How To Locate Local Memphis Investment Properties: The Craziest Tactics Never Discussed
As recognized expert local Memphis , Tennessee investors, we get requests constantly to share some of our secrets to success.
Fortunately, we love to share 🙂
One of the most significant questions we get from local investors is “How to find good investment propert in Memphis ?”
Since the turn around of the housing market and the near disappearance of foreclosure deals, investors are having to become more creative in their hunt for quality local Memphis investment property deals.
At Glymph Properties we recognized early on that there is no one right way to find local Memphis investment properties. We find our deals directly from owners and indirectly from brokers & wholesalers, our website www.gpsellshomes.com/investment-properties- Memphis , classified posting sites, traditional letters/postcards, and from “bird dogs” (acquisition agents).
The info below will walk you through some of the things you can do to find great Memphis investment properties to add to your portfolio.
Most investors don’t share their “secrets” because they see everyone as opponents and are afraid that they’ll be used against them by competitors.
I guess it’s a good thing that we feel that the more we help, the more information we put out there, the more business will come our way. In order to accomplish things we otherwise couldn’t by ourself we work with other investors.
We share our learning and our philosophies here because we want to improve the quality of investment in Memphis to build stronger communities. Ultimately, we are all investing in the same places, so it makes sense to do it right.
To get the best investment properties there are only a few core tenants to understand.
First, think long term.
Real estate isn’t like the stock market. It’s where people live, work and play – not just numbers on a screen. It’s almost impossible to make a crazy amount of cash in a short-term real estate deal, those come but are rare.
So don’t expect to get away with fancy tricks, or that you’re smarter than the people who have been doing this stuff for years. Learn from the past and other investors’ experience, don’t try to re-create the wheel.
It also means that if you don’t find the local investment properties you’re looking for right away… just know that this isn’t a sprint… it’s a marathon.
That’s why it’s a great idea to find several sources of properties that fit your criteria (like our Memphis Investment Property Buyers List >> ) so you have a heavier flow of great deals to look at.
This is important… Relationships are crucial. You want to find the best Memphis investment properties have a great realtionship with local brokers, realtors, lenders, title companies, and investors.
The investment community in Memphis is much smaller than most people think.
Most investors don’t realize that there are really only a handful of major wholesalers, brokers, and investors who conduct most of the business in the Memphis market.
They’re used to working with the same people on a regular basis. It’s worth the time and effort to find them and learn from them. If you can, work with them. They’re your best source of good deals, now and in the future.
How do you form a relationship with them? We’d advise going to your local REIA ( Real Estate Investors Association) and talking with the most active investors there.. Ask the most active folks there which good ( by good I mean actually have deals priced at wholesale vs retail- there’s a huge difference)wholesalers in the area are active- get their info- and make sure to find out which realtors, and title companies they work with. As a matter of fact- let anyone you meet at the REIA know that you are looking to buy Memphis investment properties that fit your criteria- you never know who your next deal is going to come from. Learning how to find good investment property in Memphis isn’t a hard thing… but relationships can be a key element in getting some of the best deals on properties that no one else has access to in the Memphis market.
Who should you form relationships with( Hopefully all the random symbols will really make you pay attention ;-))?
$$$ A few of the top investment friendly real estate brokers in Memphis $$$
$$$Real estate appraisers who work with properties similar to your ideal properties$$$
$$$The best few property wholesalers in the area$$$
$$$Active Memphis property rehabbers/flippers$$$
$$$Title agents that work with investment properties quite a lot$$$
Third, identify your target investments.
To be successful in investing, just like in everything else, you have to be focused. You have to mine your niche- focus on what brings in the money. Some people make millions just in parking garages or store fronts.
Others are experts in residential apartments, while others deal strictly with retail. If you take the time to do your homework, you can review the different segments of the Memphis market to see which opportunities are truly the best for you – and not just the best marketed. Once you find exactly what you want to invest in, you can develop a plan to find out who owns it and make sure that they know to call you when they want to sell that property.
This takes a lot of work, but it’s a tried-and-true method for creating long-term wealth.
Last, but not least…. use TECHNOLOGY
Sign up for our list of exclusive properties, and we’ll tell you instantly when we find a great investment. We frequently source investment properties for deep discounts, secure them and then sell them for a discounted rate to the people on our list who are ready, willing and able to invest. There’s other ways to get notified about properties on the open market – you should get familiar with searching the mls with the rest of the herd, because every once in a blue moon a great deal shows up.
We don’t buy any properties that would result in anything resembling an average or below average ROI – we only pass along great deals to our partner investors. We’re not real estate brokers, and our business is a niche within Memphis .
If you’re looking to seriously invest in Memphis , we’d love to chat with you to learn your criteria, preferences, and objectives.
Hopefully you’ve learned how to find good investment properties in Memphis . If you have questions give us a call or join our buyers list below!
Give us a call at 888-509-6267 Ext 3 or fill out the form to get started now.
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We’re happy to help you find answers to your toughest questions about Memphis , Tennessee real estate, so please feel free to call us at 888-509-6267 Ext 3 and chat with us anytime.
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