All Forum Posts by: Account Closed

Great ideas Kris. Thanks for sharing.

I recently acquired a 3.53 acre vacant lot located in a county industrial park with easy access to power, water, electricity, etc.  It's located in a rural county in Nevada with ~ 10,000 residents.  I'm looking for ideas from more seasoned investors/builders/developers to figure out the best use for this property.  How much value is added to vacant land by just doing the basics of getting it professionally surveyed and getting utilities to the lot? 

I'm open to all ideas and suggestions.  Self-storage facilities seem to be booming everywhere these days, but I'm not sure the population of this county would support something like that.  Anyways, thanks in advance for your advice!

Derrick has been amazing to work with.  After firing two property managers in two years after two separate eviction proceedings, I wanted nothing more than to wash my hands of my Memphis investment all together.  I called Derrick on a Friday asking him whether I should try to sell my property or tough it out.  By Sunday, he had been to the property, shot video of its condition, and gave me his expert opinion to keep the property as a rental.  He provided me with a rent-ready estimate that was about 50% lower than that provided by my previous property manager.  Last, but certainly not least, he had found a tenant for my property THE NEXT FRIDAY.  One week after my original phone call to him for help.  Amazing.  Since then, I haven't had any problems with this property and I'm hoping to save up enough to buy from him again soon.  A+++ recommendation.

I have to give a huge shout out to @Derrick Craig for helping me turn around an underperforming property I own in Memphis.  As a little background, I am an out-of-state investor in turnkey properties and ended up purchasing from a different company two years ago.  Fast forward to today with two tenants breaking their leases early, two court ordered evictions, two different property management companies that were short on communication during these difficult times, and I'm clearly in the red on this property to the tune of ~$6500 after figuring all expenses + my mortgage payment over these two years. 

I call Derrick on a Friday afteroon asking him for his advice on the property and his honest opinion on whether I should just sell the damn thing and chalk one up to an expensive lesson in out-of-state RE investing in Memphis.  By the next Monday, Derrick has checked out the property inside and out, sent me video to show me what needs to be done, and advises me that it should be a great investment given the neighborhood and size of the property.  He also lets me know that the rent-ready turnover can be done for ~$2000-$3000 less than what I was quoted by my previous property managers!!!  

Within 7 days of my reaching out to him, he found a tenant for the property and is confident that she will stay her full lease term. I realize that nothing is guaranteed, so I will keep my fingers crossed concerning this issue and will update you in 12 months. All the work and time he has put into this so far he has done without asking me for a single dime.  Of course he will be paid eventually, but this level of service has been absolutely amazing.  I was ready to completely give up on turnkey in Memphis, but I am now looking forward to working with Derrick and his team in the years ahead on more properties.  

If anyone is on the fence about investing in Memphis or looking at who to make their investment with, please reach out to me and I'll share more of my experiences for anyone who is interested.  Just had to express my gratitude to Derrick for helping an absolute stranger in a very stressful and difficult time.  

THANK YOU DERRICK CRAIG!!!

-Tyson Brooks

@Chris Clothier

I see now where I was confused with Memphis Invest monthly calls vs. the property management side of things.  I actually don't expect monthly calls from PM when things are running smoothly with a property, but that hasn't exactly been my situation.  I appreciate your response and will reach out to you for some clarification on things.

@Chris Clothier

Sorry, didn't tag you in my original post above. 

As a current investor in Memphis with my property managed by your in-house property management team I can say that in 11 months I have never once received a monthly phone call. In fact, I've had to initiate > 90% of the communication with your team even through a very stressful year of non-payment and tenant eviction. Am I the only investor that has fallen through the cracks or could there possibly be less communication than you are aware of due to the size of your company?

As a current investor in Memphis with my property managed by your in-house property management team I can say that in 11 months I have never once received a monthly phone call.  In fact, I've had to initiate > 90% of the communication with your team even through a very stressful year of non-payment and tenant eviction.  Am I the only investor that has fallen through the cracks or could there possibly be less communication than you are aware of due to the size of your company?

@Curt Davis

I don't have any rights to the home or the deal, just wanted to share it with the community. I was under the impression that the foreclosure already happened and this in now an REO where the bank is asking $29,000. If that is incorrect information, I apologize.

-Tyson 

I invest in the Memphis area, but I do not live in-state and cannot check out this deal in person, so I'm giving the details to anyone who might be interested.  I have no idea how much repairs are needed, but there seems to be a lot of room to make $$$ on a flip or hold as a rental.

5265 DUELLING OAKS

Available for: $29k

Appraised value per county:  $75k

Comparable homes in same neighborhood:  $80-100k

If you can expand your horizons to Jacksonville, FL then JWB Real Estate Capital is a great turnkey company.  Full disclosure:  I have owned one of their turnkey properties for ~ 2 yrs now.  Do your own due diligence, but I have been impressed with their customer service and responsiveness.