All Forum Posts by: Patrick Scifres

30 Package Deal in Memphis, TN, 28 SFR, 2 Duplexes , all occupied except 2 units, but those are currently being marketed. Sale price is $1,400,000 but seller is offering owner financing options. Please feel free to reach out with questions or concerns.

How's everyone's inventory looking in Memphis?  I have 20 properties closing by the end of September, and have another 18 potential listings.  I think the market is going to continue to be strong.  Please reach out if you need help in moving a property.  Only if it's priced right!!!!!!!!

Great advise and experience from everyone.  I'm working a deal with code right now that the seller is going to hire a structural engineer due to code saying the property is "uninhabitable".  I met the code officer at the property and all they could do was point at what they thought was an issue.  There appeared to be no experience or expertise in their findings, just "this looks like it might be wrong, so prove that it's not."  This doesn't hold up in a court room, but they hold the power, so as @Alex Craig stated, "fix things ASAP". 

Also, back to the long term.  I just want investors thinking about Memphis to realize that is work, a business, that has it's ups and downs.  I know the world is full of all types of personalities, but patience is definitely a common trait you see in successful residential investment property investors.

  And in the words of my first broker, "Pace yourself son, and remember, it's a marathon, not a sprint!!!"

I would like to pose a question, and a little bit of advise.  I do not think this can be stressed enough to investors, young and old.   It seems that several times a month, an investor crosses my desk that purchased a "long term" product and they're having difficulty getting out of the market.  I know we are not fortune tellers and cannot predict the future, but the definition of "long term" or "buy and hold" is important. 

"Long term' in my opinion is 7+ years.  It is impossible to plan 10 years down the road, you can try, but life happens.  These investors I'm speaking of, have most likely called everyone for an opinion and speak as if they were not sure of what they purchased in the first place.    

My advice is if you're making a commitment to becoming a real estate investor, through the good, the bad, and most of all the ugly times.  Be prepared and fully understand the meaning of the words, "long term"

I am curious to what the BP communities position is on the definition of "long term" and what they tell their clients?

Memphis, TN Package

125 Properties, 113 Occupied, $7,000,000.00

@Jimmy Warr

I have a few duplexes, but $30,000 is the lowest priced.  Please PM me if you're interested.  Also,  there are properties that come through the office daily, so please let us know what you're looking for and maybe we can find it for you.

I have a client that needs to unload 2 properties.  Both need roughly $3,000-$5,000 each to get them rent ready.  Seller needs to move these 2 properties fast.

2387 Vandale, Memphis, TN 38108, Listed at $14,900

692 Hazelwood, Memphis, TN 38109 Listed at $19,900, was rented Section 8 for $795.00