All Forum Posts by: Thomas Grove

Can I get a recommendation for a home inspector for the Toledo area, especially one that has experience working with out of state investors? Thank you!

Right now I have some cash sitting in savings.  I had plans to invest it, crazy to think just last week I was putting in out of state offers, but I personally won't be doing any investing the next couple months amidst the uncertainty of covid19.  I have 134K owed on my house.  My thoughts are pay it off then do a heloc or REFI when I'm ready to deal hunt again.  This would also help diversify my portfolio by not having too much cash sitting in a bank account, I do have concerns of a weakening dollar and inflation with this stimulus that is about to roll out.

Thoughts?

At the move out inspection meth paraphernalia was found.  The unit tested positive for meth and was condemned by the health department.  $7600 later to have it decontaminated and replace everything permeable I am wiped out many years of cash flow.  I am now in the negative owning this property for 3 years.

I have evidence of the positive test and photo evidence from the move out inspection of the parapheniala.  However, I did not test this unit for meth when I bought it which is where I questions myself on winning in court.  

Do you think I have a case?

 

@Brian R. I'm not sure at this point as I don't know what "720.0 µg/100cm²" means.  I'm pretty sure it was just smoking, not cooking as they property didn't have a strong smell and it wasn't trashed.

@Marcello Di Gerlando I own it unfortunately.

At a move out inspection meth paraphernalia was found in one of the units. The property manager had the unit inspected for meth and it came back positive.  "The samples from the property came back at 720.0 µg/100cm²" 

Can anyone tell me about the process?  Estimated time I should plan for it to take and cost?  The unit is around 1500SQft.

What steps can I take to make sure I'm not getting swindled by the decontamination company?  I've been told its a shady biz.

@Curt Davis Definitely not investing only on the 1% rule hence this thread.  Is it practical for me to get in a B neighborhood with 60-80K turnkey or are my goals loftey?

@Dean Harris . I'm trying to stay in 60-80k range and meet the 1% rule.  Here are some properties I'm looking at.

The seller is telling me this is a c+ neighborhood but I've been told my locals to stay away from Frayser.

https://www.google.com/maps/place/3249+Baskin+St,+Memphis,+TN+38127,+USA/@35.2143052,-90.0241532,17z/data=!3m1!4b1!4m5!3m4!1s0x87d57f8a724bb0ef:0xc8743e35bbdc46e8!8m2!3d35.2143052!4d-90.0219645

This is another one I'm looking at.  The seller rates it as a B-  Thoughts?

https://www.google.com/maps/place/5181+Alford+St,+Memphis,+TN+38109/@35.0385219,-90.0410853,13z/data=!4m5!3m4!1s0x87d56311ed330a1b:0xc03505e953f781f2!8m2!3d35.0071147!4d-90.0506498

Looking to make an out of state investment by purchasing a rental property in memphis.  I want to stay out of areas that are going to attract poor tenants.  So far from my limited research is easy memphis is ideal and to stay away from the Frayser area.

I don't need the property to be in a hip or posh area.  My biggest concern is poor tenants and high tenant turn over.  What areas should I avoid investing in?