Memphis Real Estate Hour

Today we’re talking about how to get your investment deal ready to list. We’ve got more listings right now than we’ve had in the past 20 months so believe it or not, it’s a good time to sell.  Here are the SparkNotes: 1. Talk to an agent to get an idea of the value right up front. (I’d recommend a guy named Dean Harris!) 2. Want maximum value? Tenants need to be paying market rent. (preferably a 12-month lease) 3. Is the property vacant? Broom sweep! Have it in at least a somewhat clean condition for buyers. 4. Make sure back taxes and leans on the title are clear and paid at closing. 5. Now you're ready for the market: How do you price it? As of March 2023, we are at Market Value or a bit under it. ‌6. Now you've sold... go buy another one! Have any questions? Shoot me an email: dean@crestcore.com Dean Harris, VP of Sales at CrestCore Realty Douglas Skipworth, Founder & Principal Broker at CrestCore Realty Podcast production and design by Parasaur Studios This podcast is brought to you by William N

You’re telling me I can borrow millions of dollars from a bank to buy a property, I can borrow millions to rehab ‘em, and I can get someone else to pay it back for me? Yes. This week we break down each step of the B.R.R.R.R strategy. Buy, Rehab, Rent, Refinance, Repeat! Here are some tips from the episode: PRO-TIP #1: “Turn it into a TANK.” If you are buying and holding for the long term, fix everything that is wrong with the property upfront. HVAC, water heater, roof, plumbing, electrical, hard surface floors, etc. Make sure all of this is included in the purchase price. PRO-TIP #2: 50% of the rent should cover all of your expenses. The remaining 50% can be applied to the mortgage. ‌ Have any questions? Shoot me an email: dean@crestcore.com Dean Harris, VP of Sales at CrestCore Realty Douglas Skipworth, Founder & Principal Broker at CrestCore Realty Podcast production and design by Parasaur Studios This podcast is brought to you by William N. Griffin, Jr., Atty Griffin, Clift, Everton & Maschmeyer

This episode can save your rear end. We're gonna eat a little humble pie and tell you about our worst buys. And man, have we screwed up. These are expensive lessons. Costly mistakes but priceless mistakes. How can you learn from our most embarrassing failures? Lesson #1: Do it right on the front end. Lesson #2: Do it right on the front end with COMPETENT CONTRACTORS. Lesson #3: You would rather have a fair property in a great location than a great property in a fair location. Lesson #4: The true identity of the deal doesn't reveal itself until 3 years later. Have any questions? Shoot me an email: dean@crestcore.com Dean Harris, VP of Sales at CrestCore Realty Douglas Skipworth, Founder & Principal Broker at CrestCore Realty Podcast production and design by Parasaur Studios This podcast is brought to you by William N. Griffin, Jr., Atty Griffin, Clift, Everton & Maschmeyer PLLC.

This may be the most important thing you do as an investor. It is on YOU to build your team. And I'm here to tell you, it doesn't work without the right partnerships. Period. We learned all of this the hard way. So, here's some of the experienced investor advice you won't want to miss from this episode:  The difference between a bank and a mortgage company.  What to ask potential agents.  What to ask potential prop managers.  The 3 C's (Character, Competence, Chemistry.)  The biggest issues with Mom & Pop contractors. PRO-TIP: In Memphis, we have a lot of title companies that pop up, and let's be honest, they can be pretty SLICK. (Oily, careless, sloppy at best.) However, we have two reputable title companies that we close with. They are: 1) William N. Griffin, Jr., Atty Griffin, Clift, Everton & Maschmeyer PLLC. https://www.gcemlaw.com/ 2) Local Title April McDowell   https://localtitle.com/ Need more recommendations? Need a property source in Memphi

The three deadly sins of investing: Overpaying, Over-leveraging, and Mismanagement. Today we are discussing the top four pitfalls of first-time investors. Here are the SparkNotes: Pitfall #1: Not doing the 5 things we recommended in Episode 113 (Top 5 MUST-Do's for First-Time Investors.) Pitfall #2: Having a desire to break records. There are no heroes in real estate! Pitfall #3: Losing focus before mastering one thing. (We recommend reading The ONE Thing by Gary W. Keller and Jay Papasan.) Pitfall #4: Taking chances in ZIP codes that aren't historically strong due to low entry price. Have any questions? Shoot me an email: dean@crestcore.com Dean Harris, VP of Sales at CrestCore Realty Douglas Skipworth, Founder & Principal Broker at CrestCore Realty Podcast production and design by Parasaur Studios This podcast is brought to you by William N. Griffin, Jr., Atty Griffin, Clift, Everton & Maschmeyer PLLC.

