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Across the country, there is a significant lack of housing for all types of families. The real estate market for multifamily properties is booming in Tennessee so it’s a great time to invest in these types of properties to grow your portfolio. The Estes Group can help you find multifamily properties for sale in Tennessee that meet your real estate goals. Here are five things to consider before jumping into the market.
Buying a home can be more expensive than you think. Most experts recommend a buffer of 10% to 25% to cover additional costs. When you’re buying commercial properties such as a multifamily property, you should increase that figure to at least 25% or more. There are even more opportunities for things to break down in a multifamily property, so be prepared for extra cost. Don’t judge the apartment complex by its appearance. Look deeper to make sure you’re getting an easy fixer-upper instead of a pretty property that requires a major overhaul.
Don’t just think about investing in Nashville or Memphis. Many smaller communities need multifamily housing units as much as the major urban centers in the state. You may find some great properties in Lynchburg, Knoxville, and Murfreesboro that have a high potential as part of your investment portfolio. Renters want a good community, especially smaller cities with jobs and healthcare. Look for good locations around the state.
Don’t move too fast by forgoing an inspection. You want to know what condition the property is in before you put any money into it. It’s tempting to get the contract signed so you can move forward. Taking the time and including the added expense of an inspection is a worthwhile investment that will prevent you from making a big mistake.
Some people do well with a property that needs more attention and maintenance than a solid investment property ready to rent. With your first investment in real estate, you may want to select the ready-to-rent type of housing where you won’t have to make major renovations while you’re learning to manage your property. Even if you have a property management company to assist you, you want to make money without having to put a significant portion of your savings into getting the place in shape.
Commercial real estate properties are a different market than residential real estate that you’re using for your own home. When scouting multifamily properties for sale in Tennessee, work with professionals who understand the nuances of the market and can help you find the right investment properties. The Estes Group has many years of experience in real estate management and investments. We bring our resources to the table to make sure you’re getting a great deal that will be profitable in your portfolio. Contact us to learn more about what we offer.
Call us at 601-362-9633 or contact us online for help from our real estate brokers when you want to buy multifamily properties for sale in Tennessee, Louisiana, and Mississippi.