Fri, 12 December 2014
#9: Discover how to create another income stream with a durable asset like real estate in Memphis, Tennessee, and not have to do the work on your own.
Listen to this week’s show and learn:
00:38 Most people only have one income stream in their life. Learn why to establish more than one.
01:57 Keith explains “turnkey real estate investing”.
03:37 Interview with Terry Kerr of Memphis, TN’s Mid South Home Buyers begins.
05:30 Memphis, Tennessee’s economic and demographic makeup is what makes it a strong income real estate market. This is largely due to the fact that Memphis is the United States’ distribution hub.
08:16 The character of Memphis properties, and their rent-to-value ratios.
12:39 Availability of financing for Memphis turnkey properties.
13:50 Terry describes how there are efficiencies in having one company both provide and manage the property for investors.
16:04 The available inventory level of Memphis investment properties.
18:33 Tennessee’s Landlord-Tenant Law and how that is advantageous for out-of-area investors.
21:25 What makes for a good Property Manager is communication.
22:24 What gives Mid South Home Buyers a property management advantage is slightly below-market rents, better-condition homes, they do not charge the tenants an application fee, and they handle maintenance issues promptly. This attracts and retains higher quality tenants.
24:38 Current occupancy of the 875 houses in their management portfolio is 98.4%.
25:32 Mid South Home Buyers have an ongoing inspection schedule of their managed properties.
29:27 Terry states that the Property Manager is more important than the property itself.
31:12 Keith estimates how small the out-of-pocket costs are for an investor buying turnkey real estate in Memphis.
31:58 Mid South Home Buyers has warranties for investors on their turnkey properties.
32:50 Send Get Rich Education a message through our Facebook Page Messenger with what you most want to hear on future episodes. You can even tell us what you want us to ask guests.