Average Rental Time in Memphis

[Abdul Azeez]

Folks - I am in the second part of my journey of investing in Memphis. I closed on a property on Jan 10 in Memphis. Property management has been turned over to Crestcore. The listing is at the following location:

http://www.zillow.com/homedetails/7942-Marsha-Wood...

I am looking for some input on the rental market in Memphis and how long it usually takes to rent a property. SInce its been a few weeks now, I am wondering if I should be doing something differently to generate more interest and a real tenant to be able to generate cash flow. Would appreciate input.

Regards,

Azeez

[Jay Hinrichs]

@Abdul Azeez  I learned this the HARD WAY out in the mid west...

much better to have lower rent and filled unit.

than risk kids breaking in an stripping your home. taking your condenser unit.. ( even if its caged)

I have 3 rentals left in the south.. I have not raised rents since the day I bought them 10 years ago.

but one tenant has been there the entire 10 years.. they were new homes so cap ex has been next to zero. granted I am probably 100 to 200 under market.. but what is 100 a month more going to do for me.. its about the long game and having your tenants payoff your house for you.

I know people talk about cash flow as real and appreciation as icing on the cake.. in my mind cash flow is the icing on the cake.. if you get it great but if your tenant is paying your house off that to me is the ultimate goal.