Anybody bought sub 50k SFR in Memphis, TN

[Amit Bajpai]

Thanks to this BP community that I can get guidance from so awesome community members, Awesome forum, and platform.

So what I am trying to start in the real estate investment and trying simple step one at a time so that I can learn while investing

To understand completely the investing, buying, renting, rehab, refinance, and property management process, I would like to start on a small scale. Some of the community members suggested trying the Memphis market

What I am looking for is the buy sub 50k property with an occupied tenant with a minimum rent of 600. I want to finance the property as well to get my feet wet so that I can understanding the mortgage process.

Since I am out of state investor I am looking for suggestions from community members who have successfully done this before?

[Stephen Akindona]

I would not recommend buying properties in this price range. Also most lenders will have a minimum loan amount requirement and after you put 20% down on a 50k acquisition it is unlikely that you will hit the banks minimum loan amount requirement. To get your feet wet you need to buy a property that will perform and give you confidence in the strategy and the market. These lower priced properties in more challenging areas should be reserved for locals who self manage or investors that have experience and understand the low rent investment strategy. As a newer investor looking to get your feet wet, a property like this may come with unique challenges that might turn you completely off to investing!