All Forum Posts by: Bruce Faulk

So I ended up buying the property. After another good conversation with Chris Clothier and looking at the long term numbers, I felt confident this would be a good first investment. The closing team led by Taylor were fantastic and I see the first months rent in my account. So far, so good and I am excited to finally get started in Real Estate investing. 

Thanks Jay- great points. Will take this into the thought process; yes, I am out the earnest $, the travel, etc. already. But that's the cost of doing business.  A bit different.  I do intend to buy an hold for a long time though.

Update: After a week and half with some great help from the closing team at REI we have gotten to the end. Mortgage approved, Inspections came back great, closing money down...One problem though: The appraisal for my property came in 19k below the price I signed up for. We appealed and got no change- still 19k below.

We discussed a 10k variance in the potential appraisal when I was in the office and I appreciate that REI stuck to their word and dropped their price to get to 10k above appraisal. Now I'm faced with a choice: Buy for 10k more than the appraised value and get good ROI but start my real estate journey underwater, potentially move into another REI property, go to another bank and hope for a better appraisal price or walk away. Like I said everything has been great up until this point - but I just can't see buying so far under value. Would love BP community thoughts. Thanks!

After flying to Memphis from NYC to work with REI (Formerly Memphis Invest). I found the right company and made my first investment.

I met with Chris, Brett, multiple other Clothiers, along with my agent, Rick Luebbert & the entire REI team in Memphis on Friday. Let's start with how I ended up being in the office that day: Chris saw my post about needing recommendations for an inspector in Memphis for the property I intended to buy during my trip. Only thing was... I wasn't set to buy with REI.

Chris saw the post Thursday night, had no record of me as a buyer with REI (my mistake, long story) and went to work. He asked Rick to call me at 9:30am Friday to clear up the fact that I was not currently on their list but offering me to come and meet the team at 1pm. I was only in town for 1 day. After meeting the entire team in their beautiful office I signed the deal to buy my first property. Note above- Chris saw a post on BP, Rick reached out and that same day they rolled out the red carpet for me at the REI offices and we closed a deal.

Customer service doesn't even begin to describe this chain of events; this is guided missile level sales follow up and over the top attention to detail and customer attraction. I met enough people and saw enough stats to believe that REI handles their tenant screening and property management with the same ferocious level of commitment and that's what I came for. What I have seen on BP over the years that REI provides- superior customer care & property management. Taylor just called to congratulate me on my first purchase and walk me through the next steps.

I will update this post as the process plays out and my first rental property journey begins.  It's been amazing so far.

Hello BP,

Buying my first property through Memphis Invest/REI tomorrow and need an inspector to make sure everything is alright. I will be out of town when this person inspects the property next week- any recommendations?

Thank you!

Thanks very much Nate- yes, it looks like Multi family might be the way to go.

Bruce

Thanks Andrew!  Look forward to connecting and talking about Albany. 

Bruce

Thanks Daniel!

Thanks for sending Joe. Are these turnkey properties you have?  Would like to look at prospectus or whatever you have. 

Bruce

Thanks very much Drew- great advice I will follow. And will up vote 😀 Please let me know if I can help you or your network in any way. 

Bruce