Good Day BP.
Can anyone speak on the current market here in Memphis Tn and is it sustainable for Flips?
I am starting out in investing, and any advice from local investors would be very appreciated.
Providing you fluff them up 100% then flipping is easy yes. But cut corners they won't sell. And the market is super competitive you are competing with 50 companies like mine plus multiple hedge funds for inventory.
Like @Dean Letfus stated there is a lot of competition here in Memphis with several companies like ours and there is also several smaller guys who only flip homes mostly to companies like ours.
I would suggest you first start attending your local REIA club called MIG, its a great place to network and meet others in the local market though most of the heavy hitters dont attend.
A lot of guys like you starting out are looking to do some quick flips, get yourself some bandit signs that say things like " We Buy Houses, Fast Cash Offers " with your phone #. I cant tell you how much money some of these guys make just by placing signs out, going to see if its a deal and then flipping it to companies like ours.
Thank you both for this amazing advice.
I really do appreciate it.
I have another Newbie question.
When purchasing a flip, isn't there a holding period here in TN before you can resell it?
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Jimmy you may be thinking of the deed restrictions that some Fannie/Freddie/HUD houses can have attached. Most uncommon these days. Providing there is no deed restriction you can buy and sell on the same day. We do this all the time. Completely legal.
I suggest you wory less about doing flips in the sense of buying, renovating and then selling. Your still a little new to really know how to do this.
Stick with bandit signs and flip deals to people like @Dean Letfus or myself, investors who can purchase from you cash quickly if you find something that meets our criteria.
Ditto Curts comments, walk before you run!!
Thank you both again.
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