Memphis Vacant Property Registry

[Account Closed]

Hello Memphis investors - 

This is a quick bit of info to let you know about the Memphis Vacant Property Registry.  It is a city ordinance enacted in 2013 to help fight blight in the city of Memphis.  Basically, if you have a property that is vacant for 30 or more days with no intentions of getting it occupied, you are supposed to register that property with the city for a fee of $200 / year.  This registration helps the police monitor vacant properties and, I believe, helps pay for the city to cut the grass so it doesn't show up on the tax bill (don't quote me on that).  Information is available here: http://safeguardproperties.com/Resources/Vacant_Pr...

This is a serious issue to me as I believe blight is holding Memphis properties down. I personally seek out delinquent owners who don't manage their properties and contact them directly.  For out of state or country owners, this is usually a problem with the management company, I know, but the owners still have to put the pressure on their management companies to keep the properties up.  

I recently bought my first rental property in North Memphis, in an area that is currently scrappy but has potential for growth.  There are a few junky properties nearby, including one owned by an investor in New Zealand.  I tracked down a phone number and we had a chat.  When I informed him of the registry, he simply balked, then cursed me out.  I emailed the property address and his contact information to code enforcement right after the call.

So, if you're reading this and you have a boarded vacant property in Memphis that you aren't planning on fixing up, please just register it with the city.  Yes, it hurts your precious cash flow but it also helps keep the city that much safer.  The boards on the windows do very little to deter the criminals in this city who would use these homes for nefarious purposes.  Registering the property pays for additional police coverage which protects your investment and the neighborhood.  

I'll probably catch a lot of flack for this, but it had to be said.  

[Curt Davis]

@Account Closed

You must live in fantasy land if you think you are going to make a change in low income, high crime and vandalism type neighborhoods.  You expect the foreign investor who probably purchased a home in a terrible area but was told it was great to fix the home up, spend $10,000 when they have already been taken not only by the person who sold them the home but also by the criminals in some of these neighborhoods, just so it can happen all over again?  They should probably try and sell it and cut their losses but maybe cant, so lets then fine them for it.   

if you have a bleeding heart for low income, bad neighborhood type of renters then more power to you.  I know how that ends up and only a local stands a chance to make it happen ( or not hurt so much ).  Good luck