Memphis Vacant Property Registry
Hello Memphis investors -
This is a quick bit of info to let you know about the Memphis Vacant Property Registry. It is a city ordinance enacted in 2013 to help fight blight in the city of Memphis. Basically, if you have a property that is vacant for 30 or more days with no intentions of getting it occupied, you are supposed to register that property with the city for a fee of $200 / year. This registration helps the police monitor vacant properties and, I believe, helps pay for the city to cut the grass so it doesn't show up on the tax bill (don't quote me on that). Information is available here: http://safeguardproperties.com/Resources/Vacant_Pr...
This is a serious issue to me as I believe blight is holding Memphis properties down. I personally seek out delinquent owners who don't manage their properties and contact them directly. For out of state or country owners, this is usually a problem with the management company, I know, but the owners still have to put the pressure on their management companies to keep the properties up.
I recently bought my first rental property in North Memphis, in an area that is currently scrappy but has potential for growth. There are a few junky properties nearby, including one owned by an investor in New Zealand. I tracked down a phone number and we had a chat. When I informed him of the registry, he simply balked, then cursed me out. I emailed the property address and his contact information to code enforcement right after the call.
So, if you're reading this and you have a boarded vacant property in Memphis that you aren't planning on fixing up, please just register it with the city. Yes, it hurts your precious cash flow but it also helps keep the city that much safer. The boards on the windows do very little to deter the criminals in this city who would use these homes for nefarious purposes. Registering the property pays for additional police coverage which protects your investment and the neighborhood.
I'll probably catch a lot of flack for this, but it had to be said.