If you are interested in buying apartment investments Memphis has a lot to offer. You stand to gain a larger return when investing money in apartment properties in Memphis.
There are many properties that can bring a positive cash flow in this popular area known for the blues, barbecue and Beale Street.
Putting money in money market accounts or other savings accounts does not yield high returns. This is not the case with real estate purchases, especially if you know where to look and what types of properties to look for, such as apartments in Memphis.
Investing in real property can be tricky if you are new to investing in real estate. Here are some tips to get you started on a successful financial venture.
The best apartment investments Memphis has to offer do not last on the market. You can search traditional real estate websites and find some great deals, but you will likely be disappointed to find the properties have already been sold, or they are pending a sale and the only offers accepted are backup offers.
If you are new to real estate investing you might not know how to beat the more seasoned investors in the Memphis market.
The trick is to find those properties, ideally two or four unit apartment buildings in desirable neighborhoods like Eastgate, by directly approaching existing owners.
Strategies for Locating Apartment Investments in Memphis
In real estate, many successful realtors use the tactic of cold calling to secure sales. You need to be brave to succeed at cold calls but it is the most cost efficient way to invest your time in finding properties that have not yet been listed on the market, but that are properties the owners are looking to sell.
You can also try mailing fliers out about your investment business. Search the area’s tax records or property records through the Clerk of Shelby County to find out who owns various properties in neighborhoods that interest you the most.
Mail a letter introducing yourself and how much you want to invest in the property.
Either calling or writing owners is a way to find out who is interested in selling property before they list it to the public. It is also a way to create an interest in selling property by enticing owners to sell for a profit.
You can still find deals using traditional real estate websites and going through broker listings in person at various offices, but these tips give you and edge to finding valuable properties that you otherwise would have missed.
Be sure you find properties that are built in the 1950s and later, for the purposes of being able to maintain them easily. Also, for the comfort of future tenants, be sure to choose properties that have central air conditioning.
Finally, be sure you have funds liquidated so you can put a deposit down or buy the property with all cash. Then get ready to collect rents and enjoy making more money than you imagined.