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Midtown : Real Estate Advice

  • All19
  • Local Info3
  • Home Buying6
  • Home Selling0
  • Market Conditions0

Activity 12
Thu Feb 25, 2016
thinz answered:
Yes I would "consider" it. There are many folks looking for places to rent with all the foreclosures from the past 6-7 years...and I believe there are good pockets in Memphis to invest in. Location, size of the complex, and management infrastructure would be key to going forward or not.
Tom Hinz www.shortsaletosell.com
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Wed Jun 11, 2014
Terri Vellios answered:
You should contact a local full time Realtor to determine if your price point is reasonable.

Rent to Own is rare in a seller’s market and in a high demand rental market. Where rent to own comes into play is when a seller can not or decides not to sell at this current time and wants to get a tenant that will likely pay above market rate for rent and put up money to lock in an agreed to sale price option.

This is how that works. The Seller and Buyer will agree to an option, say in one year the Buyer has an option of turning the lease into a purchase contract. The purchase contract terms are agreed to now. The price, etc. In the contract the Buyer agrees to pay an option, usually this option can be equivalent earnest money and often is higher than a security deposit. Example $5,000. This option money will be applied to any down payment when the option is exercised. In addition the buyer and seller (landlord/tenant) agree that a portion of the rent will be applied to the future purchase price. Example, rent is $1200 but tenant will pay $1500 with $300 going towards the future purchase price. In one year if the Buyer/Tenant decides to exercise their option to purchase than the option money, in this example $5000 plus the option rent $300 x 12 = $3,600 then $8,600 would be considered down payment on the purchase. In the event the Buyer does not exercise their option the $3,600 is not returned, and what ever was agreed in the $5,000 option is either returned or not, per contract.

You will have two contracts, one is the lease the other is the purchase contract with an addendum for lease purchase option.

If home values go up this is a win for the Buyer as they have locked in a lower purchase price. It’s not great for the seller because the seller has locked up their property and can’t rent or sell during the option period. Also if prices go up they are selling at a loss.

If prices go down a buyer may not want to exercise their option to buy and then may forfeit the option money.

The other part of the answer is financing. Some lenders will finance and some may not. If you do have a seller carry back it may be at a higher rate and I highly encourage you to have the documents drawn up by a professional skilled in that type of transaction.
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Tue Jan 28, 2014
Dustie Zvolanek answered:
I am sorry you have gotten limited response. As you can see from my recommendations I specialize with working with investors and would be happy to help. Please give me a call at 901-687-7770 or email dustie@FTRMemphis.com. I promise you will get a response with in the same day :-) ook forward to chatting with you!

Dustie Zvolanek
Fast Track Realty
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Tue Jan 28, 2014
Dustie Zvolanek answered:
Awesome!! I live, work, and play in East Memphis and would be happy to help him start his home search :-) Please have him call me at 901-687-7770 to get started and congrats!

Dustie Zvolanek
Fast Track Realty
dustie@FTRMemphis.com
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Fri Jan 17, 2014
Alex Craig answered:
I have lived in Memphis for 37 years, Cordova is safe. I would have no problem going out for a jog at any time of the day/night in any area of Cordova. Crime maps can sometimes be misleading, I live in one of the safest areas of Memphis and over the past month, we have had 1 guy breaking into several homes. If you look at a crime map, it would indicate my neighborhood is not safe. Crime maps help and serve as a Starting Point, but sometimes talking to locals is best.

I imagine if you look on a crime map, you will see a few breaks ins and some other petty stuff that can happen anywhere.
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Sat Nov 23, 2013
Bob Brown answered:
I would suggest you contact the owner/agent of this property.

1402 Snowden Ave For more information, contact Don Varner at (901) 218-9036. Visit http://www.crye-leike.com/memphis/3283270 to view more pictures of this property. Five bedrooms - 3 baths, living room, dining rm, heating/ac damaged. Plumbing damaged. Exterior repaired and painted. Roof repaired. Carport rebuilt. Interior walls/windows repaired. Sold "as is" - owner/agent ... more
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Sun Nov 3, 2013
Bob Brown answered:
Click on the amenities tab and you will see there are a couple of groceries within walking distance. If you have transportation there are other options.
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Sun Sep 1, 2013
Tara Davoli answered:
Hi Donna, I see this question was written in Jan- checking in to see if you have found a home yet. If not and would like an agent, I would love to assist you in finding that perfect home. www.TaraDavoli.com ... more
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Mon May 14, 2012
Neal Masters answered:
often times a house for sale can become a lease purchase. The best thing to do is get with an agent in the area that you would like to buy in and work with them. Sometimes a house is on the market, but owners never thought about doing a lease purchase until their agent brings them one. The amount you would offer for the house and how much you would pay for rent. How much deposit you are willing to put down. It it often set up that the deposit would apply to the loan amount, but would be non refundable if it doesn't close. Again talk to an agent in your area. I don't work in ILL area. Good luck in your search. ... more
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Fri Nov 26, 2010
Joe Spake answered:
I agree with Danny, but we still see alot of REO properties that have not been well maintained. I recommend you have your agent provide a video of the properties you are interested in prior to closing, so that you can have a good overview of the property and it's condition. it can be done with most cameras and phones- doesn't have to be professional, just an overview.
Also if you are an out of town owner it is important to line up a trustworthy management company before closing.
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Mon Apr 28, 2008
Paige Arnold answered:
Hi Maria:

You are wise to have already been searching for your investment home in Midtown. Midtown has the highest resale values of any other suburb in the City - it's also very convenient to all other areas of the City including Downtown.

Midtown homes are filled with charm and character and most were built by Craftsman - you won't find this anywhere else in the City! Midtown appeals to all ages - almost everything is within walking distance of shopping, fine dining, churches and more. The Memphis Zoo, Overton Park, Memphis College of Art, Brooks Museum of Art, Play Houses, The Liberty Bowl, are just some of the offerings of Midtown.

I'll be happy to set you up on the auto mls system and email listings directly to you that match your search criteria. Feel free to call, email or visit my website!

Best wishes - Paige Arnold - Crye-Leike Realtors, Inc.
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