Looking at investing in Memphis as an out of state investor. Have a $200k cash for BRRRR.
Currently living in owner occupied Duplex in Pacific Northwest
I am targeting purchasing 5-10 SFH/MFH over the next year near downtown Memphis. Also, will be analyzing Airbnb income vs traditional rental.
I am open to partnering on deals if it makes sense.
I appreciate any and all advice on Memphis and could DEFINITELY use referrals (see below) .
1) General Contractor
2) Real Estate Agent
4) Property Manager
I recommend Dean Harris with Crestcore
@Chris Cantrell - Such great goals! I'll message you my contact info. We would love to meet up with you the next time you make a trip to Memphis.
You probably already know this but you should definitely take the various Memphis/Shelby Co tax laws/costs into your analysis when comparing SFH and multis. I'm sure some of the other Memphis investors can chime in here, but the little I do know is that once you have over 4 units you are in a new (higher) taxed bracket.
In order for the BRRR to work and try to get all of your money back you will need to buy something already renovated. The lenders who do the refi on this will only be able to take into account your purchase only and not count any rehab unless you were to get a private loan.
You might give @dean harris a shout as he works more as a Realtor and can assist you that way. I do not see too many turnkey companies selling anything in the downtown market if that is where you plan to stick to.
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