All Forum Posts by: Richard V.

@Steve Stinson That’s great news! Just bought a condo in Huntsville. The future looks bright!

Thank you for all of the comments!  I have decided to move forward with the property.  My original plan was to hold the property for at least 5 years and by that time with increased rents and appreciation, the numbers will only get better.  The house is in an area with low supply and expected appreciation in the coming years as well as being located in a great school district.

I am under contract to purchase a turnkey property from a well-known turnkey provider. Appraisal came back $210,000 and sale price was $225,000. Turnkey provider will only come down to $220,000 which means I have to come up with more cash to close. What are your suggestions for me here? Do I go ahead with deal or cancel it? House is in OKC.

@Mina Skoutelakis I am a customer of Memphis Investment Properties and have one SFH with them. I visited MIP back in 2018 and dealt with Mark Hart. He educated me on why Memphis is a great place to invest and what areas to purchase in after determining what class of property would fit my goal of a balance of cash flow vs appreciation. Reedy is their property mgmt arm and the systems they have in place regarding handling maintenance and collections is impressive. I hope to purchase more investment properies with them in the future. Please message me if you have any questions regarding MIP.

I am in escrow to purchase a condo. I wanted to add someone to title but seller forgot to inform his attorney and he says to do so now would delay close of escrow. He recommended I do a quit claim to add her to title after close of purchase. Is this ok? Did not want to trigger loan to be due in full if this were to take place. Any advice would be appreciated!

@Bryan Balducki Thank you for the advice! The partner would be a family member to help get her started in RE investing. I trust this person and wanted to give her half ownership since she is putting up half the funds to purchase. Was thinking we could split expenses as well down the middle as well as tax benefits.

I am looking at purchasing an investment property with a partner where we each will be putting up 50% of acquisition costs. Property is a condo. Was planning on owning property as Tenants In Common on title while loan will be in my name. Any downsides to owning investment property this way? Am I overlooking anything?

@David Chappell that’s great! I have one turnkey in Memphis but that market is too hot! Very little inventory so I am turning my sights on Birmingham.

Hey Doug, I am considering working with Rob also on purchasing a rental property in Birmingham.  Do you own any rentals in Birmingham and did you have any issues getting them rented? 

I agree @Clayton Mobley. I made the trip from CA to meet your team at Spartan Invest and was impressed with your organization and professionalism of your team. Maureen’s personal tour of Birmingham showing me all of the positive changes in the city of Birmingham was very compelling and I look forward to working with you in the coming year. I highly recommend spending the money to make a trip out to visit several turnkey providers so you can understand how each operation is run and so you can learn which company has the investor’s interest as a priority.