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!
Enjoy - Chris
Brett and Chris were giving me a hard time the other day as we sat in a restaurant over the fact that a few gray hairs have popped up on both sides of my temples. My reaction, of course, was to point out to Chris that if he would quit sending out emails to our entire mailing list with typos in the headline, maybe my hairline would still be all the same color. You can say things like that to your boss when you also consider him a good friend.
The more I thought about it, though, the truth is that over the last three years I have earned a few of those gray hairs. Having worked in every division of our company at some point and currently serving as the Director of Sales, I realized that the experience that I have accumulated in my tenure here at Memphis Invest is really helping me explain to our clients why there has never been a better time to invest in cash flow investment property.
The main reason I think now is the perfect time to buy is the quality of the properties at the various price points. A $45,000 home on our website is miles ahead of a property at the same price in 2007 in terms of quality and the amount of rent that the property will command. That $45,000 house bought 3 years ago was probably bringing in $550-650, and creating a nice return for its investor. Today there are several houses in our inventory at the same price point bringing in as much as $800 per month in rent. Now those are some serious cash flow and cash on cash return numbers, aren’t they?
And it’s not just the numbers. It’s the quality and size of the house, and the attributes of the neighborhood that are going to command the rent. Following my example of a $45,000 house, it’s safe it to say that a home purchased at this price point today is going to probably be a 3 bedroom house in a solid, working class neighborhood near good public schools. It’s going to be a bigger, nicer, and in a better location than house brought at this price point 3 years ago.
When you’re on our website this week checking out the available properties, keep in mind that this isn’t going to last forever. Brett told me last week that he is seeing some prices slowly creep up in some areas, and there’s no one more willing to help you pick out your next property than David and I.
My goal is to buy 5 more properties before Christmas. I’m going to hit my goal. Will you?