The number of real estate investors buying discounted properties in Memphis has never been higher and they are investing in Memphis real estate for a reason! CASH FLOW...
Discounted properties seem to be popping up in better areas of Memphis every week. With Banks having to continue to get rid of excess inventory while at the same time recording a record number of NOD's (notice of default), the opportunity to invest in Memphis real estate will continue to be a good one!
A recent study by RealtyTrac, a national foreclosure listing service, ranked Memphis as #1 for percentage of discount on properties. Out of 5 areas researched by RealtyTrac, Memphis was number one with the average discount for a foreclosed property was greater than 35%. This is not news to any of the traditional companies that have been sharing the story aroun the country of how great the opportunities are for investing in Memphis real estate.
Before you get too excited though, let me offer a little advice and caution. Just because Memphis has extremely discounted pricing on a lot of really good properties in great buy & hold neighborhoods, investors still have to be prudent when selecting houses to purchase. There is a lot more that goes into the discussion about the value of a property as an investment than just price.
An investor must take everything into account including location, status of the neighborhood, amount of work to be done and a true rental rate. Don't be fooled into purchasing property simply over a low purchase price and a fantastic rate of return. Make sure the areas and the team you are choosing to investing with are both top notch and are going to provide a stable long-term investment.
With the projections for Memphis continuing to show really good prospects for a good inventory of discount properties, you can bet that investors will keep flocking ot Memphis to purchase. Let's hope they all do their homework and make good long-term decisions!