I am an appraiser and real estate broker in the Madison, WI area who is looking to expand my real estate portfolio into cities with stronger cash flow opportunities and Memphis seems to be a strong contender. I'm hoping to make some connections with real estate agents, property managers, or investors in the area that can might be able to help me get an idea of the local market or can point me to potential opportunities. Would likely be looking at a minimum of 8 units considering I don't live in the area. Any advice or connections would be appreciated!
Hey @Robert Anderson , that is exciting that you are thinking of expanding! I'm surprised more Memphis investors haven't responded to your questions.
My biggest suggestion is to come down and drive the city and get to know the areas and meet with multiple property management teams. You will obviously learn way more about the city and the REI world from a visit than you will BP (and you get the extra benefit of Memphis cuisine! :)
Hey @Elizabeth Wilson ,
Thanks for the reply! I did get a couple other response via direct message that have been helpful. I am still in the early stages of picking my next market so mainly just trying to figure out expected returns at this point. I was in Memphis last summer and had a great time but wasn't really looking for real estate opportunities. Once I decide on a market I would definitely want to come drive the city and meet with a few property managers. Do you have any property managers in the area you would recommend?
@Robert Anderson - Honestly, I haven't had enough experience with most of them to give you a professional opinion (personally, they are great people but that doesn't always translate to great business people) so you'd be better of asking others who have multiple rentals in Memphis - Especially other OOS investors.
We had our first rental with Crestcore and they placed the best tenant with us, but we haven't had another rental in town so I can only share that experience.
Let us know when you head back this way.
Robert, try to connect with Jeff Moore ( not on BP, google him ) with Crye-Leike Commercial as he is regarded as the multi family go to person. As it sounds like you are wanting to put together a team, he should be able to find you the properties.
side note: I spent a little time in Madison WI many years ago, loved going down to State St after a football game !!! Good times !!!
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