Narrowing down the multi-family search: Memphis or Las Vegas?

[Alex Alanis]

I have $150k in cash to begin building my REI portfolio. I have looked at so many markets and I keep coming back to Las Vegas and Memphis for multi-family (mostly fourplexes or small apartments), but can't decide between the both of them. Memphis is the better bang for the buck, but it has some challenging neighborhoods. Vegas looks good; however, they have limited supply and high HOA fees. Anyone have any market insights to share or other places to look?