All Forum Posts by: Walter Jones

@Jenni Smith with Foundation Property Management, and @Caleb Parr with Renshaw. I loop them in with clients to get a 2nd opinion on property market rent and property/neighborhood evaluation, and they help with a seamless transition from closing to taking over property management. Lots of experience with long distance owners.  

@Tomas Valladares Win win win

1. You may get a great property that other investors have passed over because you may not need the same rate of return initially.

2. You get all the tax benefits of depreciation and other write offs depending on how you set it up.

3. You get your feet wet with collecting rent, writing leases, finding good repair people that you will develop long term relationships with, etc.

4. Interest rates will drop at some point and you can refinance. May not see 3% again anytime soon though

All of the other benefits that include rents rising while your payment stays the same, paydown of mortgage, good experience, etc.

I sometimes wish I would have stayed in my 4-plex hack longer, but the rent I'm charging for the unit that I occupied is more than my current mortgage, and I got another assett in my portfolio.

Good luck!

I just set up my second unit on Furnished Finder. I've been using Avail like with all of my other properties, but I'm wondering if Keycheck is better to use with Furnished Finder, since many of their tenants are already on it. I may give it a try even though I'm happy with Avail for managing my other properties

What's on the menu this week Brad? I loved the BBQ when I came last time!

I use Avail and love it for the most part. Easy to write a state specific lease and make tweaks, and send for electronic signature. Sends out rent reminders near the end of the month. I require all new tenants to use it, but I have a few that use other methods due to them being tenants when I acquired the properties.

Background and credit checks are easy to send to an applicant - they pay 55.00 and I get the reports quickly. 

Advertising for vacancies is great - it syndicates across many platforms.

It can be a little clunky and hard to learn for some things, but their customer support is excellent. 

Another Memphis vote!

It can still be very competitive - a properly priced property will still go on under contract quickly with multiple offers. 

 Thanks for the plug @Jenni Smith!  Great to meet you on Friday - I really enjoyed the office tour and seeing the rest of the team. Good to know we're aligned on just about everything an investor would want in a PM company I'm looking forward to working together. 

I agree with @Keith Robinson but I'm biased lol. Check this article out from Bigger Pockets. "Best Cash Flow Markets for 2023" 

https://www.biggerpockets.com/...

The 3 cities you mentioned are all in the top 5. Memphis is number 3.  40K might be a stretch for an "all in" number, but returns here are good.

You'll never have a problem finding buyers if there's "meat on the bone." Put me on your Memphis list lol. Find a hungry agent or investor who's looking for deals - they can help you evaluate properties, and give them 1st dibs on what you find

It's not a buyers market yet in Memphis, but it's more balanced - we needed a slow down from the craziness. The sweet spot here seems to be a tenant occupied under market property that would hit the 1% rule or higher with a rent adjustment and sometimes light rehab. These are overlooked by many because they don't hit the numbers right out of the gate.