All Forum Posts by: Silenceux Francois

I recently purchased a 22 unit in Memphis and transaction from the original in month 3 due to high management fee and unconventional way of managing i.e not running background checks, not assessing late fees, and no proper bookkeeping process but the ground were well maintained and maintenance calls were low/cost. Since transitioning to this new management company they automated the process of collecting rent, streamlining the process of bookkeeping but the ground is poorly maintained and an uptick of maintenance calls. 

Looking for recommendations on ways I could reduce maintenance calls and pricing. Do I hire another company to complete my maintenance calls moving forward?

@John Underwood @Bruce Woodruff Thank you for your quick response. 

I am in the process of acquiring an SFH next door to my childhood home. Considering this property was built in 1944 and the original owner acquired the property in the late '80s with no major updating since and an outdated layout. So this project will be capital intensive, with a purchase price of $500,000 and a rehab budget of $120K- $165K estimate to add additional square footage, revamp layout, and update. Since we cannot predict when the Feds will be raising the interest rate, should I lock in a favorable rate with a conventional loan and find the rehab funds somewhere else? Or go the hard money route by leveraging 90/100 with a 7% rate bridge loan and refinance once the project is completed?

ConventionalPurchase Price: $500,000

Conventional: 5%

Hard money:Purchase Price: $500,000

Terms: 90/100 - 12 months - 7%Orgination Fee: 1.5%

I am considering acquiring a 16 unit in West Memphis, AR but I have concerns about the flat population growth. But the location is 15-20 minutes away from Downtown Memphis. Is anyone familiar with investing in West Memphis? Can someone provide some insight into this market?

Hello All,

I recently purchased a 22 unit in Memphis, Tennessee and the current property manager is not up to par. Can someone recommend a property management company that has experience in the 38108 area? 

@Drew Sygit Thank you for your reponse. What software are you using?

Hello,

I am scheduled to close on my first 22 units in the next couple of days. The existing property manager is staying on during the transition and part of my business plan is to streamline the collection of rent payments. Currently, she collects rents at the beginning of the month and in-person due to the cliental not having bank accounts. What property management software would you recommend to automate this process, not break the bank and right for a small-scale multi-family?  Also, how do you onboard a new property? i.e. check and balance

Thank you in advance! 

@StephenAkindona Thank you for the recommendation. 

Looking for a conventional commercial bank to lend on a 22 unit apartment building in Memphis, Tennesse. Would like to establish a relationship with a local or regional bank that does commercial lending. Any recommendations?

I have been attempting to complete my first BRRR on a triplex that I own free & clear in Jacksonville, FL. I was working with a lender for the past 3 months that's been giving me the run-around. Looking for a recommendation on a bank(s) lending in FL for a cash-out refi and willing to lend up to 70-75% ARV with a minimum seasoning requirement of six months.