Out of State Investing: Memphis

[Derek Tonn]

Hi,

I am actively searching for buy and hold deals in Memphis. I flew down there last week to see the city and meet with a company who specializes in investment properties. They handle the acquisition, rehab, and property management functions. They offer both turn key and off market deals where you pay cash for the property and renovation. I am very interested in the BRRR strategy which is why I am most interested in the off market deals.

My specific question is what due diligence steps should an OOS investor take when looking for deals?  

Speaking with different people in the market (property managers, appraisers, realtors, etc) I have received widely different opinions on values and market rents.  Generally my philosophy is trust but verify so I don't want to just rely on one source especially if they have a vested interest in the deal.  

Any feedback would be appreciated.  

[Lynne Locklin]

Hello Derek,

I am a  broker who has been working in the Memphis area with rental property for over 5 years.  I know many of the owner/sellers in town & sell a lot of property for them to my clients.  Maybe I can answer your questions & help you with understanding the Memphis market.  Please let me know if I can help.

Lynne Locklin