All Forum Posts by: Account Closed

Hi Corey! I'm a REI newbie. While my profile lists Memphis, TN, I currently work in Cincinnati, Ohio and will be relocating there this coming January 2017. Given the aforementioned, I have developed an interest in Cincinnati RE and am contemplating investing in OH in the near future. My niche interest is MFHs using a buy and hold strategy in order to rent for cash flow. In addition to your SFR, what area of real estate investing interests you most?

I'd be happy to connect! 

Hi Derrick, thanks for contributing! I plan to pull a few examples from the MLS to get more specific; however, your response actually touched on one area I was curious about. Considering the demolition of Foote Holmes and the plans going forward, I was wondering whether investing near that area now would be advantageous. It appears you personally think so. I would like to ask, 1) Do you believe only very seasoned RE investors could/should invest in opportunities like this, in "questionable" areas that may soon undergo revitalization? Also, 2) Personally, what allows you to be comfortable investing in these types of areas if/when many investors may be uncomfortable doing so?

Hi Julia! Thank you for adding to the conversation. I'm going to find a few examples off the MLS since I'm having trouble remembering the specific examples I saw while driving that sparked the question. While doing that though, would you be willing to tell me what areas near downtown you consider "cannot be hardly given away"? Is this just due to the condition of the house, area, or the people in that community?

Hi Alex, thanks for chiming in! I apologize for being vague. I suppose my question should be refined as 1) In general (yes, I know and have read how location is everything in RE but IF there are any overarching trends), is it a strategic or common practice to buy properties right outside gentrification efforts (based on the assumption that revitalization will spread and prices will later rise)? Then my second question would be Memphis specific, referring to Downtown (near the River, Beale Street, etc.) and neighborhoods spreading out from there. I'll need to pull an address for more detailed areas! Off the top of my head, I'm drawing a blank to use as an example. 

Hi BP Community! I've been reading voraciously and while most people seem to allot for maintenence, I've noticed some threads where others relied on a home warranty for repairs. I'm a newbie trying to get up to speed, especially before jumping into any REI.

Does anyone here use a home warranty versus maintenance via contractors? Why or why not? Looking forward to feedback! 

Hi BP Community! As the title questions, do you all think it is safe or advisable to begin to (or plan to) invest in areas near the planned revitalization efforts near downtown Memphis? 

I'm pretty familiar with the intricacies of how quickly areas change from good to questionable to "war zones". Even with that in mind, I wonder if the coming revitalization could be a prime opportunity to invest now before prices increase? At the same time, I have no idea how long gentrification takes or if it's much too early to look at these areas, which as is, are difficult. By the way, I am a new investor so if there is anything I'm missing or oversimplifying, I welcome the correction! 

Thanks for clarifying Michael!

Awesome and inspiring story Michael! Quick question: when pulling the equity out of the properties after purchasing with the unsecured line of credit, where is the equity coming from? For example, did you do values add projects or is it based on the property's cash flow? Was it purchased under FMV and already had equity or is it from the "cash" from the line of credit? Newbie here just trying to learn! Thanks

Thanks @Natalie Kolodij! 

Thanks @Natalie Kolodij, that makes sense. Any advice on what I should put on the card, since I have no experience yet. Just basic contact information?