Updated over 5 years ago on . Most recent reply
Looking for C+ to B neighborhoods in Memphis
Good evening, I am an investor doing research in the Memphis Market.
Looking for C+ to B neighborhoods with fixer upper multi family properties ranging between 40k to 80k. What neighborhoods should I be looking into and what is the current market like in Memphis, TN? Does this criteria exist in these types of neighborhoods? I'm looking to BRRRR a property. Thank you for your help!
Chad
Most Popular Reply
Memphis is a pretty big place and the layout (in terms of neighborhood class) is very spotty. I can speak to some of the C class. These will range from 40 (or 1) to 80k with 80 being turnkey (not through a turnkey company though- you can add about 25% for that privilege. I think you want to stay inside of the loop- look at how 240 and 40 make a circle. There are some significant Hoods with a capitol H in here too though. Steer clear of Orange Mound and Tillman. But within that look look to the south east and there are some good blue collar sprawls.
Maybe somebody else can speak to B class areas? Maybe out in the burbs a bit? The bad side of Collierville? Within the areas I work in order to get a B class it would be an area full of A mixed with C. And that isn't actionable as a B class- its just silly math.
ALSO very few people here like to share. Contractors, knowledge, deals- doublecheck any friendly offer you find with serious boots on the ground research. In the 2 years or so since I'be been here I've been bitten two or three times for being naive. I've managed to steer clear of maybe 12-15 hustlers trying to get me involved or sell me or whatever. And I've found maaayyybe 5 other professionals that seem motivated to create value not just take everything they can.