Looking to invest in Memphis Real Estate
Hello,
This is my first post on BP. I am from Canada and have heard good things about the Memphis real estate market. Where would be a good place to start looking? I know absolutely nothing about Memphis. Any help to get started would be appreciated.
Hello @Jesse Bruce
I hope you are doing well!
The Memphis Market is a great place to invest in. We have seen great cash flow over the years as well as decent appreciation! This makes Memphis a hot market to invest in just because a lot of markets do not get to obtain both of the before-mentioned things.
The Memphis Market has also always shown great stability through downturns as well! We have a great job market in distribution which allows for a highly stable job market. This means that we are still going to need those jobs even through times like Covid because people were buying things online!
I would be more than happy to discuss the Memphis market with you and help answer any questions!
Thanks for the quick reply.
Where are some up and coming areas in Memphis that you see with good investment potential? I would like to invest in a single family homes to start.
Take care,
Jesse
It truly depends on what kind of investments you are looking for! If you are looking for more long-term hold plays I would stay in places that are B and above and if you are looking for more cash flow we typically see more cash flow on day one in C neighborhoods over any other ones. I think A neighborhoods are a really great play in Memphis Right now because there are great schools in those areas and such a low supply. In the future, even more, homeowners will want to buy properties in those areas.
Instead of trying to learn it all yourself talk with an investor friendly agent that already knows this information and can steer you in the right direction based on your goals. As with anything I would "Trust but verify" the information they are giving you. Seems like @Alex Evans is pretty well versed in the area. Might not be a bad idea to have a conversation!
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Quote from @Jesse Bruce:
Thanks for the quick reply.
Where are some up and coming areas in Memphis that you see with good investment potential? I would like to invest in a single family homes to start.
Take care,Jesse
Jesse: Starting August 3, I am updating my podcast shows breaking down the investment zip codes in Memphis. I have been doing this Specific podcast episode every year since 2017 and I am a life long "Memphian". I also own a decent size portfolio of SF properties here in Memphis and I'm giving you free info based on my actual investing experience in Memphis. That's the one thing to be careful of here in our town. We see lots of providers and people offering advice and talking about certain zip codes knowing they have never owned a property there and likely haven't been in the business long. Proceed with caution and make sure you property source owns rentals themselves. I'm happy to answer any questions you have based off my own investing experience in Memphis.
Take care and Good Luck!
@Dean Harris what is your podcast? I would love to check it out!
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#4 Classifieds Contributor
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You can find it wherever you listen to podcast and you can see videos on our YouTube Channel and Facebook page.
Simply search, "Investors Guide to Memphis Real Estate"
Hi Jesse,
Before jumping into the US, make sure you talk to a cross-border accountant to set things up correctly. Also, you may have trouble financing property as a Canadian, and have to pay all cash, so look into financing options too. Another good podcast is Glen Sutherland - A Canadian Investing in the U.S.
Hi Jesse,
I am also Canadian and recently moved to the US. I am looking at different markets and Memphis is one of them. I would agree with @Zorya Belanger and setting up things properly with an cross-border accountant. As for financing options, after weeks of research, I was able to get a preapproval from RBC as they offer cross-border mortgages to Canadians up to 75% LTV and can use your Canadian credit history. BMO also has a similar product. You might want to check them out. If you are considering Hard Money Lenders, for the ones that do work with foreign nationals (as you would be considered) they would expect you to put a minimum of 30-35% cash down.
Best of luck!