I'm relatively new to real estate investing. I'm stationed here in Memphis for the next 3 years and was wondering if this was a good place to start my real estate career before I make the decision on whether or not I should get out of the military?
Real Estate Broker · Salt Lake City & Oklahoma City · Member since 2018 · 3k+ posts · 2k+ votes
5y
Hi @Michael Kern, there are certainly some good opportunities in Memphis, and some pitfalls to watch out for. As to timing, the beauty of real estate investing is that it can be done in such a way that it is completely independent of your location, even if you are managing the property yourself. In order to achieve that reality, though, you'll want to begin with that end in mind and build systems around it.
If you have the ability to do so, I'd recommend house-hacking at least once while you are still in Memphis, and then perhaps there will be some good opportunities to pick up rental properties outside of this strategy while you are there. This will give you a financially efficient way to test the local market and see if it is to your liking, while optimizing the benefits of the VA loan.
Real Estate Broker · Salt Lake City & Oklahoma City · Member since 2018 · 3k+ posts · 2k+ votes
5y
Hi @Michael Kern, there are certainly some good opportunities in Memphis, and some pitfalls to watch out for. As to timing, the beauty of real estate investing is that it can be done in such a way that it is completely independent of your location, even if you are managing the property yourself. In order to achieve that reality, though, you'll want to begin with that end in mind and build systems around it.
If you have the ability to do so, I'd recommend house-hacking at least once while you are still in Memphis, and then perhaps there will be some good opportunities to pick up rental properties outside of this strategy while you are there. This will give you a financially efficient way to test the local market and see if it is to your liking, while optimizing the benefits of the VA loan.
Investor · Lehi, UT · Member since 2015 · 435 posts · 300 votes
5y
Hey Michael yes there are lots of opportunites in M emphis. Its a great place to get into buy and hold real estate so that would be the first place you start is look for a house you can live in at first then move out of and rent it out when you move out and get some good cash flow after that
Las Vegas, NV · Member since 2020 · 162 posts · 113 votes
5y
Hey Michael,
Memphis would be a good market to start in. Look for a property that fits your current criteria. You may be able to find a single family house or smaller multi family to house hack. With the Memphis market, be aware of the different neighborhoods you're looking into. One street over could very well be an area of town you would not want to be.
Hey Michael, Currently in the Memphis market we're seeing pretty high demand and pretty low inventory. It's definitely competitive. But if you're committed and have a good team in place we're seeing a lot of excellent buy and hold opportunities, as well as a fair amount of value add, cash-out-refi and fix and flip options. It sort of just depends on what you want to and how hard you want to work.