Hey everyone,
Im from Hawai‘i and over here it’s to expensive for me to buy my first multi family apartment.
I’m searching in Memphis TN I fond very good prices for multi family appointments
My question is
Do you think it’s can be good area to start ?
There anything that I need to be careful?
See I’m over sea Any tips will help:)
Rental Property Investor · Memphis, TN · Member since 2019 · 17 posts · 13 votes
6y
Hey @Leo Glazer. As the others have said, Memphis has some areas that may not support you as well in the long run and as @Danielle Wolter stated, most of the small multi families are in these areas. That’s definitely not to say that there aren’t good deals out there. You just may have to come for a visit to see how quick housing can change from street to street here. If I can help any more, let me know.
Rental Property Investor · San Diego, CA · Member since 2019 · 290 posts · 253 votes
6y
Hi @Leo Glazer I personally love Memphis, but it definitely has good and bad areas. As an OOS investor, I would highly recommend taking a tip there to check it out before buying anything. Also, small multifamily properties in Memphis tend to be in rougher areas which can be hard to manage from out of state. There are areas I would definitely stay away from. What are you investing goals? That might help determine where the best place to start would be. What brought you to Memphis?
Rental Property Investor · San Diego, CA · Member since 2019 · 290 posts · 253 votes
6y
@Leo Glazer I invest in SFR so I can't really speak to the best place for small multi family. Memphis is cheap, which is one of the reasons I invest there, but like I said you have to be careful about the area. The properties with really high returns are likely in higher risk areas. The returns look great on paper, but the problems will eat through your cash flow eventually. What kind of price point are you looking at?
Rental Property Investor · Memphis, TN · Member since 2019 · 17 posts · 13 votes
6y
Hey @Leo Glazer. As the others have said, Memphis has some areas that may not support you as well in the long run and as @Danielle Wolter stated, most of the small multi families are in these areas. That’s definitely not to say that there aren’t good deals out there. You just may have to come for a visit to see how quick housing can change from street to street here. If I can help any more, let me know.
I suggest you come out and visit the areas where your price point is located $150k will get some sketchy and maybe ok multi-family apartments. But $150k will also get you a A+++ SFR investment property. and or 2 SFR in C+/B neighborhoods.