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3612 Ridgemont Road, Memphis, TN 38128
Purchase Price: $69,900
Property Status: Turnkey, ready for tenant!
TAX APPRAISAL: $42,600
Closing Costs: $1k (estimated)
Total Monthly Debt Service: (Assumes Cash Purchase)
Rent Range: $725 – $825(Assumes $795)
City/County Taxes*: $63/month (based on 2016 values)
Less Management (10%): $79.50/month
Positive Monthly Cash Flow: $621.46/month
Plus instant equity!
A nice brick home, fully rehabbed and ready for a tenant. Awaiting new roofing and flooring, see scope of work for details.
On a quiet cross street and a short drive to shopping, schools, and interstate. Also features a fenced in back yard, and is next to the Scenic Hills Fire Station.
This property qualifies for Robert Feol’s Short Term Retirement Program – a simple, non qualifying permanent lending program where you bring 30% – 50% of the purchase price as a down payment, and we will finance the rest over a 5 – 10 year period. All Short Term Retirement loans feature a fixed rate and full amortization, meaning after 5 – 10 years you own your investment home free and clear, without any lien on it, producing unencumbered cash flow every month – for the rest of your life!
Financing (short and long term), property management, insurance, home inspectors, and contractors are available upon request
*Property taxes are based on $42,600 assessed value, which can be contested to increase cash flow. Square footage is based on Shelby County Tax Assessor’s information.
Ways to Buy:
1) As – Is Sale: You purchase a property from us and handle any remaining renovation yourself. You can also buy turnkey homes from us that are rented and ready for delivery under our ‘As Is’ terms. A great way to get going with cashflow already in place!
2) Presale Property(Under Construction): You can elect to purchase a turnkey property from us that is under construction which will be ready for a tenant shortly. You have the option of closing the property prior to the completion of construction, and you can also hold the property until construction is complete with a deposit of nonrefundable earnest money. Either way, find a house you like and purchase the way you want!
3) Presale Property(Anticipated Delivery From Bank): Discount Property Warehouse often sources homes from large bank inventories which fit the needs of specific investors. Once we have sourced a property for you, you can hold it with earnest money until it is ready to be delivered. This way you get EXACTLY what you want without having to wait for your order to be fulfilled months from now, and we can expedite the construction and closing as per your instructions. You can also take advantage of our Silver, Gold, and Platinum package delivery options – ask your Sales rep for details!
Discount Property Warehouse Risk Disclaimer – Potential Real Estate Investors PLEASE READ!!!
Loss of Income and Risk Disclaimer
Real Estate investing carries significant and potentially detrimental risk, including but not limited to – loss of income through tenant non – payment, vacancy, or bankruptcy; loss of principal; risk to home in the form of a variety of hazards including theft, vandalism, tenant negligence, natural disaster, or other hazards not listed herein; risk of home value reduction through market attrition or other negative market conditions or factors, including Eminent Domain; maintenance items requiring remediation, unseen during the renovation(if home was renovated); costs associated with Code Enforcement visiting the property unannounced and requiring compliance as per local county regulations; liability associated with owning property where residential tenants reside which could include liability claims such as slip and falls, tenant injury, or other factors which could create litigious situations for a homeowner; and other unforeseen items not listed here.
Limitation of Liability
Discount Property Warehouse, L.L.C., Pegasus Real Estate Services, its founder Robert Feol, its licensors, content providers, employees, officers and directors (Called The Company) shall NOT BE LIABLE for any incidental, indirect, consequential or special damages, including loss of revenue or income, pain and suffering, emotional distress that result from the purchase of investment property either through its brokerage program or it’s turnkey program. Furthermore, Discount Property Warehouse, L.L.C. (The Company), a licensed Tennessee real estate brokerage which engages in the purchase, sale, and at times rehabilitation of investment property, does not warrant against nor make any guarantee or endorsement which protects a potential investor in any way, or protect an investor from potential loss of income. Discount Property Warehouse recommends that any investor perform the due diligence necessary to make an informed purchase decision, and to also obtain all necessary insurance and other protection necessary to insure their security owning a property for income purposes.
Arm’s Length Transaction
The purchase of a property through Discount Property Warehouse represents an arm’s length transaction. Unless otherwise noted, all properties are sold ‘As – Is’. In the special instructions in a purchase contract you can find any additional information regarding what The Company is pledged to perform regarding your property purchase. Any work related to construction will be completed in a timely manner, however; Discount Property Warehouse will not take responsibility nor make financial restitution for contracting issues, material delivery delays, or other unforeseen issues in the construction process which result in a delay of an anticipated construction completion date. It is understood that Discount Property Warehouse, when assisting in construction on behalf of a homeowner, is NOT responsible for construction delays of any kind. The undersigned agrees to release and indemnify The Company from any liability from construction delays, financial or otherwise, whether actual or perceived.
Buy Back and Rental Payment Policy
Discount Property Warehouse L.L.C. and its subsidiaries do NOT buy back houses under any circumstances, except at the discretion of the Company Owner in rare and very specific instances. Discount Property Warehouse does NOT engage in guaranteeing any rental payment of any kind, unless otherwise noted on the purchase contract. Discount Property Warehouse does not assist in evicting tenants nor provide payment for these services.
Limit of Liability – Scope of Work and Construction
If a home is purchased from The Company and a Scope of Work is given to the homeowner, it is understood that the use of materials, contractors, and other services is subject to availability and pricing, and The Company may make equivalent substitutions for material and/or labor as necessary. All design decisions made by The Company are final and considered part of the contractual obligation The Company has to The Purchaser as held within The Scope of Work.
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