Looking to buy our first rental

[Nathan Hall]

Good morning, BP!

My Wife and I are looking to purchase our first rental to start building cash-flow (typical story, building generational wealth). We do not have much at all saved up for a down payment and are looking at areas in the south because of the low cost/medium rent. I am wondering if anyone has any insight on which areas of Memphis to avoid and if it has been saturated as looking online it appears there are a TON of rentals up for grabs and wondering if that is due to rental numbers going down or if it is just a larger city that has more supply. Looking forward to connecting and thank you in advance for any advice you can provide!

Also, if you are an investor realtor in the Memphis area please don't hesitate to reach out!

[Phil Petite]

I own 4 long term rentals in Memphis, and I've found it to be a great city to invest in, so I'd really encourage you to find some good properties and get into the game! :)  The rental market is really strong, but I'm not sure if you live locally or not. If not, I'd strongly recommend staying in the city for a weekend, driving around to different areas that you're looking to invest in and just getting a feel for the zip codes that you'd like to invest.

I'd also like to pass along this zip code breakdown done by Doug Skipworth and Dean Harris (from Crestcore) to give you a better idea of which areas to look for deals and which areas to avoid: 

https://youtu.be/cl69pb2DvEo?si=LhstRWsBdds1v5Ml

I hope this was helpful! Feel free to reach out with any questions :)