi Carolina

There is no magic zip code that gives good ROI as crime areas change by a few blocks. We've found the best way is to have boots on the ground, property manager, to access. Zip codes we have that give good ROI include 38128, 38134, 38053.

Best of luck

Mike

Quote from @Mike Mosee:

Hi Rupali
We've been investing in Memphis since 2011.  What areas you do so has everything to do with your success.   The most important thing is to have a great property manager to guide you.   Even so I go by the "Trust but verify" rule & have the majority of the properties inspected with digital dated photos every 3-4 months.
Our people there have yet to steer us wrong.
We are available to further discuss if desired
Mike

Hi Rupali
We've been investing in Memphis since 2011.  What areas you do so has everything to do with your success.   The most important thing is to have a great property manager to guide you.   Even so I go by the "Trust but verify" rule & have the majority of the properties inspected with digital dated photos every 3-4 months.
Our people there have yet to steer us wrong.
We are available to further discuss if desired
Mike

FHA isn't the only way. Talk to a credit union or mortgage broker. Normally 20% down will work as long as you keep reserves & your income will support payments. Good luck

It's best to have LLC in state where property is. Insurance is great, but does not cover everything & if you read policy for exceptions you'll see.

Use the Heloc to purchase & then refi properties to pay back the Heloc.   The Heloc can then be used as your emergency fund until you build up set aside  funds from rental income.   Use the Heloc only for the rentals & the interest is tax deductible.

Hi Lyndi

We've invested in Memphis for 10 years now & it's been good.  The key is to get a good property management team you can trust to have your best interest at heart.  We use Mid South Home Rentals in Arlington, Chris Peak, manager.

If you're going to setup a Tennessee LLC to hold then getting a registered agent there is also important for taxes, cost around $200 per year.

You can contact us if more information is wanted.

Good luck

Hi Michael

Like Washington, Oregon has same issues of over valued properties so we went to mid south region.   I've never seen properties before buying because the people we work with are trustworthy.  Some we've yet to see after several years.  The questions you ask require more than a simple post can answer.  Feel free to reach out for a private conversation