All Forum Posts by: Shawn Dandridge

I just recently closed on a duplex in Memphis at the end of March. Tenant in one of the units informed me she will be moving out at the beginning of April. She moves 80% of stuff in the beginning of April. She still has stuff inside the unit. I contact her and she told me she will pay me rent and move the rest of the stuff out in 2 weeks. PM and myself read over the TN laws and found an abandonment clause. We sent the letter and had to wait 10 days of no response from tenant to gain possession of the unit. Of course she calls. A clause in the previous lease states that if the unit isn't occupied for 5 days, the owner has the right to take possession, PM was told by his attorney that this clause is unenforceable? I am trying to figure out would I have to go through the eviction process to gain the unit back.

Any hard money lenders in Maryland? I am in the Frederick area.

From my understanding, series LLC's haven't been tested in the courts as of yet. I would be cautious to use them. I still don't understand how you could have one article of formation and then branch off into several "different" entities all falling under the same articles of formation. I wouldn't want to be the courts test dummy for this type of entity.

I bought my primary residence, new construction for $239,600. Apprisal came back at EXACTLY $240k. Only about 40% of the interior was done. The appraiser had a few pictures and justified the price with a 1.5 yr old comp. The other condo building that was built before ours, the last condo sold for $240k. None of our upgrades were taken into consideration. Should have at least appraised in the 250-260k range. I don't care at the moment because I plan to stay here another 4-5 years but I just thought it was very odd that it came in almost right at the purchase price.

Derrick,

I am very familiar with Walker Ave. I grew up on Saxon, right across the street from LOC. Great development going on in that area with LOC and Stax buying up everything they can. They are really turning things around. I will send you a message.

Dewayne,

I bought on Modder Ave off of S. Parkway. I grew up in Memphis and know the area. I would be willing to hire a property managent company but all the ones I have called have been way too expensive for just a 2 unit duplex. If you have any suggestions on a property management company and/or a leasing agent I could use to fill the unit please let me know.

I closed on my first purchase yesterday. 2 unit duplex in Memphis, TN. When I was calling the tenants to let them know of the change, one of them told me she would be submitting her 30 day notice with the Apr. 1 rent. They're on a month to month lease. I told her that was fine. Rent is WAY under market at $200/mo. I'm looking to go up to $375-$400 which is still under market but I still make a nice profit after all expenses. I don't have management co because I only have this 2 unit building. I am looking for a company now that would be willing to lease it for me but not management. Any suggestions in the Memphis area?

Purchase Price: 28K (2 duplex buildings on one plot of land, 2 units each, 4 units total)

Rents: 890/month

Loan: 401/mo (28k, 10 yrs @ 12% interest.)

Insurance: $60/mo

Taxes: 206/mo

Profit: 223 month

Units are fully rented.

@Ned Carey The only few properties I found on the list worth anything were bought by the time I went back to the courthouse. 99% of the list were vacant and run down buildings.

I just bought a duplex in Memphis. 38109 area code. Currently rents for $200 per side. $400/mo total. After all my expenses. I'm left with about $150 a month in profit. The rent is insanely low. Section 8 is paying closer to $600 for a 1 bedroom efficiency in the area. Tenants have been in the units about 3 years. I will eventually raise the rent. I'm looking to raise the rent to about $375 per side. Should I do it all at once or a gradual increase over a year or two. Any thoughts would be appreciated. I should note that cap rate at current rents is 32%.