Home Buying in Memphis>Question Details

Dereck Ander…, Home Buyer in Detroit, MI

I am looking to buy a house/investment in Memphis for about 25k. Looking for a good rent return.

Asked by Dereck Anderson, Detroit, MI Mon Sep 23, 2013

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15
Hi Derek. Purchasing homes for $25k as investment properties is not a good way to invest in the Memphis area. You will always have to spend money for repairs and upgrades. Those type of homes will only attract dead beats and most often will result in evictions. Look for properties around 75K to $125K if you want a good ROI and better chance to avoid having to evict someone - especially true if you do not live in the local area so you can take care of your home with regular visits. Try my website - buyselltnhomes.com . You can find homes in all the suburbs of Memphis and those that are not in bad areas. I will help you.
0 votes Thank Flag Link Sat Jan 4, 2014
If you are still looking just email me at mloisbailey@aol.com. Nice 3 bdroom 2 Bath 15000
0 votes Thank Flag Link Sat Jan 4, 2014
Derek,

Big mistake. I invested in Memphis from out of state. Just had my third eviction on the same house. All tenants were screened by three separate property managers, whom I fired. Memphis has a very high eviction rate..

Feel free to contact me to hear the other side. I have nothing to sell. I also can put you in contact with other out of state investors who agree with me. I know one guy in CA who has 6 houses he's trying to get rid of because he can't keep them filled with tenants who will actually pay the rent.

TC
0 votes Thank Flag Link Sat Jan 4, 2014
Hello Dereck, Are you looking to acquire only one Home or more than one for your buck? And what kind of R.O.I are you seeking to obtain ? If you haven't already found someone to assist you. I will love to be of a service to you. Feel Free to call 901-643-9729 or email me at clay.dickson@crye-leike.com
0 votes Thank Flag Link Mon Dec 23, 2013
Hello Dereck, Are you looking to acquire only one Home or more than one for your buck? And what kind of R.O.I are you seeking to obtain ? If you haven't already found someone to assist you. I will love to be of a service to you. Feel Free to call 901-643-9729 or email me at clay.dickson@crye-leike.com
0 votes Thank Flag Link Mon Dec 23, 2013
I would be more than happy to assist you with your investment purchase. Please call me 901.503.1129
0 votes Thank Flag Link Tue Oct 15, 2013
Hi Dereck,
Please feel free to contact me if you are looking for off-market properties returning >25% gross return.
0 votes Thank Flag Link Tue Oct 15, 2013
Take a look at the http://HUDHomeAdvisor.com website click on Find a HUD Home menu item and then click on the state of Tennessee, then select Shelby County from the list of counties. There will be a list of all the HUD homes for sale in the county.
0 votes Thank Flag Link Tue Sep 24, 2013
I have one on Ashville 38127, also On Highland
0 votes Thank Flag Link Mon Sep 23, 2013
Looked at that listing on Stephens Pl....just a fyi, the pic on the listing is not the property. May save you a lot of phone calls if the right one was up. The pic shows a brand new house and Stephens was built in 1922. Not sure if you were aware or not. Zillow has the wrong pic too.
0 votes Thank Flag Link Mon Sep 23, 2013
Please call my office at 1.888.854.1222 ext #1 and we will be more than happy to help you locate small investment properties with huge return. Please take a look at 595 Stephens Place Memphis TN
0 votes Thank Flag Link Mon Sep 23, 2013
Hey Dereck,

I would be glad to assist you in your investment/home search but would like more information of your plans and expectation are. Please call or email me at

901-485-2559
young@collins-maury.com
0 votes Thank Flag Link Mon Sep 23, 2013
If that is the amount of money you are wanting to spend, you will lose more money then you ever imagined. I manage 250 homes and own 25, all in Memphis; I have lived here for 37 years, I know this place like the back of my hand. The type of property you will get will attract a very low income tenant who will more then likely skip out on the rent and when he does, the neighbors will steal and vandalize the property. I have had many unfortunate conversations with investors who were suckered into buying these types of homes.
0 votes Thank Flag Link Mon Sep 23, 2013
Alex,
You know as well as I do that the renters in Memphis are financially challenged regardless of income level. My one house is a $100k house in 38125 zip. Three evictions in a row!
I am one of these "investors who were suckered...", but it had nothing to do with the level of income in the are. It has to do with the culture and financial irresponsibility of a certain demographic there. I'll leave it at that.
I've had tenants in very decent neighborhoods, rent level on the high end, who have stolen the appliances when I kicked them out. So far, I've had it happen three times. I've gotten comments from property mangers in Memphis like: "WHAT? No, no, don't provide appliances. They'll just steal them!" Again, nice neighborhoods, but involving that certain "demographic". Cough, cough.
Flag Sat Jan 4, 2014
Dereck,
I can help with that. Please give me a call at 901-270-8201.

Brian Collier
0 votes Thank Flag Link Mon Sep 23, 2013
Hello Dereck,
I would be glad to help you find rental properties here in Memphis. Please feel free to contact me:
901-574-0003
memron@gmail.com
0 votes Thank Flag Link Mon Sep 23, 2013
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