All Forum Posts by: Santiago Mejia

Hey, we have a big group called Mid-South Young Investors Group, we are a small group from MEmphis Investors Group MIG. We average 30 to 35 members once a month at Railgarten. You can look us up or just go to our next meeting on the 21st at 7pm

Hey,

So my parents have some money to invest in the US (rental properties) but they don’t live in here. So the questions would be:

1. If they bring the money to the country, will they have to pay taxes on it?

2. Can they buy cash and put the property under their names?

3. Can they open an LLC if they don't have a immigration status in the country?

Thanks for all your help

Hey, I am not a turkey provider but I know many of them here in Memphis. It is a great market for investment in real estate. I would recommend you to talk with @Douglas Skipworth with CrestCore. They have a huge operation here in Memphis. 

Good luck 

@Mark Guenther

HELOC is a second mortgage on top of your junior mortgage. It is like a credit card so you can use but you will have to pay it back.

Refi is paying the old mortgage to get a new one with new terms.

Hey everyone We are looking for a Realtor or real state professional who has investment experience in Tupelo, Mississippi. If you know someone please contact me. Also does anyone know if there is an investment meeting in Tupelo, MS? Thank you BP members. You guys are the best....

Hey everyone We are looking for a Realtor or real state professional who has investment experience in Tupelo MIssissippi. If you know someone please contact me. Thank you BP members. You all are the best....

@Jessie Tetreault and @Hadar Orkibi 

I believe I don't have PMI because the lender is giving me a special loan because our relationship.

@Rohan J. thank you for your answer but like Alex said in other post. Memphis is a completely different market. Here you don't want to mess with b-, c or d class. They can be really profitable but not enough when you consider the kind of tenants and problems that you will have later on. I know some investors who work in these classes here in Memphis. I admire them but I wouldn't be able to do it here in Memphis. 

@Alex Craig or anyone. One question. Do you what is the appreciation rate in midtown? And what is the rent increase (or income increase) rate in midtown?

Great questions @Jessie Tetreault 

-Interest 3.75% 

-30 years fix. ($209k)

-Maintenance 7% - $154 (it can be less because I am a handy man)

-Capex 7% - $154

-Vacancy 8% - $176 (I have been told that the vacancy rate in midtown is lower, usually 3% but I am not sure, this is why I am asking)

-P. Management 9% - $198 (it won't apply to me because i will manage it)

- Insurance will drop $30 when ever I will move

-There is room for increasing the rent to $1,250 but I want to run my numbers in the worst case scenario

My numbers might be wrong. This is why I am asking for some guidance and help. It is in a hot location. I would like to know what will be my cash flow (I will manage it) and if my numbers are correct for Memphis?

They just accepted  my offer but I want some recommendations on this investment. Thank you so much.

Hey I would like to know if you all could tell me if this is a good deal. I am about to house hack a duplex in Midtown Memphis that cost 220k, it rents for $1,100 per side (separated meters). I will pay 5% down and 4% of the closing cost (that was the deal). The one side is rented and I will live on the other side. It doesn't need any repairs. I want to know if it is a good deal after I move. Here are the numbers: Price $220k Closing $8,800 Tax and insurance $344.92 monthly. This is going to be my first investment. Thank you so much for your time and help.

One question guys. So I have the money for my first investment here in Memphis. I have to buy it before my lease will be over in May. How can I find a Multifamily (My wife works downtown) in Midtown or in a neighborhood A or B? We currently pay $1300 in rent in high point terrace and we are looking for something similar. Everyone has been telling me that it is really hard to find this kind of property. So what should I do? I don't have access to MLS. Should I look for a Wholesaler? Thank you for your answer.

@Sam Wilson I haven't because I want to learn how to work with the numbers first.Thanks for the idea. I will do that later on.