All Forum Posts by: Steven Gillmer

My management company attempts to sign two year leases and I do not worry about missing an opportunity to increase rents since Memphis does not see the same amount of rent appreciation as other markets. You buy for cash flow from the start but don't expect much appreciation in either home price or rents. I agree with avoiding homes under 60k and under $800/mo. 

@Anthony Johnson & @Account Closed, thank you for your service and welcome to Bigger Pockets.  You will be able to find tons of resources, advice and information in the forums, blogs, prodcasts etc.  Good luck as you start out.

Thanks!  It looks like Steve Bighaus is the guy since I see he was referred in many other forums.

Good morning all!  I am seeking my third property in Memphis (technically my 4th since I sold one earlier this year) and am looking for a referral for financing.  I am trying to find a mortgage company that is investor friendly and will finance up to 10 properties.  Any recommendations would be very helpful.

I would not do it because of the ROI and because I am not interested in owning property that rents for less than $500 per door.

@Sean Tagge, I own two properties in Memphis and would be more than happy to share the name and number of my property manager/realtor.  They have done a great job managing my properties after my first property manager took me for about $5k.  They can also recommend contractors to help with the rehab.  PM me if you would like the info.

Welcome! I wish I could go back in time and tell my knucklehead 21 year old self to start investing in real estate. I know you will do well if you are patient and learn as much as you can.

Awesome success story. I am searching now for a property that I can BRRRR and hopefully be able to share my own success story!

I am currently searching for my third property to purchase in Memphis. I want to pay cash and refi after reno and filling with a tenant and would like to find a lender now that can help me with the refi portion.

Rob, you forgot about one key factor. Just because the market has grown 11% in that time frame, it also was up and down. As you buy back in, your purchase price varies so it is hard to say what you return "could have been." If I take that money and purchase 10 buy and hold properties over the next 5 years using the BRRRR method, then my ROI on that cash way more than offsets any market appreciation I "missed". I would much rather be earning the $3k/mo that those homes are providing me than the weak results that most 401k plans have been delivering.

There is one other thing to consider. That $40-$50k loan is going to cost you $500 or more per paycheck, so you must ensure you can afford to pay it until you pay back the loan.