Memphis Newbie (yes, another one)
Hello All!
I’ve been lurking on the forums and listening to the BP podcasts at every chance for the past month and I am finally making my intro.
I am a native Memphian and looking to get started in the Memphis real estate market. I grew up in the University of Memphis area and have lived in midtown and downtown. All of these are “hot areas” and I am very familiar these areas. I have been renting downtown for the last 5 years (what an idiot!).
I am employed full-time as an attorney (not real estate attorney) and I am wondering how I can use that law license to my advantage. I might start breaking out my property law books. What all do you use your real estate attorney for? Reviewing contracts, evictions, researching title…what else?
I am interested in buy and hold properties (BRRRR) and possibly wholesaling.
Ideally I want to get my feet wet with house hacking and buy a duplex or triplex with FHA or conventional loan and rent the other unit out. Am I too late to the game to find multi-family properties in Memphis? How competitive is it to find these properties. Am I crazy? How competitive is Memphis REI, really?
I look forward to attending a Memphis REIA (MIG) event in the near future.
Any specific tips for me for Memphis and the surrounding areas?
Thank you!