• Home
  • About
    • Our Realtors
    • Real Estate Resources
      • FAQs About Memphis
      • FAQs For First Time Home Buyers
      • Common Real Estate Terms
    • Our Leadership and Support
    • Community Outreach
    • Memphis Real Estate Blog
  • Our Agents
    • Carrie Anderson
    • Cathleen Black
    • Jeff Blakeney
    • Melanie Blakeney
    • Ashley Bonds
    • Melody Bourell
    • Katie Nichols Cook
    • Jon Dickens
    • Kelly Erb
    • Robin Fauser
    • Golda Frankland
    • Rip Haney
    • Lita Hurston-Reed
    • Laurence Kenner
    • Elizabeth Kuhlo
    • Maria Krahn
    • Jake Lawhead
    • Tracy Dougan Lombardo
    • Jerry Lucius
    • Diane Benson Malkin
    • Hugh Mallory
    • Mindy Okeon Mattingly
    • Thomas Murphree
    • Jordan Nichols
    • Mike Parker
    • Barby Perlberg
    • Jimmy Reed
    • Sheldon Rosengarten
    • Marcy Seidel
    • Stephanie Sheahan
    • Alta Simpson
    • Jim Simpson
    • Myra Sheddan
    • Melonie Sain Simpson
    • Angie Street
    • David Tester
    • Jenny Vergos
    • Ward Walthal
    • John West
    • Lauren Harkins Wiuff
  • Areas We Serve
    • Reasons to Love Memphis
    • Amenities
    • Arlington Realtors
    • Bartlett Realtors
    • Collierville Realtors
    • Cordova Realtors
    • Downtown Memphis Realtors
    • Eads Realtors
    • East Memphis Realtors
    • Germantown Realtors
    • Lakeland Realtors
    • Midtown Memphis Realtors
    • Piperton Realtors
  • Global Connections
  • Contact Us
  • Property Search
(901) 682-1868 Contact Us Log in Menu
Marx-Bensdorf logo
  • Home
  • About
    • Our Realtors
    • Real Estate Resources
      • FAQs About Memphis
      • FAQs For First Time Home Buyers
      • Common Real Estate Terms
    • Our Leadership and Support
    • Community Outreach
    • Memphis Real Estate Blog
  • Our Agents
    • Carrie Anderson
    • Cathleen Black
    • Jeff Blakeney
    • Melanie Blakeney
    • Ashley Bonds
    • Melody Bourell
    • Katie Nichols Cook
    • Jon Dickens
    • Kelly Erb
    • Robin Fauser
    • Golda Frankland
    • Rip Haney
    • Lita Hurston-Reed
    • Laurence Kenner
    • Elizabeth Kuhlo
    • Maria Krahn
    • Jake Lawhead
    • Tracy Dougan Lombardo
    • Jerry Lucius
    • Diane Benson Malkin
    • Hugh Mallory
    • Mindy Okeon Mattingly
    • Thomas Murphree
    • Jordan Nichols
    • Mike Parker
    • Barby Perlberg
    • Jimmy Reed
    • Sheldon Rosengarten
    • Marcy Seidel
    • Stephanie Sheahan
    • Alta Simpson
    • Jim Simpson
    • Myra Sheddan
    • Melonie Sain Simpson
    • Angie Street
    • David Tester
    • Jenny Vergos
    • Ward Walthal
    • John West
    • Lauren Harkins Wiuff
  • Areas We Serve
    • Reasons to Love Memphis
    • Amenities
    • Arlington Realtors
    • Bartlett Realtors
    • Collierville Realtors
    • Cordova Realtors
    • Downtown Memphis Realtors
    • Eads Realtors
    • East Memphis Realtors
    • Germantown Realtors
    • Lakeland Realtors
    • Midtown Memphis Realtors
    • Piperton Realtors
  • Global Connections
  • Contact Us
  • Property Search
Carrie Anderson image
Carrie
Anderson

