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Old 08-07-2011, 06:37 AM
 
4 posts, read 12,393 times
Reputation: 15

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Hi Guys,

I am new to this forum. So please be patient with me.

I am from Australia and am looking at investing in rental properties in Memphis. I have a lot of experience with investment properties in Australia. I realise that the US market is a totally different ball game.

I have made a few trips to US to research the market in the last year.
I have also decided that I can only invest in areas where I have identified a property management firm I can trust and also where I can obtain finance at 6% or better so I have a second layer of due deligence and risk sharing. On this basis, I have chosen Memphis as one of the areas I would like to invest.

I initially identified three property agents that service the areas covered by the two red and one green rectangle on the attached map memphis1. After researching various posts on this forum, I have decided not to invest in the two areas marked red in the attached maps.

I have decided to go with the property management firm that services the area marked in green on the attached map memphis2. I have included this area in a larger scales on memphis3 for easy viewing.

I have done my research on the numbers and am primarily investing for income and will take any capital gains if it comes as a bonus.

My question to the group is are there any specific areas in the area covered by green rectangle that I must avoid? If there is an area to avoid, please give me the street boundaries of teh area to avoid so I can mark off those areas when I identify potential properties.

Any pointers or suggestions will be much appreciated.

Best Regards.
Attached Thumbnails
Memphis Investment Properties-memphis1.jpg   Memphis Investment Properties-memphis2.jpg   Memphis Investment Properties-memphis3.jpg  
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Old 08-08-2011, 08:41 AM
 
3,371 posts, read 13,327,737 times
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I would avoid all of that area, but that's just my opinion. I wouldn't live there. As for owning and renting out property...I don't know. I wouldn't risk it, but again that is only my opinion.
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Old 08-08-2011, 08:57 AM
 
Location: East Memphis
845 posts, read 2,531,246 times
Reputation: 455
Quote:
Originally Posted by Pearlbob View Post
I would avoid all of that area, but that's just my opinion. I wouldn't live there. As for owning and renting out property...I don't know. I wouldn't risk it, but again that is only my opinion.



I have to agree. This is not really a desirable area of town. It looks like some of the green rectangle goes north of I-385, near Kirby and that area is pretty OK, but nearly everything south of I-240 and TN-385 is not very desirable. With that being said, I am coming strictly from a "would I live there" POV. Pearbob and I wouldn't live there, but there are several people who would, and actually do live in this part of town. In all honesty, you can probably make money owning rental property in this part of town, but you are going to be dealing with mainly low-income and in many cases low class tenants. My advice would be to absolutely pay the lowest price possible for the property and try to avoid buying near apartment complexes. The apartments in this part of town are dreadful (virtual housing projects). In one particular complex near the Hickory Ridge mall (I think it is called the 6111) they actually murdered a pizza delivery guy for like 50 bucks. The part of town in the green rectangle (south of I-240, and TN-385) is a very high crime area, one of the worst in the city.
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Old 08-08-2011, 12:45 PM
 
Location: Manhattan
506 posts, read 1,007,361 times
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As the previous two posters have said, those aren't good areas of town at all. Not the worst parts of town, but areas that have vastly deteriorated in the last 20 or so years. You could probably get some low-income tenants but I would totally forget about capital gains.

Last edited by Snake Plissken; 08-08-2011 at 01:04 PM..
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Old 08-09-2011, 02:25 PM
 
Location: Memphis, Tn ~ U.S.A.
2,352 posts, read 5,346,722 times
Reputation: 2181
If you can get hooked up with the section 8 program, the crappier the area the better
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Old 08-09-2011, 02:38 PM
 
1,703 posts, read 6,292,661 times
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Just my opinion, but if I were looking to invest, I would have probably reversed colors on the map. You put Raleigh in red--as a 'no' if I understand correctly--and Hickory Hill as a green or 'yes'. (Raleigh is the area in the northeast quadrant of the map, near Bartlett.) Raleigh has declined over the years, but its decline has come at a much slower pace than that of Hickory Hill. Raleigh is, thus, a much more stable area than Hickory Hill. I know both areas pretty well, and based on continuing trends that started three decades ago, there's no way in hell I would invest one penny in Hickory Hill at this point.
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Old 08-09-2011, 03:01 PM
 
Location: East Memphis
845 posts, read 2,531,246 times
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Quote:
Originally Posted by strumpeace View Post
Just my opinion, but if I were looking to invest, I would have probably reversed colors on the map. You put Raleigh in red--as a 'no' if I understand correctly--and Hickory Hill as a green or 'yes'. (Raleigh is the area in the northeast quadrant of the map, near Bartlett.) Raleigh has declined over the years, but its decline has come at a much slower pace than that of Hickory Hill. Raleigh is, thus, a much more stable area than Hickory Hill. I know both areas pretty well, and based on continuing trends that started three decades ago, there's no way in hell I would invest one penny in Hickory Hill at this point.


I agree. Raleigh has been around for a very long time (annexed into the City in the early 70's) and it only really started to decline when the Naval Base scaled back operations (i.e fewer sailors and young families living and shopping in the area) and the city started tearing down housing projects and relocating people. There are still some nice stable neighborhoods in the area.
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Old 08-10-2011, 06:33 AM
 
4 posts, read 12,393 times
Reputation: 15
Hi Guys,
Thanks for your valuable local knowledge and comments. I will be visiting Memphis in a couple of months after shortlisting some properties to view.

I will keep you posted of my selection and progress.

Thanks again for your time.

Regards
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Old 08-26-2011, 10:33 PM
 
209 posts, read 458,263 times
Reputation: 54
Hi, you choose some Hickory Hill, Egypt and Whitehaven area. All of guys above believe that the profit ability in these areas are not as well as other areas.
The Bartlett and Lakeland are pretty good potential investment areas. I recommend you future investment in some senior citizen retirement apartment.

Quote:
Originally Posted by nakana68 View Post
Hi Guys,
Thanks for your valuable local knowledge and comments. I will be visiting Memphis in a couple of months after shortlisting some properties to view.

I will keep you posted of my selection and progress.

Thanks again for your time.

Regards
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Old 08-29-2011, 05:36 PM
 
1,201 posts, read 2,336,774 times
Reputation: 717
raliegh, because my best guess will be vouchers for section 8 will be available to about 40 to 48% in total for legends 1 and 2 and the future townhouses, market rate housing, etc. consequently, relocating these residents back into the city proper will leave properties for the picking in places like raliegh. again, i would be buying properties and selected land acreage in and around millington, if you find a good deal. of course, the state will use the right of domain for all land that involves the new outer loop; however, there will be those who will want out of that high growth area, and that should give some advantage levering to the buyer. ellendale and going east into haywood would probably be a great area for the purchase of 5, 10, and 20-25 acres. even if you are not tracking along either side of I-40, i would seriously consider the areas at the whiteville and stanton areas, w/out getting really into those unincorporated areas. i would, offhand, say that a good deal of land on the whiteville area is already owned by the state, as there is a youth correctional facility in that area. although i would not take an oath on this statement, but the late secretary of state and his family owns (ed) a large amount of acreage, but was, supposedly, able to sell some of it to the new solar power plant. i don't know if this was a private and state sell purchase involving tva, snodgrass, and the solar company, and county, but it is accurate to say that someone received a nice sum of money, and someone paid for the land.

i'm sure there are several additional deals to be had in various communities, fayette, shelby, and haywood counties---perhaps lower tipton county. i have only had a few dealings w/ real estate deals, but sometimes they are very, very profitable, when one does his homework.
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