Investing in Memphis rental properties may be your ticket to financial freedom.

With the uncertainty in Wall Street and the overall economy, a lot of people want to know where to safely invest their money. I started investing in real estate more than 30 years ago, and I continue to do so to this day.

I purchase rental properties in down markets as well as hot seller’s markets. The main thing to remember about investing in rental property is that it’s not a get-rich-quick scheme. It is a long-term wealth development program. You will have your ups and downs, and there will be years when the repairs may be more than the entire rent that you collect for the year. However, in the long run, you can change your lifestyle beyond your imagination. I encourage everyone—from my clients to my own children—to invest in real estate.

“Investing in rental property is not a get-rich-quick scheme.”

Recently, I was asked if rentals were the right way to go since home values have jumped up over 15% in the last year. I referenced to my friend a recent news article that showed how the average monthly rental amounts have increased by 30% in Memphis during the same time frame. It just shows how much investing in the Memphis market is such a great idea. 

The local rental market is strong, and I expect it to be so for years to come. With a low interest rate, it only makes rentals even more attractive. Imagine if you picked up enough rentals to replace your employment income! Now that is freedom.

If you are considering taking the plunge, let me know. I’ve been around this rodeo for many years; I can help you locate an excellent property or more to help you get your financial goals set. Call or email me; I’m always happy to help!

When it comes to renovating your home, you can spend a lot of money without actually increasing its value.

One of the biggest mistakes home sellers make when remodeling is not taking a moment to reflect on why they want to make renovations in the first place. Ask yourself—are you making renovations because you like them and want to stay in your home or because you want to get your home ready to sell? If you’re renovating to sell, focus on the basics that will appeal to the most buyers. For example, keep your home’s paint colors neutral and avoid adding your own color preferences.

“Before you decide to spend thousands of dollars in renovations, give me a call.”

Another huge mistake sellers make is overlooking major repairs that need to be taken care of. I once went to a home where the owner remodeled everything but forgot to update the 40-year-old roof. Even though it hadn’t been leaking, it was still going to cost $15,000 to repair, and they already spent their entire renovation budget.

This kind of oversight will really hurt you in the long run, so before you decide to spend thousands of dollars in renovations, give me a call. I’d be glad to visit your home, give you a free consultation detailing the necessary steps to sell it, and help you decide which kinds of renovations you should make.

As always, if you have questions about this or any real estate topic or are thinking of buying or selling a home soon, don’t hesitate to reach out to me as well. I’m happy to help.

Sellers want to get the most amount of money out of their sale as possible. Here are three common mistakes that most homeowners make that prevent them from doing so:

1. Not Pricing Correctly. Do you price the house at, slightly above, or way above market value? That determines how many buyers will come out and take a look at your home.

2. Not Making or Disclosing Needed Repairs. Get any repairs that need to be done out of the way before getting an offer on the house and waiting for the home inspection to catch it. Not doing this can cost thousands of dollars.

3. Not choosing an agent who will represent them properly. Make sure that you get the right agent who will represent you in the transaction and guide you through all the steps in the selling process.

If you’d like to know the different steps that we take to ensure you get top dollar, or if you have any other questions, please give us a call at 901-591-8100. We look forward to hearing from you.

Here’s what to do when an appraisal is lower than the contract price.

What do you do if the appraised value doesn’t match your contract price? Does this kill the deal? I get asked these questions a lot, especially in this hot market with many homes selling for above their listing price. It’s a legitimate concern, and it’s something I deal with all the time.

First of all, it’s possible for you to get the appraised value adjusted. Remember that adjusters are very busy; the difference might just be a simple typo. If human error isn’t to blame and you still disagree with the findings, your Realtor can prepare a rebuttal to get that value adjusted. They will need good comparable sales and a complete list of any updates or upgrades to the home. This can be a difficult and complicated process, but it’s not impossible.

If your Realtor and lender have exhausted all other possibilities, It’s time to go back to the negotiations and see what can be done to keep the deal together. This might mean a different sales price, the buyer providing additional funds, or a combination of both. 

If you have any additional questions about appraisals or real estate in general, feel free to reach out to me. I am always available to help with any of your real estate needs.

Here’s what you need to know about Memphis’ real estate market.

