All Forum Posts by: Bryan L.

I'm putting these out here for the BP group before I list them, so just let me know if you're interested.  Post a reply or send me a message.

I'm looking to sell some of my rental houses and move the money into notes or hard-money lending. These houses have done very well for me since I got out of doing my own property management and turned them over to a very good, local PM. I have 3+ years of great results on these, and can provide proof of actual results either from the PM, or with tax returns. There are 4 houses total (each one is a regular SFR, single family rental). I can sell them individually or as a package. My asking prices will put these each at around a 10% CAP rate, and they will be in the 35-45K range each. These are all located in smaller towns in middle Tennessee - with the great returns that so many look for in Memphis, but without the war-zone problems. Seriously, these towns have no areas at all where I would feel unsafe. These are all ready to go with solid tenants who have already been with me for several years. Property taxes and insurance rates are low, crime is low, and these are just great little rentals. It's all there, everything is in place for you. The property manager is already in place and doing an excellent job, I have already shopped around for the lowest insurance rates, these are already rented with stable, long-term renters, I can provide proof of their performance over several years. Start making excellent cash flow from day one - no rehab needed, no deferred maintenance, these are making money right now.

Another thing - in the Southland, we have no snow-removal costs like they do in Indianapolis or other mid-west cities, definitely not like Detroit.  The property taxes are also low and the landlord tenant laws are better than other places too.

Serious inquiries, please send me a private message.

keywords - SFR rental for sale cash flow cash-flow turn key turnkey Tennessee not Memphis

Thanks @Wane Tango .  @Rick D. you can buy me coffee (or a beer) just about any time.  But, I have to ask - what's wrong with the houses in Ohio?

Hey everyone. Hope someone can help with this. I'm looking for a way to search the MLS in cities where I am not a member of that MLS - and here's the kicker - I need to be able to see the MLS number in the results that come back. I mean, I want to be able to scan the list looking at the MLS numbers, not having to click on each and every individual listing and wait for the browser to open it just to see the MLS number. OR, maybe a website that will let you export the results to Excel or some other program (including the MLS numbers). I've searched and searched and haven't been able to find this feature.

The regulations talk about "disturbing" more than X number of square feet of paint.  I'm no attorney or English language expert, but one generally does not "disturb" the underlying paint just by painting over it.  I'm no physician either, but you don't get sick from lead-based paint unless you breath it (like breathing in the dust from paint that has been "disturbed") or eat it.

7 out of 5 of my renters have no reserves, nobody to borrow from, and no credit card to put their rent payments on if they have a hiccup in their finances.

Thanks @Bob E. .  Much of my investing is done in towns that are pretty small - 4000 to 50000 in population.  Jackson is probably in the 100,000 to 150,000 range in population.  Memphis is a large city, but I don't know if those resources with have enough data points for Jackson and smaller towns.  Of course I could give it a try.

@Justin H. Actually, I buy more houses in Sparta than I do in Cookeville.  Too many crazy land-lords running the prices up in Cookeville.  But maybe I should start looking for off-market deals to wholesale to these landlords.

@Rusty Scott Read my stuff again. I was strictly speaking of cash-on-cash returns. Equity pay down does NOT throw off cash. COC is NOI divided by cash invested. Maybe one might want to consider an after-tax-cash-on-cash calculation, but equity pay down and property appreciation (if any) do not come into the equation. Neither of these are "cash". They can be converted into cash (maybe), but they are not cash.

@Joe Villeneuve After year 1, I like to look at cash-on-equity.  In other words, if I were to sell this thing and put $20,000 in my pocket after all fees and expenses, what is my cash return for year two (or others) compared to that $20,000?

Thanks @J Scott . I took it personally when someone challenged my math skills. I had recently done the Excel analysis and new this to be the case, but I didn't save the file and didn't plot the curve. And my point is that - in order for one to get really good COC returns, one has to leverage fairly heavily (I consider 70% or more to be fairly heavy). At this point, one can get higher returns, but the risk also goes up quite a bit. I've been there, done that, got the tee-shirt. Disclaimer - this does not include loan pay-down, property appreciation, tax benifits and other things that are positive (but which do not come into play directly with COC returns). It also leaves out some negatives such as loan costs when one has to re-work the loan every 3 to 5 years, and cash reserves that must be maintained. And yes, run the numbers (exact numbers) on each specific deal. But my opinion is that long-term buy and hold, in general, for me, is maybe not a great investment. Others may have different opinions. That's fine. But there's the math.