All Forum Posts by: William Powell

I like 38107 west of the expressway (maybe even west of Manassas) "Uptown". Anything in 38104 is solid. I like 38109 but you have to know the neighborhoods down to the streets. There are other areas but this is where I like to focus when it comes to multifamily.   

Seasoned veteran here. The Memphis market has many good spots to invest. The key is knowing the areas. Knowing where the good areas start and stop is a skill not everyone possesses. I'm a multifamily investor who is looking to buy and hold in the best of locations. Cheers..

Yes. Most of 38104. 

mice eradication is a very helpful skill to develop. At the end of the day mice will be your problem. Especially, in this new cancel culture climate. I recommend using wood traps and bate stations outside the home. Also, locate any holes on the outside of the house and fix them. Any clutter and debris near the house needs to be removed and cleaned. A few suggestions that will help. However, if they continue to come back every few months or quarters I would find out what the tenant is doing and document via paper notice or texts. 

I've used key check, no complaints. 

 LOL. I had a tenant accuse me of profiting off the application fee about 12 + years ago. Everything he said sounded good but when the background came back he had a recent foreclosure and criminal history. He got so angry that I refunded his money to keep my sanity. I love the new in-house solutions. Now I can just press a button and the client pays the agency directly. 

Not like you think. The cash you spent will be broken down using the depreciation schedule. Any repairs can be written off as an expense but not the purchase price. If you're holding the house and renting it, you depreciate purchase amount. If you're flipping it then purchase and rehab costs become an expense. A capital expense. If you are playing long game your expense is stretched out of 27 years or whatever you and your tax pro choose. Not financial advice :)

Live in it as planned and call the city to have the items addressed that you spoke about. In most cities, you can't leave a car on the street that is broken down or tagless. The city will have it removed or the owners will do something once they see the city notice on their car. Neighbors don't have to know it is you making the calls. You need to become a sentry for your neighborhood while you live in the property. Beautify your home and make it one of the best on the block. Just these things alone will help the values remain intact, and you'll motivate others to step up as well. Good luck

You have to refi or sell, to pay off the HELOC. One way you lose cash flow but gain a lump sum. My question is have you found another investment property to replace the condo? If not, just rent the condo. Start the refi process slowly all the while looking for the new investment. The reason I say this, is the money becomes dead if you just move out of the condo and sit it in your bank account, plus mortgage paying payments start coming 30 days after you close, so I'd like to have something I'm eyeballing before I refi. Once you cash out the clock starts ticking loud. So it's a finesse thing.

  

Sounds like you don't need the money terribly so hear's a conservative strategy. Keep condo as a rental. Put half of the 80k into a new primary in a nice area. Hold the 40k for operating expenses and lifestyle.