Real Estate Investing ProcessOur simple to follow property investment process has been performed hundreds of times for real estate investors purchasing in Memphis and surrounding areas, and will work for almost everyone! Although we cannot give away all of our secrets, here is a condensed version of the process to give you an idea of what you can expect from EPM Real Estate.
Our Realtors® use the commonly known MLS along with Realtor® ONLY tools called RPR and Paragon to set up a Collaboration Center by which you can determine the communities, the price ranges and amenities of the properties you are looking to acquire. You will have LOG IN information and so will your agent- like you’re looking at each other through a window. Using the Collaboration Center is like going to a popular shopping website, applying filters and searches to determine the TYPE of property you are interested in and marking any property you like as your “Favorite”. The Realtor® you choose to work with will see and help you research your choices as possible acquisitions. They will be able to monitor each and every step, and will be there to answer any questions you may have. You can also send us properties you discover on Zillow, Redfin, Realtor® and other sites where you view properties for sale
The Realtor® of your choice will use the SAME Realtor® ONLY tools to perform an initial evaluation the property of your choice against other recent sales in the area and projections for property value and price growth for that specific property. They will then send you a report, and if you would like to proceed with the evaluation process, perform an on-site inspection.
The Realtor® will then visit the property, and tour the exterior, and if possible, the interior, as well. They will be looking for property defects and maintenance needs. If the property is occupied, they will look at the rent roll and leases to determine performance. They will also check out the neighborhood and community and evaluate those for long term performance, as well.
The Realtor® will then work with you to determine the most advantageous purchase price possible to acquire the property for a competitive price. Although it is our goal to make sure that your acquisition will be for as little as possible, the Realtor® will advise you on market conditions and the acceptable range of offers you could offer to keep the seller’s attention. In this competitive environment, low balling or undercutting the seller’s asking price is often not the best strategy, and if you keep reading, you’ll see how the Realtor® will work further savings into the contract negotiation process, through the home inspection process.
When the offer is finally accepted by the buyer, it is the advice of our Realtors® that you obtain a Home Inspection from a Licensed Home Inspector to help you evaluate the quality of the property, and if there are new maintenance or repair needs at the subject property at this time. Work directly with your Realtor® in this process, as it can save you valuable time and money during the process. SOMETIMES, after a home inspection, the Realtor® may advise you that the repairs are too great, OR that the property will need significant upgrading in order to substantiate the purchase price, and the Realtor® may advise you to withdraw. If you get this kind of advice from your Realtor®, that might be a good thing! Our goal is to help make every property acquisition a success!
CLOSE THE DEAL
EPM Real Estate can advise you on how to select the right closing attorney for your deal. We have several years of experience working with a group of closing attorneys that has significant experience processing and closing escrow for real estate investors and understands the unique requirements of real estate investment and retail purchases. Ultimately, you can select the closing attorney that feels right for you.
Our Property Management Onboarding Specialist is the best in the business! She works very closely with the Realtors® at EPM Real Estate and their transaction coordinator to ensure that the property management division can properly prepare for new properties, and their residents, if occupied. EPM’s tracking system and regular email process keeps property management engaged with the property during the contract process and after closing provides same business day onboarding with the vacant property and applicable tenant. EPM will make sure that there is no lag time between closing escrow and interacting with the property. Usually, the Realtor® will hand deliver keys to the management office, and our Inspector takes over to personally inspect the property just acquired. IF there are tenants, we send out all appropriate notices to make sure that they know who to call and where to pay their rent. EPM performs standard inspections, lease assignment letters, and if requested, an entirely original lease signing with the new resident. EPM Real Estate knows that by recommending EPM for property management, their homeowners are in good hands from the very start. The Realtor® can always be called upon to assist EPM Property Managers to interface with the property and resident, early on. This ensures that someone is always in control of the property, and its performance.