What is our ideal outcome with each single-family rental property? At Foundation Property Management, our ultimate goal is to deliver quality rental homes that are safe, clean, and functional. We understand that even the smallest details can make a significant difference in attracting tenants and minimizing vacancy periods.
One aspect that sets us apart is our focus on creating an inviting atmosphere within each property. We believe that the ambiance of a home can greatly influence a potential tenant’s decision-making process. By ensuring that our properties smell nice and are well-maintained, we increase the chances of renting a home in less than 7 days, as opposed to a property that may sit on the market for 90+ days.
We take pride in our “massive action plan” to get your house rented quickly. Our property managers are well-versed in the rental market and have developed effective strategies to attract prospective tenants. If your current property manager cannot outline a clear plan to fill vacancies promptly, it may be time to explore other professionals in the rental market. Aligning yourself with a company that shares your goals and demonstrates a proactive approach can greatly impact your rental property’s success.
Choosing the right market to invest in as an Out of State Investor
The potential to generate positive cash flow after considering the purchase price, renovation costs, and market rent. This ensures that the investment is financially viable and provides a steady stream of income.
- Population. A growing population indicates a thriving market with increasing demand for housing. James Wachob recognizes the importance of investing in markets with a minimum of 1,000,000 residents.
- Job growth. A market with a strong job growth rate offers excellent investment opportunities. As job opportunities increase, more people move to the area, leading to higher demand for rental properties. Memphis, TN, has seen significant job growth in recent years, particularly in sectors such as logistics, healthcare, and distribution, making it an attractive location for real estate investments.
- Strong rental demand. Renters form a significant portion of the real estate market, and a high demand for rentals ensures a steady occupancy rate and a lower risk of vacancies. Memphis, TN, has a robust rental market, primarily driven by its growing workforce and a large number of renters in various industries.
- Affordability. Investing in a market with affordable housing options allows for a wider tenant pool and lower vacancy rates. Memphis, TN, offers favorable investment opportunities due to its affordable housing prices compared to other major cities in the country.
- Supportive local government. A real estate market with a supportive local government can provide incentives, tax breaks, and favorable regulations for investors. James Wachob acknowledges the positive relationship between his company, Foundation Property Management, and the local government in Memphis, TN, which has facilitated smooth operations and created an investor-friendly environment. Many of his investors live in markets that are more tenant friendly than landlord supportive.
- Market breadth is a critical factor to consider when investing in rental properties. In emerging rental markets, there tends to be an influx of new property managers and operators. However, in a city like Memphis, you have access to a wide array of experienced professionals, including investors, operators, property managers, and renovation companies. It is crucial to collaborate with a team that has demonstrated resilience and expertise in navigating the fluctuations of past markets. While success may come easily in a favorable market, partnering with seasoned professionals ensures a higher probability of sustained success regardless of market conditions.
- Experienced property management. The role of a reliable property management company cannot be understated in real estate investing. James Wachob, with his company Foundation Property Management, has established a strong reputation in Memphis, TN, for their expertise in property management. Their experience and knowledge in the local market can greatly benefit investors by ensuring efficient operations, tenant screening, rent collection, property maintenance, and overall profitability.
Investing in real estate in Memphis, TN, offers a range of compelling advantages. With a strong workforce, favorable rent-to-purchase price ratios, population and job growth, high rental demand, affordability, supportive local government, and experienced property management services, the city presents a promising investment opportunity.
James Wachob, a veteran real estate investor and owner of Foundation Property Management, has a proven track record spanning more than two decades of success in the Memphis market. His expertise and knowledge can guide investors in finding, renovating, and managing exceptional properties in Memphis, TN. By considering the local factors outlined above, investors can make informed decisions and potentially achieve significant returns in this thriving real estate market.