I make it a point to try and get as much information on Memphis, Tennessee and especially the real estate industry every day. Often that means reading as many different newspapers, periodicals and blogs to make sure I am up to date and able to tell the most accurate story possible about investing in Memphis. Every once in a while, I come across something that, even though it doesn't have anything to do with real estate investing...it does!
If you've heard Memphis Invest speak at various events around the country, you've heard us talk about the 'intagibles' that make Memphis investment properties unique when compared to other real estate investing cities. One of the unique characteristics that makes Memphis a great city for real estate investors is the location and, because of location, the industries that support the city. Here is another great example of the tremendous economic growth that is expected for the city and how that growth effects real estate investors.
Memphis, Tennessee has not been immune to the pains of a slow economy and some small companies have certainly suffered over thepast few years. However, while the economy has put the squeeze on many small businesses and single man operations, the investment housing boom in cities like Memphis has helped some small businesses flourish. MemphisInvest.com, formally known as Memphis Invest, GP, is a family owned real estate investment company who has led a resurgence for several local small businesses and even helped grow their services during the recession.
"Since I've started doing business with Memphis Invest, I've added one more truck, two more employees and doubled my equipment" stated Tony Scott, owner of The Lockman. Tony and wife Tara own The Lockman and offer locksmith services across the city. "They have helped me to double my business in what are very tough times for a lot of companies. Today they account for close to half of my business and keep all of my crews very busy".
In reviewing numbers for the first two months of 2011, Memphis Invest, GP had generated over $650,000 in payments to local companies on approximately 44 renovation jobs. Those jobs often include local renovation crews and smaller general contracting companies as well as local plumbers, electricians, pest control, lawn companies and locksmiths like Tony Scott. "We work with probably 25 plus companies in the area both big and small and have probably grown into an important supplier of consistent work for these guys" says Ryan Flannery.
Memphis real estate investors continue to get good news from independent analysts on the near future for Memphis investment properties.
So I wrote an article about the phenomenon going on with real estate owned by banks. With an increase in the number of bank foreclosures in Memphis and the country and 2011 expected to have more foreclosures than any year on record, banks are being inundated with the need to sell property at discount pricing. Unfortunatley, they are choosing instead to...
It's not often that I let Marq out of his office and on an even more rare occasion that I let him write a blog! But, I thought what the heck, he makes some good points and is actually writing in complete sentences. I am actually kidding around here. Marq is very intelligent and has helped hundreds of Memphis invest clients with building their Memphis investment property portfolios. I trust him implicitly to take care of all of our clients and I think this blog post is a great illustration of how far he has come!
I am a big believer in keeping yourself up to date with the latest news from the real estate world. I have been reading the DSNews everyday and I have begun to link to articles form the site and even re-print when I think they are news worthy to real estate investing in Memphis. This article definitely defines one reason we are having so much trouble getting a housing recovery to take hold and gain traction.
In an effort to develop a clear view of the real estate market, Homes & Land, a Tallahassee, Florida-based provider of real estate media and marketing, recently asked thousands of real estate agents for their opinions about their local real estate market and published the results in its Market Pulse Survey Report.
When asked if the Home Affordable Modification Program “has reduced the rate of foreclosures in your market,” only 10 percent of respondents said yes. Of those remaining, 65 percent responded no, and 25 percent were unsure.
“Unfortunately, the data on the program to date and the responses from our survey show that HAMP has done little to help,” said Eric Adair, business development analyst for Homes & Land. “Clearly respondents to our survey don’t believe this program is helping to reduce foreclosures.”
DSNews writer, Carrie Bay published an article today citing Barclays' bank analysts pointing toward a continued drop in pricing around the country, but a slowing of the foreclosure process and eventual bottoming of pricing.