Just Starting Out in Memphis, TN

4 Replies

Hello Everyone,

I am  a long time Memphian, but new to investing.  I own one house in Southaven and am currently looking at options in Midtown.  My goal is to acquire 9 more buy and hold properties worth $100-$150K each in the next 5 years near the Evergreen community and then begin my early retirement.  I'm not interested in being a slum lord, although Memphis seems to afford lots of opportunities for that.  I hope that I can use this site to network and identify contractors that I can work with for renovation and repairs.  

Michael Smith Michael, I actually live in Evergreen but invest in De Soto County, primarily Southaven because of the ability to buy low, rent high, and have a nice, working class tenant. I'm not licensed, but our rental property is the majority of my family's income and I'd be happy to talk to you about what we have found working there. I have had little luck in Midtown because the asking prices are higher than I am willing to pay for the rents and I can get a better return 15 minutes south of here. Maybe we can meet for lunch soon.

@Eric McCully Eric, I'd like that very much.  Let me know when you are available.  I'll send a contact request now.  I am getting a good return on the house I have in the S'haven.  It is at the higher end of the rental market and we have had 0 trouble in the 4 years we have owned it.  DeSoto is a great choice.  I agree that midtown deals are difficult.  I have tried for over a year now to land a good one, but no dice.  I am patient though.  Evergreen, I think has some upside for long term appreciation.  Also I don't really want to run all over heck's half acre to do repairs and turn properties.  I'd like to find units closer to home.

Originally posted by @Michael Smith :

Hello Everyone,

I am  a long time Memphian, but new to investing.  I own one house in Southaven and am currently looking at options in Midtown.  My goal is to acquire 9 more buy and hold properties worth $100-$150K each in the next 5 years near the Evergreen community and then begin my early retirement.  I'm not interested in being a slum lord, although Memphis seems to afford lots of opportunities for that.  I hope that I can use this site to network and identify contractors that I can work with for renovation and repairs.  

Michael welcome to BP! Sounds like are already off to a great start with having your first property. Congrats!. You will love the support that you get here at BP. As I read your post I noticed that we have very similar goals of owning about 10 properties to help with early retirement. I have one so far and am also seeking 9. I believe you can find the contacts (contractors and network) you are looking for right here. Welcome!

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