We're starting our journey into Multi Family real estate in Memphis, TN. We currently own 5 SFR's (2 in the Memphis area....Bartlett actually). Jut wanted to put feelers out there if anyone is perhaps looking to sell or knows of any deals.
To help you decide if we fit your mold, we're looking for the following:
-- No low income. We want to see a minimum of $750/monthly rent per unity (preferably close to $900-$1000). I realize you can make money at any level but we're looking to stay where we're comfortable for right now.
-- Good condition. We don't need pristine, but we're not looking to put tens of thousands into it up front after purchase for repairs, just normal maintenance.
-- ~75% rented. We don't mind some vacancy since we'll just be turning it over to our management company, but we're not looking for much work here.
We are flexible so don't consider those absolute requirements, but if you have $350/monthly per unit and it's 50% rented, we're not going to be interested. I hope that helps lays out what we're looking for.
If you know of any properties, send me over the address and the basic financials. We're currently looking to purchase up to $300k (no preference on # of units so if it meets the requirements we'd be interested in any properties in the $100k - $300k range).
Mods, If this isn't the right forum, please feel free to delete and let me know where to post this. If the location is ok, anyone who has any deals, please just message me.
multi family in Memphis is tricky. I think you will have a hard Tim finding something based on your criteria. You should contact Jeff Moore in Memphis who is probably the top multi family agent in Memphis.
Check your PM's Justin.
Just bumping up instead of reposting :)
I think that this should be in the Marketplace.
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