I currently live in Miami, which is a tough market (i.e. High priced, low returns, etc.). My brother-in-law lives in the Memphis, TN area. He expressed some interest in REI and it occurred to me to consider that market for myself, given his proximity to the city. Can anyone give me some advice on this market? Is it worth getting into? What opportunities are there? I'm mostly focusing on buy and hold for multi-families, SFHs, and possibly even MHPs. Thanks in advance!
Memphis is a great market for sure, better long term then most. It would not go so far to say its great for multi family unless your planing to spend a lot to get into a good area. This market is more of a SFR market. Since you have a relative living here you should be able to get assistance from them to find deals on your own as opposed to going the TK route.
Goo luck, let me know if you have any questions.
Thanks for the info, and nice to meet you. What about surrounding areas? Memphis is on the border of TN. My brother-in-law actually commutes in from Northern Mississippi. Are there other markets in that surrounding area with any potential?
Lastly, can you recommend a good Agent in that area that might be able to help me? It'd be nice to make a good contact up there to work with.
I am a licensed agent myself and familiar with my area. If you want to talk offline send me a PM and lets connect and see if we can work together. If I am not a good fit for you I can make other recommendations.
What makes Memphis a great market. I am not saying its a bad market but I am not sure I would say its a great market. Prices are not low (not high either) and the overall stats that I know of are not great compared to other places like Nashville or Texas. Maybe a good yield type market?
Not trying to bash on Memphis as I have been there a lot and like the city but not sure I view it as a great market except for yield at this price point. Happy to know if I missed something since you know it better than I do.
Memphis has been one of the top markets for investors for the last7yrs. I have seen other markets come and go but for some reason Memphis has continued to stay relevant. Prices are decent and the rental strength is still very good.
The thing I have found with investors who dont find Memphis attractive anymore is they purchased several years back when prices were lower and cant get over that those days are gone or they are an investor who can do this on their own even from long distance and not have to go the TK route.
A lot of it is also personal preference. Maybe the stats are not like Nashville or Texas but you are generally dealing with much nicer and more expensive houses in those markets. Your not going to find a home in either of those markets that will compare with a Memphis property. Talking to some people I know, though Dallas is a super hot market right now, since it is difficult for people to find any properties considering they are all selling to retail home owners, people are paying full market value and then maybe some. The inventory is not there from what I have been told though I can not back that statement up.
Lastly, Elvis is from here so that has to mean something right!!!!
Good question, thanks for asking!!
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