In the recession, one of the economic sectors that suffered greatly was the housing market. Even today, the housing market has not recovered to its former level. However, there are some sectors that are experiencing great success.
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It is funny sometimes to get the reactions of investors when they hear me talk about diversification in Memphis real estate because they are not used to hearing those terms come from real estate investing companies. Maybe from professional stock brokers or stodgy old men in black suits discussing the economy in terms most of us would never use. But in truth, diversification in your real estate portfolio is very important and can often mitigate the over all risk you take as an investor.
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Memphis Invest Increases Home Buying Events
Monday, September 27, 2010, Vol. 125, No. 187
SARAH BAKER | The Daily News
With the recent completion of Memphis Invest LLC’s office space expansion for its sister company, Premier Property Management Group, and new implementation of traditional rehab services for those wanting to remodel their home, the family-owned company continues to do the majority of its business with out-of-town investors.
A 1,200-square-foot development on the west side of Premier’s existing building was completed earlier this year by the Memphis Invest rehab services. The expansion offers offices for the staff of five full-time and 14 part-time employees.
The addition is also equipped with closing office and tenant waiting room where tenants can come inside and wait for an appointment, make a rental payment, receive a receipt or wait for their closing.
Chris Clothier, director of sales and marketing, said Memphis Invest built a separate entrance just for Premier’s tenants.
“It definitely makes it a more formal process, which benefits everyone – not only the tenants but also the owners whose properties we’re managing because it really makes it a more professional approach to managing the properties,” he said.
Memphis Invest now also provides rehab services, refurbishing full renovations on more than 200 properties a year for investors around the world. A supplementary service company, Memphis Invest Renovation Services, renovates investment properties and performs rehab work for homeowners looking to upgrade their houses.
The majority of Memphis Invest’s clients – 75 percent – are located outside of the Memphis market. And it’s all due to exposure and the lure of Memphis investment properties, Clothier said.
“Local investors are just a little more timid about buying here in town because of their preconceived ideas about what Memphis is like,” he said.
Memphians are “insulated,” and often overlook the treasures right in front of them, Clothier said. And investors inhabiting other cities with a higher cost of living cannot buy properties there for $20 to $40 per square foot.
In fact, investors came this past weekend to learn about the Memphis market and the Memphis Invest process and, of course, to buy property.
Memphis Invest hosts these buying parties once a quarter, bringing in anywhere from 40 to 60 investors at a time, with 30 to 40 serious buyers, and the rest wanting to learn more about the market or Memphis Invest.
“We go to Graceland, and depending on the time of year, we’ll go to a Redbirds or Grizzlies game – just little things so they can see that Memphis is more than just the bad crime list that you hear about each year,” Clothier said. “There’s a lot more to the city than just that, and that’s really what these weekends highlight.”
But since the demand is so high, Memphis Invest is changing the event to the second weekend of every month, limiting the attendance to 25 investors who are qualified and ready to invest in the Memphis real estate market.
And now with its new 400-square-foot multimedia room at its 130 Timber Creek headquarters, Memphis Invest will begin these smaller tours the weekend of Nov. 6.
Just one weekend is all it usually takes for many investors to get hooked. They not only return to purchase more, but they also bring colleagues, friends and family to invest as well.
Brack Shaver of Fort Worth, Texas, attended the weekend event in April and returned this weekend, bringing his son with him.
Shaver, a registered investment adviser, said Memphis Invest spares him the one thing that matter the most – time.
“As an investor, you are always looking for a situation that lends itself to you that is turnkey,” Shaver said. “This way, I get a good property, it’s already been rehabbed – in my case, it’s already been rented – and I get a check every month.”
Brian Rowan, on the other hand, is one of the select few investors from Memphis. He has bought 15 properties from Memphis Invest and hopes to acquire five more within the next two and a half years.
“I want to get in, get out and have my properties paid for before the market changes,” Rowan said.
Many of our Memphis investment property blog readers might recall this blast from the past video from two years ago. The Clothier family, who owns MemphisInvest.com, decided it was time to make a promotional video telling clients who we were and why we thought we could help investors to be successful. I think from the testimonials included, you'll see we were successful!Let us know what you think below!
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So you all know that we are constantly working to improve our operations and educating ourselves when it comes to investing in real estate and we urge you all to do so as well. Last week we spent 4 days at the Fortune Builders Rehab Bootcamp in sunny San Diego, CA learning new processes and touring the properties that Fortune Builders are currently rehabbing. Ryan, who heads the rehab department at Memphis Invest, joined us in continuing his education. This is by far one of the best educational opportunities of the year and we are happy that Ryan could join us.
Kent, Jr., Brett and I had the opportunity to speak to the 300+ attendees in regards to systems implementation, business building and stayed over to give a special presentation to a select group of attendees on the inner workings of the Memphis investment property bus tours that we host. See below for pictures from last week's workshops.
Be sure to check out the Fortune Builders' home page for future events and make plans to join us for one of the upcoming educational boot camps. Even the experts still attend workshop weekends to continue to grow and learn as business owners.
See you on the road soon...
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So after reading part 1 of this 2 part posting, hopefully you can sense where I am going with this advice. Investing in Memphis real estate can be very lucrative and a fantastic addition to a retirement portfolio. However, there are a lot of companies and individuals who make a living selling bad properties and bad investment in Memphis to outside investors. Heck, I am pretty sure that is a problem that occurs across the nation.
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MemphisInvest.com took on the task of designing a new customer service department over the past year for our real estate investing clients. The story of my visit to a Chart House in California is a great example of where part of our inspiration comes from...
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- Mark Anderson, MemphisInvest.com
Size does matter when it comes to Memphis investment properties. The average size of a new home has more than doubled since the 1950’s and people have grown accustomed to more space. If an investment property is too small, it usually is more difficult to rent or sell. When I say that price does not equal value when buying discounted investment properties, this is one of the "other" factors I mentioned that an investor has to look at. Does that mean you should avoid small homes?
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I am writing to let you know how impressed I am with your complete done-for-you real estate investing system. I just closed on the re-finance of my second wholesale property in Memphis, and signed the contract for the third. When this third deal is completed, I will have put very little of my own money into any of these wholesale properties and will have a positive monthly cash flow of almost $500 per month on each property after all expenses.
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Southeast Memphis continues to be a hot area to invest in Memphis real estate. This 3/2.5 property is no exception! With a double digit return for cash buyers and over $250 monthly cash flow after long-term financing, this property is an absolute winner at .54 cents on the dollar!