All Forum Posts by: William Powell

According to what you wrote I'd take care of it myself and refund the tenants their security deposit. Good news is you needed this done and now it can be handled. Knock this stuff out, paint, and hurry and get the place rented again. 

MIG has lunch at butcher shop on Fridays. I plan on attending meet and greets to network, mingle and increase knowledge and come out of my DIY mentality that's stopping me from scaling. Anyways.

On areas. Memphis is a city of streets and blocks. You need someone from here to assist you. All areas have spots that are good for brrrr. You can have a bad block with hanging out and crime but the next block is full of homeowners and manicured yards. This city is not for the squeamish. Good luck. I think you need to come here or get boots on the ground using a liason. Don't just buy a turnkey. Imo

 Thanks. I'm preparing a work around but I'll look at it your  way before I pull out the big guns.  It must be said that the language I read said local property manager but I hope I'm wrong.

I have taken rent from security deposit many times. It's usually close to one month's rent anyways but all the while I would be preparing eviction. I would post a 15 day notice and have them served with FED. This way I'm moving forward no matter what. Meanwhile I let the tenant know this process can be stopped at anytime by paying all legal fees and rents. The goal is to move forward. Don't be passive or next thing you know four months will have passed. 

Asking for increased security deposit for an existing tenant seems a little greedy imo. If a tenant is paying I just tell them there will be an increase then have them sign the new lease. All new tenants are subject to increased security deposits. As per my marketing. Remember we are in the business of people not just income. If we treat people like we want to be treated I think everything will work out.

 I totally agree. I shake the bushes to locate good people. Goto local hotels. Call insurance agents and companies. Talk with friends and family and tell them you are searching for good people who need to come to memphis and stay in a really nice home away from the hustle and bustle for a few months. Stay aggressive because I visualize my client. He or she has plenty of income. Nice accommodations with safety peace of mind and quiet is what they desire. They don't mind driving 30 minutes to go take care of their business. With that said, Im trying to attract that person. 

 Memphis investor here. I was thinking you should be more aggressive along with marketing on vbro and ff. I'm currently setting up a MTR north of Millington. It was a LTR but I wanted swing for the fences. Currently in the furnishing stage and pouring a new driveway. I have 1 customer locked in and I'm looking for an insurance customer as well. A drive by of nearby hotels is gonna be a method I use to look for possible clients. I talked with farmers and they gave me a website to list my house. Anyways my point is stay aggressive and make sure you have a great product if you want great customers.

Hey fellow investors. I'm reading there is a local 24/7 property management requirement for short term rentals and that information haa to be given to local authorities prior to your str operation. Is this becoming the new barrier to entry for investors or justified? Love to hear any feedback. Looking to invest in gulf Ms area.

I have dealt with my taxman killing me per property on an LLC. He charges higher fee per Corp. I ended up keeping everything in my name and closing all corporations besides 1. I'm also hearing that regardless how my funds are co-mingled if any llc is sued judge will consider my personal accounts evidence of ownership. Good look guys on getting this type of stuff white glove clean

 Tried the link and it failed for me