All Forum Posts by: William Powell

20 year VET here. I agree and would like to add that betting on yourself and your ideas will be a common theme. When you hear contractors and agents say "are you sure" you might be on to something. Real Estate is chess not checkers!

For a Fix and flip my ARV is based on apple-to-apple comps close by. Next figure out recent sales. Are houses selling and what is the average days it takes to sell (DOM). I also take a look at nearby crime stats and schools. Another number to know is the renter to buyer ratio in that neighborhood. For a quick flip or a buy and hold I like to be in a predominately homeowner areas. Lastly, for a buy and hold I look at similar stats and current rents in the area. These are off the top of my head. I hope that helps

$2 per paid room night and a privilege tax of 3.5% the amount charged. Has there been a new charge?

I've been investing in Memphis for 23 years. Memphis market is good for cashflow however you need to know the city well. I look at neighborhoods in streets rather zip codes. This is how I find good homes others miss. Appreciation is slow in C class areas but there is appreciation. 

 Orange Mound is not great unless you are an investor from that area. I wouldn't suggest buying there.

Jack hit the nail on the head when it comes to podcast making things seem fast when it comes to cash out refis. Lot of these crazy success stories have partnerships involved that the investor keeps quiet about. I have 12 properties I've owned for years mortgage free. 22 years of experience in real estate. I did a cash-out recently and the bank didn't want to approve the loan unless I bought my W2 wife into the loan. They claimed my debt-to-income ratio entered into a system would not approve me without my wife's income. The lesson is banks are friendlier to W2 investors regardless of the income of I have from all these properties. SMH. The bank refused to give us a 30yr fixed they gave me a fixed 5 yr ARM that has a 30 yr amortization schedule so I will have to refi out of this plan in 4 years. I went ahead with this deal because I needed to rehab my apartment to get it at full capacity. BTW credit score 800 with nearly 2 million in equity.

I am currently turning a few of my units into MTR/STRs. Two are in the pinch/uptown district and 1 is up North 30 minutes from Memphis. I'll keep you posted on their performance. However, I am pretty confident they will do better than LTR.

With Blue oval project being more near Stanton are Memphis investors hosting their workers?