If you are planning to visit Memphis ...

If you are planning to visit Memphis ...

Investor · Gilroy, CA · Member since 2016 · 255 posts · 195 votes

For all of the investors considering Memphis as a potential market, let me just say it is a wonderful town. Besides all of the economic reasons to go and do business in Memphis, the town is very beautiful, has tons of culture and the people are wonderful.

My recent visit included meetings with @Alex Craig, @Curt Davis, @Douglas Skipworth, @Bert Miller, @Tina Sandoval and @James Wachob. All of the aforementioned are consummate professionals and incredibly experienced. The wisdom they imparted and the time they shared to discuss all opportunities, even ones I had not considered, was fantastic.

Special thanks to @Alex Craig and @Bert Miller for taking the time to show me around town. I got lessons in person on questions I asked in the forum. The neighborhoods can vary widely street to street and so can the retail market, which is great to know regarding exit strategies. I was able to see the operations of three of the turnkey operators out there. Overall it was very exciting and ultimately reaffirmed my want to do business out there. 

I recommend anyone, regardless if doing turnkey properties or not, to reach out to anyone I have listed here. They are not the only ones out there, but they were the only ones I had time to meet. I spent 2.5 days out there and it was not enough.

Also, if you go, eat at the Rendezvous in downtown. Great ribs!

Good luck all! 

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Investor · Memphis, TN · Member since 2016 · 24 posts · 26 votes
9y

@Diane G. thats an interesting take. From Sunnyvale to Memphis, there are many paths out of the rat race. Here's to sitting pretty at the end of all of them. Cheers

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  • Investor · Gilroy, CA · Member since 2016 · 255 posts · 195 votes
    9y

    @Fred Johnson

    I know you did not ask me, but MFRs in Memphis have to be chosen very specifically. Many look really good on paper, but will not pan out due to neighborhood or type of tenant.

    @Diane G.

    Thank you for asking. So far so well.

  • Alex CraigBusiness Member
    Real Estate Professional · Memphis, TN · Member since 2009 · 1k+ posts · 1k+ votes
    9y

    @Account Closed  relatively young? Lol. You  just voted in your second presidential election :).  I remember turning 25 and thinking that was old too.  Then I blinked and I was 40 and this happened.  Keep up the good work, very few in the industry have accumulated what you have in a short amount of time

  • Mansfield, TX · Member since 2016 · 37 posts · 2 votes
    9y

    Ok, I appreciate everyone's comments.  However, Raj T, I'm intrigued by how you went from 0 to $25 mil with no partners since you are only 25 yrs old. Did you start when you were 18 yrs old or have substantial capital to start with?

  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    9y

    @Diane G.  not to argue with you.. but Richmond is right over the bay bridge  and is only 20 miles away.. and their is a bart station there. and there are plenty of homes in the 200 to 250k range I look at them very time I swoop in to buy a lot or two.

  • Rosemead, CA · Member since 2014 · 35 posts · 7 votes
    9y

    @Diane G. $150/month isn't all that bad for an OOS investment that is turnkey.  Let's say it is 20% down on a 30 year mortgage for $20k.  $1800/$20000 = 9% return and that doesn't include the equity paydown on the mortgage.  It's definitely better than a lot of other investments.

    I agree that california has received amazing appreciation but investors also need to pay buyer and seller agents a percentage to sell their investments.

  • El Cerrito, CA · Member since 2015 · 257 posts · 129 votes
    9y

    @Jay Hinrichs Do you come down to Richmond when you're purchasing these properties? I've seen your posts and I know you have a wealth of knowledge, I'd love to meet up with you to talk RE (I'm a neighbor in El Cerrito) if at all possible. Can I shoot you a PM about this? 

    I'll confirm that Richmond is right over the bridge but you'll be lucky to get to SF in 20 min! BART is convenient though and there will soon be a ferry terminal at the end of Harbour Way South by the old Ford Plant with free parking. It will go directly to the ferry building in SF (I'm currently working on this job in the pre-construction phase).

  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    9y

    @Doug Woodville  I am there often..  and yes when I say 20 minutes to the financial district during business hours this would be from the Richmond Bart station...

  • Sherman Oaks, CA · Member since 2013 · 3k+ posts · 2k+ votes
    9y

    Keep in mind you can rent out one parking spot for same or more than $150 per mo in many locations with less vacancies, expenses, liabilities, mortgages, insurance, taxes, management, cap ex, potential losses, no appreciation etc...

      Good luck with your search!

  • Investor · Orange County, CA · Member since 2015 · 2k+ posts · 3k+ votes
    9y
    Originally posted by @Jay Hinrichs:

    @Diane G.  not to argue with you.. but Richmond is right over the bay bridge  and is only 20 miles away.. and their is a bart station there. and there are plenty of homes in the 200 to 250k range I look at them very time I swoop in to buy a lot or two.

     Is this 20 min as the crow flies by private plane Jay? Just messing with you, man :)

  • Investor · Orange County, CA · Member since 2015 · 2k+ posts · 3k+ votes
    9y
    Originally posted by @Matt R.:

    Keep in mind you can rent out one parking spot for same or more than $150 per mo in many locations with less vacancies, expenses, liabilities, mortgages, insurance, taxes, management, cap ex, potential losses, no appreciation etc...

      Good luck with your search!

     I hear the surfing is better in CA than it is in Memphis ... what do you think Matt? :)

  • Rental Property Investor · Orange County, CA · Member since 2016 · 512 posts · 374 votes
    9y

    @Alexander Price

    i have started investing in Memphis since last july and experience has been great. i own california property as well and we are talking of two different markets.  and in both markets, you will have to buy right. 

  • CA · Member since 2016 · 1k+ posts · 1k+ votes
    9y

    @AJ Singh

    Care to show some of your numbers when you said it has been great?

  • Sherman Oaks, CA · Member since 2013 · 3k+ posts · 2k+ votes
    9y
    Originally posted by @David Faulkner:
    Originally posted by @Matt R.:

    Keep in mind you can rent out one parking spot for same or more than $150 per mo in many locations with less vacancies, expenses, liabilities, mortgages, insurance, taxes, management, cap ex, potential losses, no appreciation etc...

      Good luck with your search!

     I hear the surfing is better in CA than it is in Memphis ... what do you think Matt? :)

     Fosho, and I hear the bass fishing is better nearest Memphis.

  • Jana CainPro Member
    Enrolled Agent · Richmond, CA · Member since 2016 · 225 posts · 148 votes
    9y

    @Doug Woodville @Jay Hinrichs I totally want to co-sign on meeting up when you're next in town, Jay! I don't spend much time in Richmond (even though I live there) but I absolutely recognize the potential. I would love to see where you're grabbing your deals.

  • El Cerrito, CA · Member since 2015 · 257 posts · 129 votes
    9y

    Hey @Jana Cain! Nothing has been setup just yet. Do you currently own any property in Richmond? Are you currently seeking out deals?

  • Jana CainPro Member
    Enrolled Agent · Richmond, CA · Member since 2016 · 225 posts · 148 votes
    9y

    @Doug Woodville I just sent you a PM!

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