Memphis Real Estate Investing

Your First Investment
Your First Real Estate Investing
Many investors who are considering making a purchase in an area such as Memphis are unsure of where to begin. While they know that they need a solid team to assist with their investment, they usually are unsure about exactly how they will find the team that will serve them in the most effective fashion. That is where we come in.

Generally, the following members are critical to your success when you are setting up for business and using a team of contractors and vendors in the world of real estate investing:

1. Wholesalers – these are the individuals who are skilled at finding highly discounted investment opportunities for you to consider. As such, when they bring you a deal that fits your criteria, you need to jump on it! While the wholesalers do ake a small profit on selling you a home, it is well worth the price to pay for their expertise as they steer you to secure and easily rented neighborhoods.
2. Contractors – these people will oversee the renovations of the investment property you choose to purchase, whether those renovations are strictly cosmetic or are of a larger, more in – depth nature.
3. Insurance Agents – to help you with dwelling and vacant policies, protecting your investment and helping you avoid liability should disaster strike.
4. Closing attorneys – skilled attorneys familiar versed in the world of creative real estate are paramount to you getting your property closed quickly and with minimal hassles. They can also provide you with title insurance.
5. Property Managers – these individuals will show your vacant home and help identify, screen, qualify, and place a paying tenant into your home, providing you with cash flow.
6. Financial People – Mortgage brokers, hard money lenders, bridge lenders, that will help provide the financing for your investment.

Are you considering your first investment? When considering a first real investment, think about the following factors and try to make sure that they are present in the home you are considering buying for investment purposes:

1. In a safe, secure area, close to shopping, schools, and other amenities that are desirable for tenants.
2. In an area that is easy to rent, with desirable pool of rental tenants who are able to pay on time. Avoid areas with lots of foot traffic and crime, if possible.
3. The home should be a minimum of 1000 square feet, at least 3 bedrooms and preferably with 2 baths.

Using this criteria should help you move forward with making a selection. If in doubt, consult local experts with any questions or concerns you may have.

Should you be considering an investment in Memphis, Tennessee, feel free to give us a call – we would love to work with you.