I have been investing in Memphis for the past 4 years now (now have 8 single family homes) and I am looking into small apartment complexes in the area. Does anyone have some good contacts (brokers/lenders) in the area? I am new to this area of real estate (multi family) so I need someone who is patient and willing to educate me on apartment investing. Appreciate any help you could provide!
Hi @Cory Jones ! I can help - Feel free to reach out and I will IM you my contact info.
Be careful, I saw a lot of boarded up and sketchy looking apartment buildings\condos. I'd talk to @James Wachob. I see emails from him about them, but I'm not at that level yet. I just barely started with 3 single family homes.
Douglas/Tina - thank you for the referral. I will reach out soon. Tas, I totally agree with you. The thing that's difficult in Memphis is that the line between good/bad areas is so fine. You could have one street that is great, but a very dangerous neighborhood just a few blocks away. This makes it tough to find the right properties because you never know if that property falls right on that line or not. Here in Utah its totally opposite, bad areas tend to be secluded in one pocket and not mixed in throughout the city. My view could be off but that has been my impression.
@Cory Jones you are absolutely correct about that in Memphis really gotta know your areas before you jump in!
@Cory Jones watch the video on my BP profile. We are buying mid-sized apartments that have value add oportunities. I'd love to show you around and show you what we are doing in the multifamily world.
@Cory Jones I would ask for the chain of title for the past 10 years. The reason that is important is because many a out of state investor buys multi family in Memphis and fails. If you see a few owners within a 10 year period, you will know there is a trend of failure on the complex. I promise you, that trend will continue. Multi family is tough in Memphis. I have no desire to own in most areas and I live here. I own 2, one in Midtown 38104 (best place to own) and U of M area/ East of Higland (big difference East of Higland and West of Highland). Getting ready to buy another in 38104. We are much more successful in Liitle Rock, AR with our multi family holdings.
you should reach out to Jeff Moore with Crye Leike as he is the most knowledgable commercial broker for multi family here in Memphis. That is who you want to connect with.