Looking for a company to find a renter for me

[Shawn Dandridge]

I closed on my first purchase yesterday. 2 unit duplex in Memphis, TN. When I was calling the tenants to let them know of the change, one of them told me she would be submitting her 30 day notice with the Apr. 1 rent. They're on a month to month lease. I told her that was fine. Rent is WAY under market at $200/mo. I'm looking to go up to $375-$400 which is still under market but I still make a nice profit after all expenses. I don't have management co because I only have this 2 unit building. I am looking for a company now that would be willing to lease it for me but not management. Any suggestions in the Memphis area?

[Andy Luick]

Can't tell you what to do but this sounds like, not to insult you, a ghetto rental. Memphis is like other cities...except it's typically at the top of murder lists...the war zone areas are very tough to rent manage in. There are a number of posters here from memphis who can help but I would strongly suggest that you pay someone to rent AND manage...if you can find them. Otherwise, your rental is likely to have a revolving door. I just had a memphis investor join us yesterday after he sold several units he had there....he couldn't keep management or tenants and the repairs/vandalism ate him up. These units always hit the 2% rule....if they stay rented....but they rarely do so be careful..happy investing!