Memphis Newbie (yes, another one)

[Spencer Glaser]

Hello All!

I’ve been lurking on the forums and listening to the BP podcasts at every chance for the past month and I am finally making my intro.

I am a native Memphian and looking to get started in the Memphis real estate market. I grew up in the University of Memphis area and have lived in midtown and downtown. All of these are “hot areas” and I am very familiar these areas. I have been renting downtown for the last 5 years (what an idiot!).

I am employed full-time as an attorney (not real estate attorney) and I am wondering how I can use that law license to my advantage. I might start breaking out my property law books. What all do you use your real estate attorney for? Reviewing contracts, evictions, researching title…what else?

I am interested in buy and hold properties (BRRRR) and possibly wholesaling.

Ideally I want to get my feet wet with house hacking and buy a duplex or triplex with FHA or conventional loan and rent the other unit out. Am I too late to the game to find multi-family properties in Memphis? How competitive is it to find these properties. Am I crazy? How competitive is Memphis REI, really?

I look forward to attending a Memphis REIA (MIG) event in the near future.

Any specific tips for me for Memphis and the surrounding areas?

Thank you!

[Stephen Akindona]

Welcome to the club @Spencer Glaser. The most important thing you can do after you feel that you have sufficiently educated yourself is take action!

House hacking is a terrific way to get started. Finding a duplex or up to 4 unit in a decent area where the numbers make sense might be challenging as in Memphis most of the multifamily properties available are in very bad areas, or very good areas where the numbers don't make much sense. It is not impossible but you will have to move quickly when you come across a deal. I would say look in Midtown to find multifamily.

Happy Investing and don't hesitate to reach out with more questions!