All Forum Posts by: Michael Mcghee

@alexcraig if he wants to go with an 8k estimate over a 1,500.00 one that may explains why there is a dilemma in the first place. @Joe Kim 1,500 is enough to at least vet this person. May not cost much more to do more extensive repairs if you stay with the pm. And if all fails the pm will probably have someone ready to rent it. 

To be blunt you put tbd as a closing date, how long was you gone or how long passed without contact? 

no problem Julia we are all in the same gang. I don't ever recommend anyone to do anything without approval. The grandfathered-in part was merely ammo to help state a case if needed. Also I stress again to anyone out here looking to do anything historic or needing a variant to read the minutes of our meetings. Memphis has a great open records law and we are very transparent in that regard. 

@Julia Blythe @Michael Seeker I never suggested working against the Landmarks Commission. I advised to check with the Board of Adjustment and look at some of their cases. For hardships and things that don't seem practical a variance could be issued. The Landmarks commission is another agency that's under the Shelby County umbrella as well. This forum is to educate and it's a fluid process, when I want to add things I say in addition to, you can also, start with this group first, I would like to add and so forth. All information has to be processed and dissected. Check the Sanborn maps they have a great wealth of information and read the minutes of the Board of Adjustment as well as the minutes of the Landmarks Commission. 

@Michael Seeker @Curt Davis @Douglas Skipworth Check out the Sanborn maps at the main library near The Memphis Room. These are the old maps that insurance companies used to rate the buildings and structures and showing what type of material they were made of. These maps will allow you to research your lot and the structures that have been there. If there was once an existing outhouse or garage on this lot at any time then your lot will be grandfathered in. If not you may need a variance from the Board of Adjustment. Google Shelby County TN Board of Adjustment and read the past minutes of the meetings, which will give you an idea of what's required and some of the players you would want to hire if needed. 

I concur with @jayhinrichs as well but there is one caveat that may be worth pursuing. Find the heir that paid the taxes and agree to sell him your interest for what was paid. If they paid redeemed it then it may mean more to them than money and they would now have 3/15ths instead of 1/15ths. This may give them leverage with the other heirs or just bragging rights. Other than that it's a lost cause. If any of the heirs have judgments they will attach as well.

find someone that will take it without title insurance. Where is it? Send parcel id.

us folks in Memphis is even more spoiled. We can go online and pull any deed or recording that we want. Its definitely a great benefit. 

Well well well  @alexcraig this guy is not from Little Rock, i think hes from Frayser and he's trying to pay you back for all those comments about Frayser. Hey i will say this as a blanket statement we all have some deals that didnt go as we planned. Its how we handle the fallout, and move on. Sears, Apple, Comcast, Coca-Cola, etc all have complaints and the complainer thinks he or she is right all the time. However sometimes we have to agree to disagree. I sit on here and see how most of us complain about poor people and less than stellare tenants when that very tenant pool may have gotten us started. All boats rise with the tide. Does some areas have more challenges than others? Yes the problem is that problem areas need more budgeting allotted for vacancy, physical presence, and a company thats willing to buy in. Most people that lose doesnt reach the economies of scale that allows that. 3 or 4 properties in an area like Frayser will kill you. In order to make it work the amount of properties has to justify the resources youre willing to allocate to these areas. There are some old men in theae areas that have accumulated 20 properties or so over their time and most are paid for and will kill an outperform the average investor with that invest in only so called a,b areas. 

The most important thing you missed is the assessed value. Find out what each property is assessed at. One also could have city and county taxes whereas the other one can be county only. List price and assessed value can vary widely.