All Forum Posts by: Ryan Ridgley

Hi BP! I'm looking for a few contractor recommendations in the Memphis, TN area. If you could please either DM me or just leave them in the comments section I'd appreciate it. It would be great if you explain why you recommend them and what project they worked with you on. 

@Gabe Viteri I used their rehab team as well and the PM. 

@Gurshan Bansal - I have been targeting the 38128, 38116, 38118 and 38122. This property is actually in 38127. From what I have seen it is a good area, but the further away you get from the city and the more northwest you get the worst it gets. It can still be street by street so you always have to do your research. 51 splits it, the northwest corner is a challenge. There isn’t much going on in the northwest corner. 74% investor area is what I think I saw.

Investment Info:

Single-family residence buy & hold investment in Memphis.

Purchase price: $42,000
Cash invested: $11,500

Rehab is complete on this single family rental! It will occupied until the 6th month point when we can do a cash out refinance! Ready for the next property!

What made you interested in investing in this type of deal?

We decided on Memphis based on the lower barrier of entry than our local market. Memphis is a great area with great people and we wanted to create a nice home for someone one to call home.

How did you find this deal and how did you negotiate it?

We found this deal with the help of CrestCore Property Managment. Brooke has helped us along the way make offers and negotiate this deal all while we were out of state.

How did you finance this deal?

Hard Money.

How did you add value to the deal?

We just did a conventional class C rehab and during the process found wood floors under carpets so we refinished them.

Lessons learned? Challenges?

It is easier than you think. Anyone can do it. People say this a lot, and honestly I thought it was smart people just saying that. If you can use excel and are a good communicator then you can do this!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

CrestCore Property Management. CrestCore Financial.

Hey Josh! Congrats on taking the next step. I just finished the rehab on a remote property using hard money and it is entirely possible. Some things that will be helpful to you would be to reach out to a few hard money lenders where you are to get their specific terms before you make an offer on the house. This will let you run accurate numbers and you can make the offer from there. Your friend is a GC so he might have insight into additional costs and can help with the ARV. I also recommend getting in touch with a local realtor just to pull some comps together for you.

My other piece of advice is to make sure you have enough money to cover the monthly payments to the lender for the duration of the loan. Be prepared for the property to sit on the market a little longer too just to be conservative. 

I'm meeting with a real estate attorney about setting up an LLC for my young real estate business. I'm not sure what questions I should ask her or what I should be looking for from her. What can she help me with? Could anyone share their experiences with their attorney with me? Thanks in advance.

I'm living in New Hampshire seacoast area and looking for a lawyer specializing in real estate. What are the resources to find a good lawyer? What are some questions and things to consider when establishing a relationship with a lawyer?

Thanks all the replies. The property sold today though. It was on the market for 3 days.

Hello all,

I am looking for aninvestor to work with on a deal I have in Exeter New Hampshire. It is a straight up buy and hold. I need to come up with 20% down (between me and future investor). The ROI is 10.8% and monthly cash flow of $490. Take a look at the BP calculation. Please let me know if you have questions.

https://www.biggerpockets.com/calculators/shared/9...

Hi Johannes, 

My first recommendation would be to define what your minimum return on investment is and monthly cash flow. My personal limit is 10% ROI and monthly cash flow of $100. I would not invest in a property that has negative cash flow or return on investment. How are you estimating the repair costs? Your vacancy and CapEx look a little low to me. I generally use 8% to be on the safe side. Something to consider with vacancy is the area.