There are many people/companies who try to emulate what we do with our turn-key approach. Many of these companies say they offer everything we do, including property management. One thing these companies lack is being a LICENSED property management company. I recently spoke with Bert Less of Leco Property Management here in Memphis who manages over 1,000 properties in the area. Here is what he had to say:
"As an owner of rental property have you ever considered using a non-licensed property management person to handle your rentals? Don’t do it. First of all, someone not licensed that is managing property is breaking the law. The Tennessee Real Estate commission clearly states: “It is unlawful for any person to engage in the business or capacity of a rental location agent in this state without first having obtained a license from the real estate commission.” Additionally, it requires training and years of experience to manage rentals. Remember these people are making decisions for you that could have serious implications. For example, using non-skilled vendors to repair gas lines or sewers could come back to haunt you if they are not performed correctly. Someone that is not in the business on a daily basis may not know whom to call. A good property management company will match the right vendor to the right job thereby saving you money. You have to have a certain amount of business to create a loyal group on vendors. Section 8 does require a management agreement between owners and management companies before they will execute a lease. As stated above it is illegal to execute an agreement if you are not licensed. A non-licensed person could not legally evict a tenant; they cannot appear in court on your behalf. Additionally, an un-licensed individual would not be bonded in the event of missing funds or if someone just ran off with your money. A licensed real estate agent has a recovery fund with the state in the event of a missing money claim."
Make sure the company you work with is licensed. You can check here: http://licsrch.state.tn.us/default.aspx
As you can see, this is not something you want to mess with if you are an investor, especially out of state. Our investors feel comfortable knowing that we own a licensed management company to take care of their investments hundreds of miles away. Visit us today at MemphisInvest.com.
Wednesday, September 17, 2008
Tuesday, September 16, 2008
MemphisInvest.com Mid-Year Report
As we enter the second half of 2008, I thought that I would update you on the continued growth and progress at MemphisInvest.com.
The 4th quarter of 2007 marked the eighth quarter of the current housing downturn (as measured by housing’s contribution to GDP), making it already the fourth worst housing downturn in modern times, and many now predict that, before it turns around, it is going to be the longest and deepest since the Great Depression. Non-GSE mortgage lending (i.e., loans not sold to Fannie Mae and Freddie Mac or FHA/VA insured loans) has been devastated by the collapse of the private secondary market. This collapse in late summer was caused by significantly worsening mortgage credit fundamentals and tremendous uncertainty and fear among investors about declining housing prices and future credit losses. As a result of the housing bubble bursting, delinquencies and non-performing home loans increased rapidly in 2007. Importantly, as I write this note nearly all housing industry participants from home builders and home buying and selling consumers, to lenders, to investors are pessimistic about the near-term outlook for the housing and mortgage markets, and, as often happens, market expectations can become self-fulfilling.
Ironically, these same dynamics are what are fueling the dynamic growth and expansion of our business and offerings to our clients. Memphis Invest is uniquely positioned and qualified as the market leader in providing our clients access to inexpensive properties for cash flow opportunities. We see hundreds of buying opportunities each month and continue to help our clients achieve their wealth building goals through these properties.
We understand that purchasing property in this environment of national “hysteria” can be somewhat daunting. That’s why our “turn-key” approach has been so successful and has helped our clients take advantage of unprecedented buying opportunities in Memphis. So far in 2008, our clients have purchased hundreds of homes using our turn-key approach.
Investors recognize that having a team of experts to assist with the complex strategies, techniques, experience, and management of this process is critical in this real estate environment. By working side by side with our clients in the development of their real estate portfolios, we are pleased that we have helped many of them to begin achieving their financial independence.
As more out of state investors rush to Memphis to purchase property, our turn-key approach has had to continue to expand its offerings. As many of you know we currently manage the entire process for our clients if they so desire. This includes property acquisition, assisting with financing, overseeing rehab, placing tenants, and property management. In addition, we are now assisting many of our clients with long term planning and portfolio management. We feel strongly that creating a cohesive plan for both your long-term and short-term goals through your real estate acquisitions is critical.
Lastly, Memphis continues to be the “perfect storm” of opportunity in real estate. As many markets struggle around the country, Memphis Invest and the Memphis real estate market represent a truly unique combination for our clients to take advantage of this phenomenon. Although we certainly cannot predict the future of our market, we do know that historically this market has consistently provided an opportunity for cash flow properties and long-term wealth building. Because of this, we look forward to continued growth and fully understand that now is the time to make the most of this opportunity for our clients.