We are hearing from more first-time home investors than ever before. So, today's episode is our best advice on the five things you simply MUST do to succeed in your new journey as a real estate investor. 1. Get pre-approved for a loan. 2. Identify your market. 3. Choose your property source / agent. 4. Start to interview property managers, contractors, and title companies. 5. Have patience. Trust but verify. Stick to your plan. Constantly educate yourself. Step one in constantly educating yourself is to listen to this episode! And remember what Arnold Schwarzenegger says "VERK YOUR AZZ OFF." PRO-TIP: When interviewing prop managers, contractors, and title companies, use a company someone else has used. Don't just search the internet. Ask around to real people.  Have any questions? Shoot me an email: dean@crestcore.com Dean Harris, VP of Sales at CrestCore Realty Douglas Skipworth, Founder & Principal Broker at CrestCore Realty Podcast production and design by Parasaur Studios This podcast is br

You've heard the scare tactics: "High-interest rates! There's a recession! The crash is coming!" But I've got news for everyone: If you're waiting for another 2008 it ain't coming. Truth is rents are sky high, occupancy is sky high, collections are sky high. This episode is about why RIGHT NOW is a great time to be a landlord and buy rentals. Here are the four headlines of this episode: There are way less buyers in the market. (60% - 70% fewer buyers!) Prices have stabilized. The crash was in buyers, not in prices. Buyers can be way more strict in their criteria. Banks are willing to loan. Have any questions? Shoot me an email: dean@crestcore.com Dean Harris, VP of Sales at CrestCore Realty Douglas Skipworth, Founder & Principal Broker at CrestCore Realty Podcast production and design by Parasaur Studios This podcast is brought to you by William N. Griffin, Jr., Atty Griffin, Clift, Everton & Maschmeyer PLLC.

"Marry the property, date the rate!" Today we break down three ways you can obtain properties and stay out of the bank's high-interest rate crosshairs. These unique times call for unique approaches...AKA MacGyver financing. The three creative financing options we explore include: Owner Financing  Hard Money Private Lenders HARD MONEY PRO-TIP Why no money down is great: Leverage your return. I've yet to meet someone with unlimited cash. Conserve your own cash. Save that dry powder! Interested in a hard money loan? Reach out to us at Corelend. https://corelendfinancial.com/ Have any other questions? Shoot me an email: dean@crestcore.com Dean Harris, VP of Sales at CrestCore Realty Douglas Skipworth, Founder & Principal Broker at CrestCore Realty Podcast production and design by Parasaur Studios This podcast is brought to you by William N. Griffin, Jr., Atty Griffin, Clift, Everton & Maschmeyer PLLC.

"25% DECLINE!" That is the scary headline. But Halloween is over so don't be spooked. This is a market reset and we're going to see a lot of opportunities. The hedge funds have paused and with them not competing there are more options for you. The rates are higher but you're getting a better-quality house. So, stop reading the headlines. People are buying. The sales are there. There are fifty houses being bought and sold in Memphis today. You may be down by ten at halftime but you can still make adjustments and win. PRO-TIP #1: Econ. 101: Inventory demand is too high and supply is too low for the market to plummet. PRO-TIP #2: Preparation leads to luck. Strategy leads to luck. Planning leads to luck. Have any questions? Shoot me an email: dean@crestcore.com Dean Harris, VP of Sales at CrestCore Realty Douglas Skipworth, Founder & Principal Broker at CrestCore Realty Podcast production and design by Parasaur Studios This podcast is brought to you by William N. Griffin, Jr., Atty Griffin, Clift, Everton &a

Do you feel like you're living in the wild west right now? You've got your holster, your cowboy hat, and you have no idea what's going to happen. Over the past six months, we've entered a new era of real estate and things continue to change dramatically. In today's episode, we're going to discuss what has changed, how to adapt to it, and what to expect. This is an adjustment period and you're going to have to adjust. Below are some pro-tips from the episode. PRO-TIP #1: You marry houses. But you date rates. PRO-TIP #2: You're buying the property, not the tenant.  PRO-TIP #3: When you're selling/listing: it's going to take longer. PRO-TIP #4: Remember if you're listing a house that the buyer now qualifies for less. They were looking at 200k properties now they only qualify for 150k properties. PRO-TIP #5: Spruce up your house. Make it appealing. Imagine you're on a tv show competing in front of the judges now. PRO-TIP #6: Make your offer and stick to it. Don't feel the pressure to move on it. There will b

