Ive come across a few deals in northwest MS but the towns seem to be small, not located near any big cities. The closest major city to one of them is Memphis TN. Would flippers or landlords normally mess with something out of state, even if its in relatively close proximity? I have a house under contract currently, but its about an hour and a half south of Memphis.
I am a broker but also a flipper and rental owner in North MS. We do business in Memphis as well but the majority of our business is in North MS. Specifically the Desoto, Tate, Panola, Lafayette and Marshall county areas. These markets are pretty strong and in many cases better to invest in than areas in the Memphis market. Usually within 45 mins to an hour of Memphis are the better markets. however, throughout North MS many of the small towns are good markets due to low inventory.
Good to know, thank you. The one I currently have is in Coahoma County, city is called Clarksdale. Im guessing its a pretty small-town place based on my research. And not much info based on comps- theres only a few nearby so I see what you meann about low inventory!
But I saw it wasnt too far from Memphis so I wasnt sure if that hot market might carry over into a different state.
Clarksdale, MS has 2 classes. People with money and dirt poor. Nothing in the middle.
@Ted Buffington - there are quite a few north miss and south Memphis investors. I know there is a local meetup called a MEMFlips South. Not sure how far south they work but they are there!
If you want contacts message me and I'll see if I have some at home.
@Alex Craig yea its definitely a light rehab/rental home. looks like a similar home nearby is renting for 500/mo
this does not appear to be the wealthy part of town, but doesnt look like a war zone at least
@Ted Buffington I can't speak of the individual areas. I would be careful in that $500 space. The population is very small in Clarksdale and there has been some violent crime down there of late. In a town of 20,000, that is not great news. I would imagine there is some gang crap going on down there.