Long Term Memphis Investor. I've been watching the fourm for a couple of months. My advise, if you can't buy and hold, small to no financing, it becomes very hard to get a ROI. I am also a CT & FL RE Broker therfore I have insite on several markets.
Originally posted by @Abdul Azeez :
Henry - my 2 cents. My first experience in Memphis has not been positive so far.
Abdul, what area and or zip code is your rental in? Is it rent ready as in rehabbed? Doyou have a PM and or rental agent? Cannot purchase just price, need to combine area, type of house etc to provide a positive rental.
Henry, I'm an out of state investor with sfr and multi's in Memphis. I have been blessed with a great team that makes what I do work well for me.
My advice for what it's worth would be to stay away from multi family at least until you have invested there for a while. Multi works for locals but it just isn't the same as your used to on the west coast.
@Dean H. Got it. Thank you for the advice! I plan to visit memphis. Who do you go through if you don't mind me asking? Feel free to PM me if you'd like.
@Henry Tse I live in San Diego and I recently began investing in Memphis. I own 2 properties, both are in the Cordova area. For my first property, I purchased on 11/18/16 and it was rent ready on 12/7/16. I got a renter in paying $1200/mo around 01/07/17. So far no issues.
For the 2nd house, I closed escrow on 3/23/17 (a week ago). I'm waiting on the rehab and hope to get it rented by 5/1/17. I plan to rent it for $1200-1250. Not sure if this helps or not but I've had no issues with the Memphis market so far. My strategy was to stay in areas where the rent was greater than $1000.00.
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