Interest rates are up, up, up and you've got two choices. You can sit on the sidelines or you can get in and learn. Believe it or not occupancy, rent, and collections go up during hard economic times. This week's episode is all about how you can navigate the rising interest rates and thrive as an investor. Pro-tip #1: Buy Deeper. This means offering less and buying cheaper. Don't be embarrassed or afraid that you'll insult the seller by asking below list price. Pro-tip #2: If real estate has a superpower it's the ability to raise rent. If you're not raising rent you're not using your superpower. Pro-tip #3: Need to increase cash flow? Buy more houses. Remember the "Law of Large Numbers." The bigger your numbers get the better you can predict what is going to happen. The danger here is if you buy the wrong property it can affect you negatively. So, buy right. Have any questions? Shoot me an email: dean@crestcore.com Dean Harris, VP of Sales at CrestCore Realty Douglas Skipworth, Founder & Principal Broker

How can real estate protect you from inflation? Well, that's the hot topic we are covering in today's episode. Listen up to learn how you can take advantage of the opportunity.  We've also got two practical pro-tips for you this week: Pro-tip #1: Short-term, 12-month leases ONLY. That is where inflation is your friend— where you can increase rent as inflation goes up. Don't lock into a long-term 24-month lease. You could be leaving money on the table. Pro-tip #2: If you're borrowing, lock-in interest rates as soon as possible because they are only going up. Have any questions? Shoot me an email: dean@crestcore.com Dean Harris, VP of Sales at CrestCore Realty Douglas Skipworth, Founder & Principal Broker at CrestCore Realty Podcast production and design by Parasaur Studios

You want people on your team who have experienced markets like this before and are in the trenches with you. Choose partners who own rental properties. So, your insurance guy owns houses. Your closing attorney owns houses. You get the idea. START WITH THE BASICS: Property Source/ Deal (Agent, Wholesaler, Insurance, Accounting, Closing Attorney, Title Companies) Financing (Hard Money Lenders, Bankers, Local Lenders) Management (Property Manager, Rehab Contractor, Maintenance Contractor)  WHO WE USE We aren't going to recommend any services we don't use ourselves. Local Title/Closing Attorney: Griffin, Clift, Everton & Maschmeyer, PLLC Local Lender: Corelend Financial (Hard Money) Prop Mgmt: CrestCore General Contractor/Rehab Contractor: (email me, dean@crestcore.com I'll tell you)  Property Source: The one & only Dean (email me, dean@crestcore.com ) PROTIP: Remember there are 3 levels of agents.  Non-real estate agents - Like wholesalers. Be careful when dealing with

From a real estate investment point of view, why can a recession be a good thing? That's our topic for today. And I'll be honest, we are going to see investors in trouble. We're going to see mismanagement. But we've seen these cycles before and we know how to prepare. Here are some pro-tips from this episode: Pro-tip #1: Talk to your banker and keep them updated on how your portfolio is doing. "I know the market is headed to the toilet. Here's what I'm doing." Pro-tip #2: Use this time to do all those things you've been putting off. (Look at your insurance, be prepared to appeal your tax evaluation, look at your maintenance, and other paperwork.) Pro-tip #3: When facing a challenge use this line of questioning: How do I fix this? How do I avoid this? How do I move on? Have any questions? Shoot me an email: dean@crestcore.com Dean Harris, VP of Sales at CrestCore Realty Douglas Skipworth, Founder & Principal Broker at CrestCore Realty Podcast production and design by Parasaur Studios

If you plan on selling in the next one to five years you need to be thinking about this because you may be leaving money on the table. The only way to MAXIMIZE the value of your investment property over time is to raise the rent. Today we cover:  The most important variables you need to consider.  How to determine market rent.  And the different lenses buyers and sellers must look through. Here are some quick pro-tips from the episode: Pro-tip #1: Use the 1% rule of thumb: In general properties rent at 1% of their value per month. Example: $80,000 House = $800 Rent Pro-tip #2: Don't sign a 24-month lease right now. It might cost you if market rents continue to rise. Pro-tip #3: If you up the rent and your tenant says "Nope!" Ask them to call around. They will discover you are at market rent. Pro-tip #4: When determining market rent, ask your leasing agent or your property management company. They're going to tell you. It's what they do all day every day! But be sure to ask them w

