All Forum Posts by: Sheila Arca

@Danielle Wolter

Which areas would you suggest to look into for buy and holds which cash flow well in Memphis and which areas if any are ones to stay out of?

@Joe P. Yes purchasing for $475000.

House has a funky layout according to my agent, I’m going to take a look at it tomorrow.

I found a great property in a great area, at a great price. Air BNB are popular there and people are making upwards of 80-80k year off doing just that. Rents are $2500-2700 according to rentometer but realistically places smaller then this one are renting for $3000 in same area. Place is almost turnkey, needs roof and a wall thrown up w/ door to turn bonus room into 2nd bedroom and a closet thrown in. City doesn’t know the layout so there’s no need to get any permits They already think that a bonus room is the second bedroom. I know this is a good deal but in order for me to get it I would have to get a loan out and after rent I would be cash-flowing in the negative, because the properties in this area cost around 600,000-800,000. Having said that This place has $100,000 instant equity. What should my exit strategy be? Wholesale the deal? Where would I find buyers and how would I go about finding them? Help please

@Shachar Hess

home advisor might be a good place to find your contractor, you can also use that site to get costs in the property city for high end/low end costs that a contractor should charge for whatever project you need done. Definetly interview the contractors ((yes more then 1)  and ask them all the same questions, if one is saying something different, kick him to curb. Same goes with agents and property mngrs.

Hi Shachar,

@shachar Hess Right now the rust belt is a safe bet, i.e. Pittsburg etc.  For the most profitable flips, Maine is frequently mentioned, but is a bit pricey. You'll want to get boots on the ground in whichever state you choose, meaning your contractor, agent and property management co., and it's usually best if your going to flip in unfamiliar areas that you stick to one area and get to know it well, vs jumping from state to state, that can be difficult always gathering teams in every state. A good rule of thumb is to make sure the metro has at least 250k population and is growing, and that the property is located in a B-C+ area (less headaches down the road), that the schools are good, and that unemployment is at a minimum. Most of this info is found on Trulia, a great pay-site would be Neighborhood scout just to have a good source to check any properties you're getting serious about. Hope this helps. 

G

@Shachar Hessundefined