Memphis, Tennessee is considered one of the top cities for real estate investing by various publications and websites. Memphis has been proud to be honored into it’s reinvestments into the tourism and civilian infrastructure. This has encouraged job growth, bringing some of the top named manufacturers into the area like Ford, Nike, Amazon, and Electrolux, providing employment and investment opportunities. This means, you can, generate revenue in ANY ZIP Code, while the City of Memphis continues growing and mature, making your long term investments in property potentially profitable. In this blog we want to show you 6 particular zip codes that are currently hotspots for rentals:
38002—ARLINGTON:
The average list price sold in this area is 270k. This area is primarily owner occupants with a majority of the real estate tractions being retail sales to homeowners. This is a great area for fixing and flipping. As per realtor.com, the Median rent for Arlington, TN is $1,925 and there are currently 20 active rental listings, which spend an average of 73 days on the market.
38004—ATOKA:
The Average list price of homes in this zip code is 238k. Another great area in the county to use the fix and flip retail strategy as most home sale transactions are to owner occupants. This area is about 40 minutes North of the city center and has a population of about 9,500. As per realtor.com, there are 428 active apartments for rent in Atoka, which spend an average of 58 days on the market. The average rent for an apartment in Atoka is $972.
38017—COLLIERVILLE:
This area has one of the best school systems in the city. The town recently spent 103 Million to rebuild Collierville High School with cutting edge technologies and state of the art facilities. The average price of homes sold in the Collierville area is 364k. Finding deals in this area that will produce good cash flow is a challenge and retail flipping is a better strategy to use here. As per realtor.com, the median rent for Collierville, TN is $2,300, and there are currently 31 active rental listings which spend an average of 77 days on the market.
38018—CORDOVA:
Cordova is a highly desirable area of town to live and work. There are lots of shoppings and restaurants in the area. Most common is the Wolfchase Galleria which is minutes away! Cordova has a great mix of owner occupants who still buy and sell in the area as well as rental property. With an average home sale price of 171k and 38 days on market, this makes Cordova one of the hotter residential areas in Memphis. As per realtor.com the median rent is $1,767 and there are currently 216 active rental listings.
38053—MILLINGTON:
Even though this area is more rural, it is a great place to invest. Millington has seen slow but continuous economic and population growth over the years. The area is attractive to those employed by the naval base and those who would like to escape from the city. With more than 7500 employees the base is the big economic driver in the area. Millington is great for cash flow because of the rent. Millington has some areas that are highly desirable while others can be run down. The average home sales price is 147k. The barrier to entry is much lower, making it perfect for investments. As per realtor.com, there are 32 active apartments for rent, which spend an average of 57 days on the market, and the median rent is $1,139.
38028—EADS
Eads is about 30 minutes North east from the city center. This area is full of new construction and builders are developing and building on the available land. The average list price sold in this area is 445k. This area is primarily owner occupants with a majority of the real estate tractions being retail sales to homeowners. This is a great area for new construction. As per realtor.com, there are 1215 active apartments for rent in Eads, which spend an average of 67 days on the market, and the median rent is $2,700.
How to Sell Your House in Memphis if You Owe More Than It’s Worth
Owing more than your house is worth is not a favorable position if you should need to sell, even more so if you are under pressure to sell quickly for personal or financial reasons. Often already under a great deal of stress, taking on the sale of a house can seem like an overwhelming proposition. However, understanding your options can help you feel confident in your final decision about how you sell the house, which can significantly impact how much you profit. So read on as we explore how to sell your house in Memphis if you owe more than it is worth.
Commissions
Commissions add up fast when you’re trying to sell your house in Memphis if you owe more than it is worth, and may leave you owing money at the closing table. However, professional buyers like those at Memfixerupper never charge commissions, and there are no hidden fees when you sell your house directly. Instead, at Memfixerupper, our local professional buyers offer in cash the exact amount you’ll have in hand after closing. And you won’t pay closing costs because at Memfixerupper, our professional buyers provide a full-service in-house team of industry specialists to handle everything quickly and efficiently, allowing us to offer a guaranteed closing date, often within days. Or talk to your professional buyer at Memfixerupper about selecting the best day for your closing, and we’ll work with you.
Prep and Repairs
It’s best to make repairs and prep the house, making it attractive to buyers to earn the highest potential profit. However, it takes a great deal of wherewithal, time and money to take these steps, which may not be a realistic goal when you need to sell your house in Memphis if you owe more than it‘s worth. Professional buyers like those at Memfixerupper will detail what you could profit from making improvements and listing vs. their offer to buy your house directly as-is. A direct sale to a professional buyer at Memfixerupper means you don’t need to worry about passing the inspection, and we’ll take on the risks of repairs. And you can skip the prep and hassles of showings when you sell directly to a professional buyer at Memfixerupper.
Current Market Value
If you’ve fallen behind on payments and you hear the distant rumbling of foreclosure from your lender, it is best to take quick action. However, you may find you can’t afford to pay the difference if you need to sell your house in Memphis and you owe more than it’s worth. Professional buyers like those at Memfixerupper can help you through the process to avoid bankruptcy or foreclosure. At Memfixerupper, our professional buyers are highly seasoned negotiators who will work with your lender to help you avoid the negative consequences of inaction that can drastically affect your life in many ways, including your credit score.
A direct sale to a professional buyer at Memfixerupper is the best way to sell your house in Memphis if you owe more than it is worth. With a straightforward process that is fast and simple, the professional buyers at Memfixerupper and their team are proud of their work here in Memphis and operate with a policy of total transparency. At Memfixerupper, our professional buyers and their team are your neighbors here in Memphis, and we care about our community and helping people. That is why at Memfixerupper, we want you to have the information you need to make an educated decision because we want you to feel good about the deal long after closing. Call Memfixerupper at 901-450-5179.