Rental Property Investor · Fort Lauderdale, FL · Member since 2019 · 27 posts · 14 votes
Hello everyone, I’m looking for your opinion.
I’m in between two turnkey options, both providers are pretty much similar on how they operate but the one in Jacksonville offer new construction properties mainly on class C neighbourhoods and the Memphis one offers older properties ( built between ‘20 and 60’s ) also in B+ and C neighbourhoods, Price ranges are similar with a difference of about 20K - 30K more for the new construction in FL.
Which city do you think is better to invest regarding value appreciation over time, low vacancy % , good tenants, hopefully long term leases and do you think is a better idea to get a newer property to avoid maintenance issues ?
@David Esteban Memphis is a great market! We’ve found great success in that market, and there’s a lot going on in Memphis! That being said, we did have issues with quality tenants, tenant turn over, general housing maintenance and rehab work when we worked with Crestcore in Memphis to manage our properties.
In our opinion, Crestcore is one of the most unethical and dishonest groups operating in Memphis. Once we got rid of them we had a much better experience owning property there. If you would’ve asked us while Crestcore was managing our properties, we would have told you to run as fast as you can... However since moving away from Crestcore our tenants have been a million times better, our rehabs actually get done, we get billed for work that’s actually being done, and our contractors that we use now, don’t cause additional damage to our homes. In our opinion, we would strongly recommend owning property in Memphis, but if Crestcore is involved, you’ll regret owning property in Memphis. Partner with an honest group that has your best interests at heart.
@David Esteban Memphis is a great market! We’ve found great success in that market, and there’s a lot going on in Memphis! That being said, we did have issues with quality tenants, tenant turn over, general housing maintenance and rehab work when we worked with Crestcore in Memphis to manage our properties.
In our opinion, Crestcore is one of the most unethical and dishonest groups operating in Memphis. Once we got rid of them we had a much better experience owning property there. If you would’ve asked us while Crestcore was managing our properties, we would have told you to run as fast as you can... However since moving away from Crestcore our tenants have been a million times better, our rehabs actually get done, we get billed for work that’s actually being done, and our contractors that we use now, don’t cause additional damage to our homes. In our opinion, we would strongly recommend owning property in Memphis, but if Crestcore is involved, you’ll regret owning property in Memphis. Partner with an honest group that has your best interests at heart.
@David Esteban generally speaking, I would say Jackson is a more consistent area given the fact that Memphis is just simply larger. Meaning generally I thunj there is more room for profits to be made in the Memphis Market. That being said, if you want to talk about appreciation of value in the Jackson and surrounding areas, it'd be worth looking up some news articles on the Memphis Regional Megasite Center that the state is spending like $175M to build near there. Presumably it will raise the value of any property especially rental properties that a person might have in that area.
I have been also reading and doing research in the Memphis area and agrees with your opinion, it is a good place to invest, also thanks for the tip about this company, good thing I haven’t even heard about them and I don’t want to after your experience.
I have been reading a lot of good things about Memphis, it seems to be a great place to own a rental property there. Makes sense what your are saying, being larger makes it a bit better to do business in Memphis.
@David Esteban not a problem my friend. Please let me know if there is anything that we can help you out with as well.
Never worked with Tyler directly but Tyler has been the listing agent on a ton of property that we’ve looked at in the Memphis market. His name is all over and seems to be very reputable. Our best contractor highly recommends him and says he’s an amazing agent and a great resource for Memphis.
Hope this message finds you well. I have been following your posts and would love to ask you some questions regarding 38127.
From your posts, I am assuming you have properties in that area of Memphis. I purchased 2 homes in 38127 last year and I would like to start renting them out. I just want to get some advice before I start trying to do so. Would you be open to me messaging you?
@David Esteban - start with running the numbers and let the end result be your starting point, before jumping into an analysis of factors such as population growth, job growth, market saturation, etc..