We are breaking down the Memphis ZIP codes so you have the boots-on-the-ground knowledge you need to win in the Memphis real estate market! 1:51 - Frayser 38127 7:22 - Raleigh 38128 12:04 - Bartlett 12:54 - Bartlett 38134 15:07 - Bartlett 38133 18:00 - Bartlett 38135 21:46 - Arlington/Lakeland 38002 25:11 - Cordova 38016 26:57 - Cordova 38018 28:43 - Germantown 38138 30:14 - Germantown 38139 31:53 - Southeast Shelby County 38125 35:13 - Hickory Hill South 38141 37:41 - Hickory Hill North 38115 40:05 - Oakhaven Parkway Village 38118 43:17 - Whitehaven 38116 46:49 - Westwood 38109 49:30 - East Memphis 38117 51:34 - Orange Mound 38114 53:46 - South Memphis 38106 56:20 - North Memphis 38107 58:24 - Rhodes College Area 38112 1:00:23 - Berclair 38122 1:03:16 - Nutbush 38108 1:05:27 - University 38111 1:08:59 - Desoto County 1:16:15 - Midtown 38104 Have any questions? Shoot me an email: dean@crestcore.com Dean Harris, VP of Sales at CrestCore Realty Douglas Skipworth, Founder & Principal Broker at CrestCore R

You want to look smart three to five years from now? Well, you're gonna have to do a few things differently because we will see some massive changes in the next six to nine months. Expenses and rates are going up and cash flow is going down. So, how are you going to navigate your way through what's coming? Well, we've got some advice for you. Here are a few points covered in this episode: Clear your lines of credit. Hang tight and wait on unnecessary expenses for rentals.  Make sure your lease renewals are up to market rent. Buy in traditionally solid areas. (Location, location, location!) And remember: “A recession is a terrible thing to waste.” ― Paul Romer, Stanford economist. Have any questions? Shoot me an email: dean@crestcore.com Dean Harris, VP of Sales at CrestCore Realty Douglas Skipworth, Founder & Principal Broker at CrestCore Realty Podcast production and design by Parasaur Studios This podcast is brought to you by William N. Griffin, Jr., Atty Griffin, Clift, Everton & Masc

Things are shifting, and we are gonna hit some tough times, but we think you can thrive in this. We aren't trying to scare. This isn't click-bait. But now is the time to pay more attention. Focus. Sharpen your skill. You can learn how to be a savvy investor right now. This is an opportunity for you to jump in. Look, there were a hundred people in the pool but after hearing some distant thunder everyone jumped out. Now it's just you and good opportunities.  And let's be clear: are not Pollyanna saying everything is great. We're just saying it's not the end of the world and you can still make decisions.  You're not going to get a deal right now. But you can get the house you couldn't get before. Remember: You are more nimble than the slow bureaucratic hedge funds. “Be fearful when others are greedy and greedy when others are fearful.” ― Warren Buffett Have any questions? Shoot me an email: dean@crestcore.com Dean Harris, VP of Sales at CrestCore Realty Douglas Skipworth, Founder & Principal Broke

The pendulum swung to the height of the seller market and as it comes back down you have a choice:  Be in control and sell now. Wait to be out of control and sell.  Waiting is actually a gamble. You could be waiting for the opportunity that may never come. To the buyers: When was the best time to plant a tree? 20 years ago. When is the next best time? Today!  If you buy a home you're immediately getting equity in it. And remember what real estate gives you is I.D.E.A.L Income Depreciation Expenses  Appreciation Leverage Have any questions? Shoot me an email: dean@crestcore.com Dean Harris, VP of Sales at CrestCore Realty Douglas Skipworth, Founder & Principal Broker at CrestCore Realty Podcast production and design by Parasaur Studios This podcast is brought to you by William N. Griffin, Jr., Atty Griffin, Clift, Everton & Maschmeyer PLLC.

In residential real estate rent is your income and if you're not raising rents you are likely leaving money on the table. Raising rent is the real estate investor's tool to hedge inflation-- so if you're not upping rent, you may actually be losing money. In this week's episode, we cover everything you need to know about raising rent and why you should. Have any questions? Shoot me an email: dean@crestcore.com Dean Harris, VP of Sales at CrestCore Realty Douglas Skipworth, Founder & Principal Broker at CrestCore Realty Podcast production and design by Parasaur Studios