All Forum Posts by: Wesley Read

I know it’s not the typical local Bank stile but regions was running a special .99% for about a year check them out! Good luck!

Good Morning BP!

I think I may have found my first rental property but want to make sure I'm not missing anything. Property is located in Memphis in the 38118 zip code which is where I really want to be. It is currently rented for 700 but the rent should be about 850. It's a long term tenant that wants to stay so I think I will shoot for 775. Asking price is 60k and I have asked if the buyer would do seller financing and he said max of 5 years but is open to it and my target is 2%. My thought process is a ballon payment at the end which I would refi. Apparently the tenants REALLY want to stay and they seem to be fairly nice but they are running everyone off that wants to be an owner occupant. I plan on managing it myself but could put in the PM fee as well. It's not the most amazing deal in the world but seems like a good start for me. I could put more cash down but with this deal it just seems best to only put 5k down.

Purchase Price: $57,142

Down Payment: 5k

$25,000 financed for 5 years at 2%

$27,142 ballon payment in 5 years

Taxes: $1,185 per year

Insurance: $495 per year

Maintenance and Repairs: $1,050 per year

Admin - $150 per year

ARV: $77,460

Repairs needed: $3,100 but if the current tenants stay they have already stated they like it how it is.

Any help and advice is greatly appreciated!

I am also fairly new so I can give a few recommendations with what I started with. I have listened to pretty much the whole last year of BP podcasts which I have fallen in love with. All the BP books are very good (Brandon Turner's books are my favorites) and obviously Rich Dad Poor Dad and Never Split The Difference are some to get you going.

Jason Lovelace at Precision is great and very detailed

I use Jan Bounds at Clay & Land. She is great!

Sounds like the Arlo Go might be what you are looking for but I don't know about the monthly fee for LTE service. 

@Karam Charrouf I am new to all this as well but I recommend listening to all the BP podcasts and ordering the books they recommend. This site is great to read up on and build your knowledge.

@James Martin could please share that with me as well? 

Thank you all for the warm welcome! I am trying to read and soak up as much information as possible so I am fully prepared for my first purchase!

Hello BP! Real Estate has always fascinated me since I was late into my high school years. I have owned a few homes only one rental but there came a time where I moved away from Memphis and honestly didn’t know what to do when the tenant moved out so I sold. (I wish I would have found this site at that time) Since finding BP I have been obsessed with the amount of information available. I have been listening to tons of podcasts and reading the forums. I have a good 8-5 type job that pays me well. I feel now is the time to start investing in real estate.

My goals are more along the buy and hold lines than flips. Honestly flips scare me because I don't know a ton about doing the work myself and there are quite a few bad contractors in our area. Memphis is a great place to invest and I keep hearing that but I don't have the cash to drop on a purchase right now. My wife would not be thrilled with emptying out the savings. I have looked at hard money lenders, HELOC, and taking a loan against my 401k. I have around an 800 credit score and not too much debt.

I’m currently searching for my first deal in the Memphis area by the end of the year just want to get my finances in place first which should be done by the end of July. I hope this isn’t too long just wanted to quit lurking and actually jump in.

Wes Read