The 4th quarter of 2007 marked the eighth quarter of the current housing downturn (as measured by housing’s contribution to GDP), making it already the fourth worst housing downturn in modern times, and many now predict that, before it turns around, it is going to be the longest and deepest since the Great Depression. Non-GSE mortgage lending (i.e., loans not sold to Fannie Mae and Freddie Mac or FHA/VA insured loans) has been devastated by the collapse of the private secondary market. This collapse in late summer was caused by significantly worsening mortgage credit fundamentals and tremendous uncertainty and fear among investors about declining housing prices and future credit losses. As a result of the housing bubble bursting, delinquencies and non-performing home loans increased rapidly in 2007. Importantly, as I write this note nearly all housing industry participants from home builders and home buying and selling consumers, to lenders, to investors are pessimistic about the near-term outlook for the housing and mortgage markets, and, as often happens, market expectations can become self-fulfilling.
Ironically, these same dynamics are what are fueling the dynamic growth and expansion of our business and offerings to our clients. Memphis Invest is uniquely positioned and qualified as the market leader in providing our clients access to inexpensive properties for cash flow opportunities. We see hundreds of buying opportunities each month and continue to help our clients achieve their wealth building goals through these properties.
We understand that purchasing property in this environment of national “hysteria” can be somewhat daunting. That’s why our “turn-key” approach has been so successful and has helped our clients take advantage of unprecedented buying opportunities in Memphis. So far in 2008, our clients have purchased hundreds of homes using our turn-key approach.
Investors recognize that having a team of experts to assist with the complex strategies, techniques, experience, and management of this process is critical in this real estate environment. By working side by side with our clients in the development of their real estate portfolios, we are pleased that we have helped many of them to begin achieving their financial independence.
As more out of state investors rush to Memphis to purchase property, our turn-key approach has had to continue to expand its offerings. As many of you know we currently manage the entire process for our clients if they so desire. This includes property acquisition, assisting with financing, overseeing rehab, placing tenants, and property management. In addition, we are now assisting many of our clients with long term planning and portfolio management. We feel strongly that creating a cohesive plan for both your long-term and short-term goals through your real estate acquisitions is critical.
Lastly, Memphis continues to be the “perfect storm” of opportunity in real estate. As many markets struggle around the country, Memphis Invest and the Memphis real estate market represent a truly unique combination for our clients to take advantage of this phenomenon. Although we certainly cannot predict the future of our market, we do know that historically this market has consistently provided an opportunity for cash flow properties and long-term wealth building. Because of this, we look forward to continued growth and fully understand that now is the time to make the most of this opportunity for our clients.
MemphisInvest.com Wholesales 108 Houses in 180 Days
Hundreds of real estate investors from around the country continue to praise MemphisInvest.com and their turn-key approach to real estate investing. This approach to the business has allowed us to buy and sell over 100 houses in the first 180 days in 2008.
From the most seasoned investors to the newest investors, all are experiencing the peace of mind of purchasing cash-flow properties from MemphisInvest.com. Here's why:
The MemphisInvest.com turn-key program handles every aspect of the transaction for the investor:
* Locating and purchasing of property
* Assisting in private money and hard money financing
* Providing of insurance agents, appraisers, pest control, etc.
* Closing attorneys and title agents
* Managing of rehab and repairs to property
* Locating, screening, and placing of tenants
* Property management and collecting of rents
To learn more visit: http://www.memphisinvest.com or call us at 1-877-773-9998
Memphis is the 17th largest city in the United States, with over 40% of the population renting. While other markets have experience huge price swings up and down, Memphis continues to experience slow and steady appreciation year end and year out. These factors with the addition of many others, have created the "perfect storm" for real estate investors to purchase quality cash flow properties in Memphis,Tennessee for long term wealth strategies.
From the most seasoned investors to the newest investors, all are experiencing the peace of mind of purchasing cash-flow properties from MemphisInvest.com. Here's why:
The MemphisInvest.com turn-key program handles every aspect of the transaction for the investor:
* Locating and purchasing of property
* Assisting in private money and hard money financing
* Providing of insurance agents, appraisers, pest control, etc.
* Closing attorneys and title agents
* Managing of rehab and repairs to property
* Locating, screening, and placing of tenants
* Property management and collecting of rents
To learn more visit: http://www.memphisinvest.com or call us at 1-877-773-9998
Memphis is the 17th largest city in the United States, with over 40% of the population renting. While other markets have experience huge price swings up and down, Memphis continues to experience slow and steady appreciation year end and year out. These factors with the addition of many others, have created the "perfect storm" for real estate investors to purchase quality cash flow properties in Memphis,Tennessee for long term wealth strategies.
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