Interested in real estate investing in Memphis? It’s a popular place to invest, as more and more people are looking for property in this historic city.
When most people think about real estate investing, they imagine buying houses around the city and then renting them out. They might get a flipper loan in order to buy a derelict house, fix it up, and flip it soon after. Some people might even keep the property as a rental. But returns on single-family homes have to be realized again and again in order to make serious cash…have you considered getting a multi-family loan and flipping an apartment or townhouse?
Multi-Family Loans in Memphis
What are the advantages of flipping an apartment or townhome over a single-family house? You’ll see exponential profits. Yes, the initial hard money loan will be for a greater amount than it might be on a single-family dwelling, but in the end you’ll be flipping something much larger and should get a healthy return on it. After all, you haven’t just made one unit better; you’ve made the adjoining spaces better too. For every unit you improve, you’re making the others worth more just by being proximal to it.
Choosing a multi-family loan and renovating a larger building can actually be more efficient than buying single houses and flipping them. You’ll be getting everything — from appliances to paint to carpeting — in bulk when you renovate all of the units at once. You can get better deals from workers if you offer them two months of work instead of just a week’s worth. And while it might take you considerably more time to make it all happen, the rewards at the end should be worth it.
Flip It Or Rent It
What do you want to do with the apartment or townhome once you fix it up? The obvious answer is that you could sell it right away. But you might also consider hiring a property manager and become the landlord. It all depends on your interest in keeping it and the terms of the loan you’ve received.
If you’ve had good experiences with home flipping loans and making money on renovating homes, why not take the next step up? Flipping townhomes and apartment buildings in Memphis can be a big moneymaker, and we’d love to help get you the bridge loan or hard money loan it takes to help you acquire your next fixer-upper. Contact Lafayette Lending in order to find the best loan option when you’re looking to flip Memphis property!