All Forum Posts by: Walter Jones

Hi Cathy! Investor and agent in Memphis here. Happy to help!

Investor and solo agent in Memphis here. Lots of competition around here for good BRRRRs and flips. Much easier to find a solid SFH rental that hits the 1% rule, but with some good searches and diligence they'll pop up on occasion.

Hi Shannon. In Shelby County they reassess every 4 years. The last one was done in 2021, so the next one will be in 2025. There was a lot of anxiety about the last assessment, but they didn't really go up that much. 

@Marc Marquez 38127 is a solid zip code, and you described it well. I own one in that zip. I'd avoid anything west of highway 51 though. 150K is on the high end of that zip, as well as the 1350 rent, but I'm comparing it to existing properties, not new construction. Are they going to manage it also? I can connect you with a great property manager - he'll definitely shoot you straight about it.  

Great insight on this thread. I take a pause on the listings with one picture and go a little deeper into rents, comps, etc., knowing plenty of people will pass it over. We have an investment addendum I present with a tenant occupied offer - it gives us the right to see the inside, usually within 72 hours. This is done before giving earnest money and paying for an inspection. We can reject it for any reason and move on to the next one, or schedule the inspection and move forward.

Good morning @Powell DiGangi. I am an investor and agent in the Memphis area. I've worked with several out of town clients, and can recommend good property managers and contractors, etc. Feel free to reach out, and good luck! Memphis is a great market. 

Memphis is good, but I'm biased lol. 2-4 unit multi-family can be tough to find, but with a little patience you will see them from time to time. Happy to help!

A sweet spot around here right now is 80K-120K (ish) single family homes with an under market tenant. No competition from owner-occupants, and many investors will pass because it doesn't immediately meet their cash flow criteria. If you're willing to suffer through the last few months of a lease, or be prepared to raise the rent, possibly turn over the tenant,  and maybe do some repairs there's some deals out there. Pretty easy to hit the 1% rule or higher in Memphis. 

Hi @Jesse Bruce. We have a very robust real estate investment group, with several breakout meetups each month, and a lunch Meetup every Friday, both in person and virtual. Our monthly meeting is this Thursday the 12th. We actually have field trip a few times per year at various properties and evaluate costs together. Check it out  https://www.memphisinvestorsgr...

Quote from @Jenni Smith:

LAST FRIDAY OF 2022 from 11 am - 1 pm we open our doors to the Real Estate community. If you want to meet other like-minded investors and have a lunch ON US, you should come to this event. We provide a new food truck each Friday and the menu ranges from BBQ to Tacos @James Wachob @Brian Bouler @Jay Holder 

 Hey @Jenni Smith I definitely need to swing by there and meet! I sometimes go to the Memphis Investor Group lunch at noon I could swing by on the way.

Hi @Dave Villa. There are several good turn key companies in Memphis. The last time I interacted with one I had a W-2 job and there was a pretty long wait list. It's been a few years though. Nothing wrong with going that route.

I think one of the sweet spots in the Memphis market is an under-rented property with a tenant already in it. If you can suffer through a few month's (or less) of reduced cash flow you can raise the rent or start with a new tenant. You can hit the 1% rule and higher here depending on your criteria. Might have to do some upgrades, but it's a middle of the road solution that will likely give better returns. There's some good PM companies here that can help facilitate the transition and light/medium repairs. We also have an investment addendum that I use with offers that allows a buyer to check out a property and reject it for any reason prior to spending the money on a professional inspection. I'm happy to help if you want to reach out. Best of luck!