Jackson, TN · Member since 2015 · 15 posts · 5 votes
Hi All!
thought I'd take the advice and introduce myself. I'm an Australian based investor looking to invest in Jackson, TN. I know the area fairly well and have been a couple of times and am planning another trip. Looking to invest in multifamily using owner finance or hard money to start out. Trying to source good quality cash flowing properties. Currently sucking up all the info on the forums! Get in touch if you have any advice!
I think Jackson is a great place to start Multi unit investing just like I feel Memphis is a awesome place to start Multi-unit investing. Jackson TN is a much smaller city which can be a good thing since there may not be a lot of competition, but the caveat there may not be any deals at all due to size and or supply and demand. Memphis you will almost always find deals... I would contact @David Cook since he is on the ground and managing the types of properties that you are looking to invest in.
I'm also a multifamily investor in Jackson. Best of luck to you, let me know if I can help you out in any way.
Thanks,
David
Wow you really do find everyone on Niger pockets! I was attracted to Jackson almost as a process of elimination. I was looking at Tennessee firstly Nashville but thought I couldn't afford a good enough investment there. Then Memphis but decided I didn't want to be in that market because of its vacancy rates and high unemployment. Jackson is somewhere I can afford and that I think has potential. @davidcook where in Jackson have you bought your miltifamilys did you get a good deal and does it rent easy?
Everything I have is in north central Jackson. However, I wouldn't be opposed to buying in the Lambuth/hospital area. Like Memphis Jackson has very nice areas and areas that I wouldn't feel comfortable investing. The deals I've made haven't been absolutely incredible but the numbers were solid and nothing I've bought has put me out of pocket yet. The biggest problem I run into is deal flow. Right now I'd love to buy another property but nothing that meets my specific criteria has come on the market in the past few months. I have strict rules about what neighborhoods I'll buy in and what kind of properties I want so that's not necessarily surprising but it is something to consider.
I am looking to invest in Nashville/Murfreesboro. My marketing has located some good deals. Please contact me if you are interested in partnerships or JVs.
thought I'd take the advice and introduce myself. I'm an Australian based investor looking to invest in Jackson, TN. I know the area fairly well and have been a couple of times and am planning another trip. Looking to invest in multifamily using owner finance or hard money to start out. Trying to source good quality cash flowing properties. Currently sucking up all the info on the forums! Get in touch if you have any advice!
Eoin
I'm a Memphis native and headed through Jackson tomorrow morning on my way to Nashville. I'd love to help you out in any way possible. I have a few owner financing deals available and tons of hard money available. We should chat!
As I am out of state I will be looking at a deal which by its nature won't be earth shattering because I don't (yet) have the time to buy a lower end house and spend some cash on it, I want a good deal that will rent for a fair return. I will eventually be living in the U.S. And will be able to put more sweat equity into my purchases. The only multifamilys I see on the MLS are overpriced for my numbers. But who knows, if I make an offer that works in my calculations I'm hoping Someone will bite. Do you mind me asking what rent you are achieving from your multis? And is vacancy a big issue? Obviously every place is different just want your personal experience. Oh and I forgot to mention one of the reasons I swerved memphis; I decided I would avoid places with very high investor activity
Hey @Eoin Maher I manage some relatively high end 3 bedroom units that rent for just over $1000 a month and I also own a fourplex with 2 bedroom units that rent for just $500 a month. My vacancy rate is less than 5% but I'm only managing 15 doors so it's a little easier to keep things full when your portfolio is small. I have some tenant drama from time to time in the fourplex but that's what happens in that price range in my experience.
I am a multifamily investor with a couple of properties in Memphis. I can't give you any specific guidance on Jackson as I don't know the market.
For me, the biggest driver of a multifamily market is employment. When I picked Memphis, it was very important for me to invest in a place where there is plenty of jobs. Preferably jobs that cannot be easily outsourced or knocked out by a single event. From your comments, it appears as if you have arrived at Jackson by a process of elimination, not necessarily in-depth research into the market. Who are the major employers in Jackson? What is the future of those businesses? Are they medical research facilities or buggy whip manufacturers?
Another very important issue for you is property management. As you won't be living in the area (at least for now), you will need someone to manage your property. Have you located your property manager yet? If not, I would probably find that person or company before looking for a property. Having a property manager on your team before you buy the property gives you someone who can pre-screen any property that pops up on the market; and could also put you in contact with owners who may be interested in selling, even before they list the property.
I have a possible property manager lined up yes. There are a few big employers in the area including the colleges and a few huge hospitals. The other thing that attracted me is i think i can get a better class of property in Jackson compared to Memphis with inherently lower operating costs and lifespan, would be interested to know if people agree? thanks everyone for your input!
I think Jackson is a great place to start Multi unit investing just like I feel Memphis is a awesome place to start Multi-unit investing. Jackson TN is a much smaller city which can be a good thing since there may not be a lot of competition, but the caveat there may not be any deals at all due to size and or supply and demand. Memphis you will almost always find deals... I would contact @David Cook since he is on the ground and managing the types of properties that you are looking to invest in.
I think Jackson is a great place to start Multi unit investing just like I feel Memphis is a awesome place to start Multi-unit investing. Jackson TN is a much smaller city which can be a good thing since there may not be a lot of competition, but the caveat there may not be any deals at all due to size and or supply and demand. Memphis you will almost always find deals... I would contact @David Cook since he is on the ground and managing the types of properties that you are looking to invest in.
Good Luck
Derrick
Thanks Derrick, I take your point about deal flow and possibly less competition in Jackson as pros & cons! Me and David will be in contact and i will keep you all up to date on how I am progressing in my plans!