Any West Tennessee Investors?

Question

Hey, guys, I'm Chase. I've been lurking for a *while.

I passed my Affiliate Broker exam and should be receiving my license within the next 6-9 business days. I'm excited to say the least.

I'm actually wondering if there are any investors in West TN. My girlfriend and I just purchased out first live-in investment. We're excited about it, but we've been stumbling upon deals here-and-there that we just don't know where to start on. I'd love to touch base with someone in the area. Jackson, Memphis, Savannah, wherever. Just let me know.

Thanks guys!

*A while here means two years ;)

Alex Craig · Answer

On BP you mostly hear about the name brand cities such as Memphis, KC, Indy, Dallas, etc for investing, but certainly a good rental property can be found any virtually any city regardless of size. I would think Savannah would be expensive as you are going to get individuals buying for purposes of being close to Pickwick.  However, an AirBnb or VRBO may be good over there. I bet you can find good deals in Jackson, TN too.  We get buying opportunities all the time in Tipton County, but pass because of logistics.

Chad P. · Answer

I'm from West TN but I live across the river in Waverly now.  Good deals can be found but if you're renting it might be hard to get the 1% rule in small towns.  The most rent I've heard anyone in Waverly collecting is $800/month.  Watch the Hudhomestore and the USDA Rural Housing websites for upcoming sales.  For HUD houses, figure out your offer and leave it as a backup.  When they counter, just say based on the repairs needed I can't go above my original offer.  Just saved myself $11,000 on a house I bid on.  You might get beat out by another investor but there will always be another deal.