Housing values have appreciated by double digits in the last two years—will this insane growth continue? 

The average home price in Memphis is around $240,000, which is an all-time high. This was mainly due to low inventory and great interest rates, but now that mortgage rates are higher, growth will probably slow down. That being said, home values will remain high as long as inventory stays low. 

Also, home prices remain reasonable in Memphis, unlike other large southern cities like Nashville and Atlanta. That means you can still purchase a home here and lock in a low monthly payment. 

This remains a great time to buy or sell a home. If you have questions, please call or email me. I’d love to help!

When selling your home, you should always get a home inspection, and when you do, electrical or plumbing issues will inevitably come up. Should you do your own plumbing and electrical work? No, hire a licensed plumber or electrician! 

Though I’ve flipped many homes in the last 30-some years, I always hire a plumber and electrician to take care of the home’s needs. Yes, I could do it myself, but if anything catastrophic is going to happen to the house, it’s likely going to be from broken pipes or messed-up electrical work that catches on fire. Those are two things you don’t ever want to happen to the house, whether you are living there or have already sold it. Hiring a professional will cost a bit more, but you’ll know it’s done right, and you won’t have any liability afterward. 

If I can ever be of assistance to you, or if you have any questions, please call me or visit my website. I would love to help.

If you’re like most homebuyers, you have two primary considerations. First, how can you find the perfect home? Second, can you get that home for the lowest possible price? It takes skill to do both at the same time. To make that happen, you first have to understand how sellers price homes.

Sellers want to get as much money as possible. Many sellers would like to price their home way above market value, hoping that a buyer will pay that kind of a price. We want to make sure that when you are shopping for a house, you do your research and find out what it’s really worth. 

On the other hand, buyers want to get the house for the lowest price possible. In a hot seller’s market, a lot of buyers find a perfect home only to end up in a multiple-offer situation. How can a buyer win a multiple-offer situation without breaking the bank? The first step is to call an experienced real estate agent. 

We can help you with any real estate-related question, so give us a call at 901-591-8100 or go to our website. We look forward to working with you!

Even in a hot market like this one, there are still homes that go unsold. To make sure a house sells the second time around, it’s important to get an agent who can identify what the problem is. 

It could be anything from price, to condition, to unknown buyer turn-offs. The fixes could be quick and easy. You might just need a fresh coat of paint or some light staging.

Whatever the case may be, if your home went off the market unsold, I’d love to go through the house with you and get an in-depth look at what’s preventing the home from being a buyer’s top choice and what we need to do to get it there. 

If you have any questions for me, don’t hesitate to reach out via phone or email. I would love to hear from you.

There are many misconceptions out there about the kind of credit score needed to qualify for a home purchase. In fact, a recent survey showed that 24% of all renters believed they needed a score above 700 to buy a home.

That’s simply not the case. We’ve been able to get people in homes with credit scores in the low 600s. Anything below that makes it really tough to get a house.

If you do have a high credit score of 750 or above, you’ll be able to qualify for pretty much any type of loan. When your score dips to the 600s or 500s, it becomes more difficult for you to find a mortgage.

We’ve worked with a ton of homebuyers and help improve their credit scores. It takes a little bit of time, but it’s worth it in the long run. The higher your credit score, the lower your interest rate will be.

If you need help improving your credit or have any questions about buying a home, don’t hesitate to reach out via phone or email. We’d love to hear from you.

In many homeowners’ lives, it becomes clear that they just don’t need all the space they have in their homes. Here are a few signs that it might be time to downsize:

1. You’re getting close to retirement. We find that many of our sellers are getting closer and closer to retirement age, and they feel that it’s just time to get out of the house and downsize. After all, all the kids have moved out, so they want something a bit smaller.

“You could buy a rental property with that passive income.”

2. It’s difficult to keep up with housekeeping. If you’re getting to the point where there’s just too much work to do around the house, like lawn care and general maintenance, it might be time to downsize.

3. There are financial opportunities. Your home may have appreciated more in recent years than you realize, so selling your current one to buy a smaller one may loosen up a lot of money that you could put toward your retirement or other investments. Or better yet, you could buy a rental property with that passive income.

If you find that you’re ready to downsize or you have any questions about the process, don’t hesitate to reach out to me. I’d love to hear from you.