Rental Purchase in Memphis Tennesee

[Danick St Jean]

Hey All! I'm currently in Tampa and I am interested in purchasing a SFH in Memphis to rent out and I need some advise as to what I need to do in order to start the process. I will not be able to go there at all, So how do I choose a PM, RE agent, contractor or better yet a turnkey property. What are the things do I need to look into before submitting an offer and closing. How do I prevent any scams? I want to purchase some of the 6k-20k properties, is that cool? My second option is: I have a friend who has a duplex for sale for 21k, it's already rented but will need a new roof, cash flow per month is 550.00 after paying Property managers. Is this a good deal, or should I try to purchase a home for 10k fix it up and rent it out myself? If so can someone give me full detail from A to Z on how to do this? Thank you, Nikki

[Stephen Akindona]

Hey Nikki, I would highly suggest going through a reputable turn-key service provider. You can obviously do it yourself from a distance but you would need to build an entire team from the ground up. This is hard to do in and of itself and much harder to do if you are not planning to travel to Memphis and meet the folks who you will be calling your boots on the ground. 

I would say you get with a reputable turn key provider and buy investment property through them. I would also avoid buying low priced properties. In the 20k or lower price range, you will usually be dealing with very distressed properties in very depressed areas. That is a recipe for disaster, compounded by the fact that you will be doing all of this from a distance. Give yourself the best chance for success by either working with a trustworthy turn key provider or investing the time and money to really build up your team and learn the Memphis market.

Let me know if there is anything I can do to help!