Memphis Invest, GP spends $3.1 Million in Redevelopment in 3rd Quarter
There are lots of numbers that may be "more impressive" or others may deem more important, but for us here at Memphis Invest, GP, there were two numbers that really stuck out.
1. $3.1 Million spent on redevelopment of single-family homes.
2. 58 Small Businesses were contracted for work during the 3rd quarter.
Real estate investment companies are really at the fore-front of redeveloping and in some cases saving neighborhoods from a long slide into complete disrepair. Memphis Invest, GP has concentrated heavily on nicer neighborhoods in the Memphis area so we cannot really take credit for "saving" neighborhoods, but I will relay one quick thank you we received recently.
In many of the neighborhoods where we are purchasing property and then managing those properties for investors who purchase them from us, we are actually stabilizing all property prices for the surrounding owners. Even in nicer neighborhoods, abandoned and foreclosed properties can be an eye-sore and they can be a blight on a neighborhood as well a drag on pricing. Those properties can also hurt the values of surrounding properties as long as they remain vacant.
Recently, a neighbor next door to one of our properties stopped us to thank us for the work we had done. He told us how he had cut the yard every week for 5 months and tried to maintain the property as best he could. He was really surprised to see the extent of the work we had performed on the property and thought it was going to be sold to a new live-in owner with the extensive renovations. He was very happy to hear how high the rent was and that the new renter has signed a 2-year lease.
He knew how important it was to get that property cleaned-up, properly repaired and then occupied with a quality family. In the end, he said "thank you for coming in and cleaning this property up...it makes the whole neighborhood look better". That was a great statement to hear and one that can keep our team motivated for months!
Of the 58 small businesses who received contract work from Memphis Invest during the 3rd quarter, they collectively employ over 250 employees. Local owned and local operated is a big deal to small business owners like us and being able to help lead as a small economic driver is an absolute privilege on our part. When your clients have demand for over 150 homes a quarter, it allows you to provide a lot of work and opportunity employment for a lot of individuals - many of whom are very skilled. That is the real privilege! There are a lot of people who are benefiting from this service from the individual real estate investor, to all of the companies and laborers working on the properties to the eventual tenant living in the property and even the surrounding neighbors.
Take a look at the full press release and feel free to leave us a comment below!