Starting out in Memphis, TN

[Greg Haygood]

Good Afternoon REI Community,

I'm very close to convincing a friend to dip his toe in REI with his first property. He lives in Collierville, TN, which I gather is a suburb of Memphis. I don't know the area very well, and he's suggesting that real estate taxes are a major concern in his cash flow analysis. Additionally, market values seem to be healthy and appreciating. He's also found a property manager whom he feels is experienced and knowledgeable of the area, a gold mine if true. He's a pretty smart guy, and if I can point him in the right direction, I know we'll have another convert (lol).

I live in Washington DC, so I know the market is dramatically different, and I'd like to give him local advice.  Are there any BP investors in the Memphis area willing to share their experience and/or advice?

Much appreciated,

Greg H

[Dean Harris]

@Greg Haygood

Hi Greg! I live in Memphis, TN and I personally own a buy and hold portfolio. You definitely need to be bale to trust your property source and they need to be in the same boat with you on their own personal investing. Memphis and the surrounding areas can be tricky so just make sure you are dealing with a trustworthy property source. If the source is an investor, ask them what they own and how they bought it. This will help you determine the difference in someone "selling" you a property versus offering up guidance and help with building your portfolio. 

Collierville is a great community but it doesn't have the returns you might be looking for or might not have the returns as other areas in Memphis. I'm happy to answer any question you may have based on my personal experience in Memphis. 

Best of Luck to you!