The city of Memphis is located on the Mississippi River in the southwestern corner of the state of Tennessee. This city is a regional hub for an area comprising of northwestern Mississippi, southeastern Arkansas, and southwest Tennessee. Memphis is known as America’s Distribution Center and his home to the busiest air cargo airport in the world. Its central location and significant transportation infrastructure is one of the reasons that Expansion Management Magazine ranked Memphis the #7 place in America for business expansion in 2005.
The city’ population is 680,000 making Memphis the 17th largest city in the country and the largest city in Tennessee. The metro area has over 1.2 million residents. The city is intersected by two major interstates, I-55 and I-40, and will soon be home to the new Canada to Mexico shipping route, I-69. Additionally more major metro areas can be reached overnight from Memphis than any other city in the central US. This makes Memphis very attractive to companies looking to expand in the light industrial warehouse sector.
The overall cost of living is 10% below the national average, while the housing market is 15% below the national average. This coupled with no state income tax makes Memphis a very affordable place to live. Additionally it is important to point out that an amazing 41% of homes in Memphis are rented.
Memphis boasts a burgeoning business community flanked by Fortune 500 companies; FedEx, AutoZone, and recently relocating to Memphis: International Paper. These companies are all headquartered in Memphis. Also Memphis plays host to a rapidly expanding biotech market. Memphis recently appeared in the top 10 of Inc Magazine’s best places for starting a business.
The lifestyle in Memphis is centered around great food, good music, friendly folks, and a cool vibe. Many of the new creative class generation are relocating to Memphis to enjoy a city that seems to be at the cusp of significant growth.
Investors purchasing property in Memphis are often able to find good value and positive cash flow. Throughout the real estate boom nationally, Memphis growth has remained around 3-5%. This has provided investors with great opportunities in many parts of the city. Most investors in the Memphis area are pursuing a purchase and hold strategy for cash flown, although some parts of Memphis are experiencing significant appreciation; namely Downtown Memphis. The steady home sales, and good economic outlook leads many to predict future appreciation for the Memphis metro area to pick up steam.
Overall, the low housing costs, high numbers of renters, and positive economic forecast, make Memphis a perfect storm for many investors seeking positive cash flow.
Memphis Buy And Hold is specializing in locating, purchasing, renovating and managing single-family and multi-unit properties and possesses over 8 years of experience in real estate investing and property management in the Memphis and Nashville markets… Learn More…… www.memphisbuyandhold.com