Memphis is the second-best city in Tennessee and home to the Memphis Grizzlies NBA team. It is the county seat of Shelby County and has a population of over 633,000. It is the second biggest city in Tennessee after Nashville, and Memphis is known for its Blues music as well as being one of the most historic and cultural cities in the South.
Located in western Tennessee, Memphis borders Arkansas and Mississippi, but it is also home to Tennessee’s largest Black population, and is the center of the National Civil Rights Museum. Memphis is also home to the Memphis International Airport, the International Port of Memphis, and more. As for higher education, Memphis is home to the University of Memphis and Rhodes College.
According to Jeff Rohde at Roofstock, Memphis is home to many first-time homebuyers and great rental properties. It is home to one of the best rental markets in America, and Memphis is also home to many great barbeque places. It is known for Beale Street, home to a thriving night life and a lot of clubs. Memphis is also a very business friendly city, home to many great hotel chains and grocery stores. Recently, Memphis has had declining population but growing employment. It is the number one metropolitan area for job creation in America.
Niche says Memphis is a place with a dense suburban feel, where most residents own their homes. There are many parks in Memphis, as well as a thriving night life. Memphis is a very diverse place that’s home to many young professionals and families. Public schools are above average in Memphis. Right now, Memphis has a median home value of $101,800 and a median rent of $901.
Right now, Memphis is a seller’s market. It is a place where demand is outpacing supply, and where real estate investors are getting into bidding wars over the best real estate in the state. It’s difficult for first-time homebuyers who are battling investors for the best homes in the city. Homes are selling fast and for higher than listing price.
Hard money loans might be the best way to invest in real estate in Memphis. Hard money loans are an alternative source of financing to traditional mortgage loans. Hard money loans are mostly used for fix and flips, long-term rentals, and construction projects. Their biggest advantage in a seller’s market like Memphis is they can be approved very quickly. Hard money loans can be approved in a couple days, whereas traditional mortgage loans take a month or more to be approved. This fast speed of approval gives real estate investors an instant advantage over their competition.
The reason hard money loans can be approved so quickly is because they’re based on the property, not the credit score of the borrower. While hard money loans have minimum credit scores of 600 to 620, they don’t rely on financial standing as much as traditional mortgage loans. Hard money loans use the property as collateral. If a borrower defaults on a hard money loan, it’s not a foreclosure like a mortgage. The lender becomes the homeowner and is going to try to flip the home themselves.
Because of this, hard money loans have higher interest rates, lower LTV ratios, and shorter repayment periods than traditional mortgage loans.
That’s why we at Hard Money Lenders IO have compiled a list of the best hard money lenders in Memphis.