Newbie Investor Here!!

[Michele Jones]

Hello All. This is my first post so please be kind. I have been thinking about becoming an investor and did research. Memphis is where I want to start this new journey. I have been to TN a few times, and I instantly knew I wanted to either invest or move. I currently live in CA, in the south OC area. I own a SFR home in a very desirable area that is known to be family-friendly.

As a first time investor and newbie, buying in CA, especially in my own backyard is not doable. Prices are outrageous in addition to HOA & property taxes. Hence why I am looking in Memphis.

I am hoping to find a SFR in the Memphis area for STR but ideally LTR. My preference would be to find a home that ‘s tenant-occupied. I have been searching and found several homes which are tenant-occupied. As this is my first investment and it's out of state, I want to start small and with little risk but I'm open to hearing what my options are. I do not want to invest in the "war zone" and from what gather, real estate varies street by street. I would like to discuss which areas are best for rentals as it's my first time.

I have contacted an investor friendly agent  that I found on this board. Hoping to connect soon to discuss my goals, strategy and everything related to investing. 

In short, my goal is to have several rental properties in Memphis before prices go up. And also, I eventually I would like to expand my portfolio and do an Air BnB. 

Thanks!! 

[Nicholas L.]

@Michele Jones

inheriting a tenant is generally higher risk than placing your own unless you can confirm the current tenants would meet all of your requirements

you may find that the owners don't have records supporting screening, don't have a security deposit, and may or may not even have a lease

i would strongly recommend you go there in person and not rely on anyone else

there are lots of threads on BP saying "I wasn't told _________" - "the inspection didn't find ___________" - "the agent failed to ____________" - "the previous owner didn't _________________"

your other team members, like the agent, are there to support you, and should do a good job, but any purchase, and any tenant placement, is ultimately your responsibility

hope this helps