Charleston, SC · Member since 2016 · 2 posts · 1 vote
I am looking to buy a duplex as my first investment in Memphis. I do not have any experience in buying a property, as this will be my first. I have read many of the posts here on BP about buying a duplex as a first time investment and have heard the pros and cons. I have been looking in the midtown area and was wanting some thoughts/ advice into which area would be best to invest in?? Any advice would be helpful and appreciated!!!
Real Estate Investor · Memphis, TN · Member since 2016 · 940 posts · 695 votes
8y
@Jaleh Ebrahimi - I completely agree with @Curt Davis. Also just a heads up, you will probably be paying top dollar for one because of the market and the demand. We spent a year trying to find an off-market one for us but never found anything that would make sense as an investment (at least for us). I know a few others who have eventually found a place but had to pay close or at market value.
Rental Property Investor · Memphis, TN · Member since 2017 · 155 posts · 151 votes
8y
@Jaleh Ebrahimi Welcome to BP! Good to know you are in our own backyard here in Memphis!
Are you wanting to house hack and live in one of the units in the duplex? If so, then yes as @Curt Davis stated you might want to be close to Cooper-Young or at least in the 38104 area.
If you do not plan to live in the duplex, then you can usually find some deals on duplexes scattered throughout the city in zip codes like 38111, 38115, 38117 and 38118.
Memphis is one of those cities where you can own one side of a duplex, and someone else can own the other side. Very odd situation for investors so you're best bet would be to find a duplex owned by an investor who owns both units.
Hope this helps and feel free to reach out if you have any questions!
Rental Property Investor · Gulf Breeze, FL · Member since 2014 · 1k+ posts · 733 votes
8y
@Jaleh Ebrahimi - welcome to BP! What is your WHY for wanting to invest? Knowing your why will help make setting your goals easier, which in turn will make your investing criteria easier, which in turn will push you to the right area to invest. Does that make sense?