All Forum Posts by: Richard Nelson

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $23,000
Cash invested: $33,000

3/1 converted to a 4/1

Looking for a good GC here in Memphis. I have some lots I want to build on. Help please, thanks! 

Wondering what's your opinion about Condos in Memphis? I have been Investing in SFR but I keep seeing these interesting Condo deals. Like 30K for a property bringing $700 rent w/ tenant, in 38115 and 38118. I know there are HOA fees associated, but am I missing the fun on Condo's or something? Lol.

38109 has been solid for me. Some people say don't invest West of HWY 61. My property is west of it, and it rented out before I finished the rehab! There are some gems there, good luck!!

@Josh Franklin That 2% is the "points" charge. The interest is 10%

@Chris Seveney She is located in Virginia. She has a website for what its worth, but I didn't find and business entity registered. I have a conference call on zoom set up tomorrow to discuss.

Hey all!

I have a property under contract with a closing date of May 27th! I'm contemplating HML, I don't want to use my cash.

The purchase price is 28K, I negotiated the reno so the only thing not done is some minor touch up paint, and HVAC. About $5500 max. The ARV is approx 65K. It's a 3/2 and I plan on section 8. On the low end at $750 I'm still positive cash flow (including, CapEx, Repairs and Vacancy). I believe I can get a solid $950 if not more.

So the HML....I have an offer, how does this sound...

The lender will lend $31,200; the $2800 would be my down payment on the deal; 2 pts would be on the loan amount.

"First, I'll send you a Client Broker Fee Agreement that will show 2% as discussed via DocuSign. Once that is completed, you'll receive an email from the lender to complete the application online. The application fee is $197. What is your email address?"

I understand HML can be scammy, but I also know some legit lenders are out there. I don't like the app fee upfront, and the 2% broker fee I'm not 100% sure about.

What are your thoughts? Is this standard, am I just a skeptical, nervous rookie?

I agree with @JamesMartin. It's pricey, and (for me) even if it's turnkey it's still a little pricey. You can dig through and find a solid deal here. Proceed with caution.

@Tracy do you have the PDF from the calculator so we can examine your deal? 

Im actually in the same situation. Have a property under contract I plan to section 8 it. I got a good deal on it. I should have an answer about the HM funding for my deal tomorrow. 

Memphis Cash flow is solid, a colleague of mine runs it.