Chicago, IL · Member since 2017 · 3 posts · 1 vote
Good afternoon, I am multifamily broker in Chicago, Illinois. My family and I are seeking to acquire a multifamily asset ($1M - $2M) within Tennessee. Our target is a strong and safe employment area and we are willing to sacrifice overall yield for a safer investment. Our plan will be to hire a local property management firm.
I'm hoping the local community can advise me on markets to research and consider and any mid-market property management or brokerage firms to reach out to.
Real Estate Agent · Memphis, TN. · Member since 2018 · 175 posts · 101 votes
5y
Hey all,
It definitely depends on what city your in. Knoxville, Chattanooga, Nashville and Memphis are all drastically different markets. Properties of that size usually aren't listed in ways which are easy for the public to access. They're also often traded between very large and sophisticated hedge funds. So you're going to need a team that has experience with commercial real estate as multifamily properties of this size don't really fall under residential categories, for a number of reasons. There are definitely worse ways to start than by looking on Loopnet.
You're instinct to reach out to local community members is a really solid urge. You'll be able to answer questions like "Does gated parking really make a difference here? Does it actually deter crime?" etc. But in very very general terms you'll want to look at your rent rates to see what type of clientele the area attracts, you'll want to determine if the area is seeing any commercial growth or if it's stagnate, etc. In some areas you may even benefit from opportunity zones and etc.
Accountant · Chicago · Member since 2020 · 14 posts · 21 votes
5y
Hi Paul - I'm also from Chicago. I can't help you with your question. I would also be interested about investing in Tennessee. I have heard good things about Nashville.
Real Estate Agent · Barrington, IL · Member since 2020 · 11 posts · 4 votes
5y
Hi Paul and Gerry,
I am from the Northwest Suburbs of Chicago and also have some interest in investing in Tennessee. Although it may not be exactly what you are looking for it could be something to look into. I have heard good things about MemphisInvestmentProperties.com. I have been looking through their inventories for a while now, and maybe it could be something helpful to look into.
Real Estate Consultant · Chattanooga, TN · Member since 2017 · 114 posts · 46 votes
5y
@Paul Waterloo Hey Paul! I think Tennessee is a great market for multifamily assets. Do you have an idea of which city in TN you'll be mainly looking to acquire in? Depending on your market I may have a property manager referral for you.
Real Estate Agent · Memphis, TN. · Member since 2018 · 175 posts · 101 votes
5y
Hey all,
It definitely depends on what city your in. Knoxville, Chattanooga, Nashville and Memphis are all drastically different markets. Properties of that size usually aren't listed in ways which are easy for the public to access. They're also often traded between very large and sophisticated hedge funds. So you're going to need a team that has experience with commercial real estate as multifamily properties of this size don't really fall under residential categories, for a number of reasons. There are definitely worse ways to start than by looking on Loopnet.
You're instinct to reach out to local community members is a really solid urge. You'll be able to answer questions like "Does gated parking really make a difference here? Does it actually deter crime?" etc. But in very very general terms you'll want to look at your rent rates to see what type of clientele the area attracts, you'll want to determine if the area is seeing any commercial growth or if it's stagnate, etc. In some areas you may even benefit from opportunity zones and etc.
Rental Property Investor · Nashville, TN · Member since 2017 · 18 posts · 16 votes
5y
Agreed with Tyler. I have lived in Tennessee the late 90s and the markets across the state are drastically different. Tennessee is seeing a boom because of it's business friendly climate and no state income tax, but Knoxville, Chattanooga, Nashville, Memphis, Jackson and Johnson City are all different markets. Happy to connect and discuss with anyone looking to invest into MF in the Tennessee market.
Real Estate Agent · Knoxville, TN · Member since 2015 · 40 posts · 26 votes
5y
@Paul Waterloo I'm a residential contractor, Realtor, and investor in the Knoxville and the east TN area. I work primarily with investors both in state and out of state. We target large and small multifamily primarily. I would be more than happy to connect with you and share information regarding the area in relation to what you would like to target with your original post. Please message me on here and we can talk more in detail, and/or setup a time to talk on the phone.
Investor · Kingsport, TN · Member since 2016 · 412 posts · 254 votes
5y
@Paul Waterloo I'm an active multifamily investor in East TN. My partners and I primarily invest in the Johnson City and Knoxville markets but have experience in, or knowledge of, most markets east of Nashville/Clarksville. I would be happy to discuss further.