All Forum Posts by: Tyler Turpin

Hello everyone,

My wife and I are visiting the Memphis market Saturday through Monday. I wanted to ask for referrals for property managers in the area. I've called 7 so far and got a voicemail on all but one. I am not looking for a turnkey provider but I would like the manager be able to provide basic maintenance, real estate services and have a good platform for owner documents. I also would like any info about the good and bad neighborhoods if you would share about these as well.

We are currently looking at 15 to 40 unit buildings with a price tag between 500k to 1mil. I am looking for occupied buildings but vacancy wouldn't be an issue. This is our first time in the commercial side but we want to give it a shot as we feel we will do well with it. 

Thank you,

Tyler Turpin

I should add that the only reason I allowed for this pet is that she provided documents stating that it was a service dog for her son.

I am having my first real issues with a tenant as a landlord: the tenant refuses to pay for repairs to screens. Am I allowed to hire for the repairs then take it from the deposit? The tenant called an inspector from the rent stabilization ordinance and they are making me fix the screens and fix a lock (which she did not tell me about). I saw (with my own eyes) the tenants dog jump on the window sill, against the screen and break through it. It was barking at me from inside the unit. All of my screens are now damaged or missing. The tenant as a whole is terrible. Late every month, neighbors complain about the dog barking, very very hard on the unit (baseboards, walls, doors). I only leave her as I am rent controlled and she pays a late fee ($100) extra every month. Any advice?

You can buy anything from 1-4 units using an FHA loan. There is a limit on purchase price; somewhere around $640,000 if you meet he income guidelines. If I were you and if you can afford it, Id maximize the ROI both financially and educationally by purchasing a fourplex rather than just a duplex. There is also more security in it as you have more tenants paying your mortgage. The home needs to meet certain habitability points prior to closing like no lead paint, everything in good working order like smoke detectors. Common sense stuff Ive used an FHA loan 2 times now and ill be looking for my third when the market settles down. You just need to be careful in this market because the payment can quickly add up as taxes, insurance and also PMI is included in your payment. So when the values drop out whether its like '08 or just a small amount, you still need to pay the mortgage. My advice, keep your exit plan of refinancing in mind before signing up for this.

Rob Tossberg Tim McGarvey Im sorry it took so long, I didn't know you posted to me. I moved out after 6 months. There are rules that allow you to move if its an unsafe neighborhood. The main reason I moved is because I had written confirmation from my lender that I am allowed to move after 6 months if I am planning on buying again. I think it will depend on the lender.

I agree with you that it might be how the cops treat them. Its LAPD here and they have bigger things to worry about than the homeless population. In Newport and Huntington, the homeless and drunk teenagers are the majority of what they deal with. I think the Real Estate Guys hit the nail on the head with this "live where you want to live; and invest where the numbers make sense".

I don't know if there truly was an influx of homelessness in San Pedro. Im not sure if it was just the media blowing it up to be a bigger problem than it was. There was a community meeting a few months ago and someone proposed a billboard that said something like " don't give charity to the homeless who are begging off the freeway". I think it was controversial enough to grab the media's eye. Yes, there is a homeless population like any city in LA. I hope that it dissipates over time as investors fix the place up and more development takes place.

The Cabrillo area is a nice rental area too but it is a little more expensive; similar to the west side of Gaffey.

Like I said, San Pedro is divided up in three sections. West of Gaffey is nicer but less cashflow, east of gaffey is about mid range and east of Pacific in most areas is the rough area but it has the development coming. It is my personal thought but I have been investing in the craftsman style duplexes there because I believe those values will increase similar to how they did in long beach. They have actually broken ground on the development. It is in the demolition phase so still has a couple years before completion.

To me, Long Beach has some opportunity but it is way more competitive. It is a good market though. I cant speak for Wilmington however. It has a poor stigma to me. I prefer to look at it from this stand point: if San Pedro and Long Beach are appreciating at the same rate; Id invest in San Pedro and hope for a hike in values due to the large developments. Yes, Long Beach is considered coastal but it isn't nearly as nice in the areas that make sense to invest. There are few places in San Pedro that you can go without having views of the ocean or city. There is a strong pride throughout the community that bring a reliable and long lasting tenant base. It really has a great opportunity to gentrify; the downside to it is that it is taking a long time to do so.