2021 was a hot year in the Memphis property market, and 2022 is predicted to continue that climb! Memphis real estate is attractive for a number of reasons – plenty of space and affordability being two of the top ones.
With rents predicted to rise by 7.1% nationally over the next 12 months, now could be a great time to make your move and invest in Memphis turnkey properties.
What’s so great about Memphis turnkey properties? What makes a turnkey property perfect for a new investor?
Join us as we explore 8 important things new investors need to know about Memphis turnkey properties.
1. No Renovation Costs
It can seem like a great idea to buy the worst house on the best street. But even for seasoned property investors, this is not without its challenges. There are often lots of problems that you were not expecting.
What started out as a great opportunity can soon become a money pit. Experienced investors usually have a team of contractors to call on. But if you’re just starting out, a turnkey property is a lot more appealing.
2. Low Maintenance Costs
When you buy a turnkey property, it’s already in great condition. You know everything is new. You know that the wiring and plumbing are up to code and everything is working as it should be.
This means that it’s much less likely that you’ll have maintenance issues in the near future. Also, buy turnkey rental properties from a reputable company. This means a company that will stand by the quality of their reno by giving you a guarantee.
3. Homework Done For You
Another advantage of a Memphis turnkey is that someone has done the homework for you.
Investors who buy and flip houses to sell as turnkey rentals know the local market inside out. They only buy and renovate properties that local renters actually want.
However, work through the return on investment calculations for yourself and make sure that the numbers stack up for you. Try to buy a property in a good area with wide appeal to reach the biggest potential audience.
4. Property Management Maximizes Convenience
Property management takes all the hard work out of being a landlord. This is especially true if you are running this as a sideline rather than your main business.
When you work with a property management company, you don’t need to worry there’s a water leak at 3 am. They’ll deal with it so you don’t have to.
They have their own plumbers and other contractors that they will send to fix the problem. They do this day in, day out. What would be a major issue for you is an everyday occurrence for them.
They can also handle the day-to-day management of the property. They will liaise with tenants, and arrange rent collection. They take all the stress and allow you to just enjoy the income.
5. Chance to Invest in Booming Markets
The Memphis property scene is red hot. It has been all through 2021 and looks set to continue in 2022. Memphis has a great reputation for affordability but the time to invest in rental property there is now.
Also, rents across the city continue to rise. This means that returns on turnkey rental investments should remain strong if the market performs as expected.
You also get the benefit of having a property in great shape in a rising market. If the market continues to rise, you should have a regular income for years. If you choose the sell at a future date, you’ll likely have increased the equity in the property.
6. Tenants Stay Longer
Who wouldn’t want to live in a newly renovated home?
A home where everything just works. Where you’re not having to deal with what the last tenants’ kids or dog did to the place. Tenants love newly renovated properties.
Happy tenants are much more likely to start long-term. And that’s what investors are looking for. The less turnover of tenants, the fewer marketing expenses you will have.
You will also reduce the possibility of expensive periods with no tenant. You’re really doing yourself – and your tenants – a favor when you invest in turnkey rentals.
7. Remote Buying Potential
If you live on the east or west coast, you may be interested in properties for sale in America’s heartlands.
Property prices are usually more favorable, and you get more bang for your buck. The only downside may be that you’re miles away. However, with a turnkey rental with property management, that needn’t be an issue.
Many investors in San Francisco, Los Angeles, and New York have chosen this route. And there’s no need for you to be physically present. Property managers will do everything on the ground – all you have to do is give them the go-ahead.
If you choose this method, make sure you work with a company that really knows the local area. Also, make sure that their maintenance team is also local. That way you know that whatever happens, your property will be well cared for.
8. Quick Returns
Buy a fixer-upper, and it can take months or years before you see any rental income.
Turnkey properties in Memphis, on the other hand, start generating income almost instantly. If you work with a turnkey investment company that also provides property management, they can have a new tenant in place in a flash.
No waiting around for the funds to roll in! In fact, companies that are confident of a fast turnaround will even offer guarantees.
Time to Invest in Memphis Turnkey Properties
New investors – are you convinced that it’s time to invest in Memphis turnkey properties?
The benefits are huge, as are the potential returns. Also, you’re buying a lower-risk property. Someone has done the hard work for you – all you have to do is sit back and enjoy the benefits.
At Memphis Investment Properties, we have over 40 years of experience in Memphis real estate investment. Our turnkey properties for sale are all newly renovated, just ready for the rental income to start flowing in.
We guarantee that you will find a tenant in the first 90 days. If you don’t, we’ll pay your mortgage from day 91 until you find a tenant. We also provide a 1-year maintenance guarantee.
Contact us today for more information about our Memphis, TN turnkey properties for sale.