(901) 237-2735

anderson@m-brealtors.com

Cathleen Black image
Cathleen
Black

(901) 682-1868

cblack@m-brealtors.com

Melanie Blakeney image
Melanie
Blakeney

(901) 489-6974

mblakeney@m-brealtors.com

Jeff Blakeney image
Jeff
Blakeney

901-237-4542

jblakeney@m-brealtors.com

Ashley Bonds image
Ashley
Bonds

(901) 485-2179

abonds@m-brealtors.com

Melody Bourell image
Melody
Bourell

(901) 461-4016

mbourell@m-brealtors.com

Katie Cook image
Katie
Cook

(901) 628-3065

kcook@brealtors.com

Jon Dickens image
Jon
Dickens

(901) 496-5702

jdickens@m-brealtors.com

Kelly Erb image
Kelly
Erb

(901) 355-3830

kerb@m-brealtors.com

Robin Fauser image
Robin
Fauser

(901) 494-0355

rfauser@m-brealtors.com

Golda Frankland image
Golda
Frankland

(901) 229-3083

gfrankland@m-brealtors.com

Rip Haney image
Rip
Haney

(901) 351-2190

rhaney@m-brealtors.com

Lita Hurston-Reed image
Lita
Hurston-Reed

(901) 682-1868 Ext. 326

lhurston-reed@m-brealtors.com

Laurence Kenner image
Laurence
Kenner

(901) 351-4210

lkenner@m-brealtors.com

Maria Krahn image
Maria
Krahn

(901) 481-0253

mkrahn@m-brealtors.com

Elizabeth Kuhlo image
Elizabeth
Kuhlo

(901) 356-5452

ekuhlo@m-brealtors.com

Jake Lawhead image
Jake
Lawhead

(901) 682-1868

jlawhead@m-brealtors.com

Tracy Dougan Lombardo image
Tracy Dougan
Lombardo

(901) 581-3257

tlombardo@m-brealtors.com

Jerry Lucius image
Jerry
Lucius

(901) 355-3076

jlucius@m-brealtors.com

Diane Benson Malkin image
Diane Benson
Malkin

(901) 604-8245

dmalkin@m-brealtors.com

Hugh Mallory image
Hugh
Mallory

(901) 497-9756

hmallory@m-brealtors.com

Mindy Okeon Mattingly image
Mindy Okeon
Mattingly

(901) 246-1060

mokeon@m-brealtors.com

Thomas Murphree image
Thomas
Murphree

(901) 359-3847

tmurphree@m-brealtors.com

Jordan Nichols image
Jordan
Nichols

901-682-1868

jnichols@m-brealtors.com

Mike Parker image
Mike
Parker

(901) 277-7275

mparker@m-brealtors.com

Barby Perlberg image
Barby
Perlberg

(901) 619-8543

bperlberg@m-brealtors.com

Jimmy Reed image
Jimmy
Reed

(901) 682-1868 ext. 303

jreed@m-brealtors.com

Sheldon Rosengarten image
Sheldon
Rosengarten

(901) 682-1868

shelrose@memphisrelocate.com

Marcy Seidel image
Marcy
Seidel

(901) 422-1665

mseidel@m-brealtors.com

Stephanie Sheahan image
Stephanie
Sheahan

(901) 412-8600

ssheahan@m-brealtors.com

Myra  Sheddan image
Myra
Sheddan

901-870-0154

msheddan@m-brealtors.com

Melonie Sain Simpson image
Melonie Sain
Simpson

(901) 682-1868

msimpson@m-brealtors.com

Jim Simpson image
Jim
Simpson

901-484-0792

jsimpson@m-brealtors.com

Alta Simpson image
Alta
Simpson

901-484-6040

asimpson@m-brealtors.com

Angie Street image
Angie
Street

(901) 481-5560

astreet@m-brealtors.com

David Tester image
David
Tester

(901) 351-3439

dtester@m-brealtors.com

Jenny Vergos image
Jenny
Vergos

901-634-2271

jvergos@m-brealtors.com

Ward Walthal image
Ward
Walthal

(901) 634-6900

wwalthal@m-brealtors.com

John West image
John
West

(901) 682-1868 ext. 389

jwest@m-brealtors.com

Lauren Harkins Wiuff image
Lauren Harkins
Wiuff

(901) 859-3565

lharkinswiuff@m-brealtors.com

Monday, June 25, 2018

How to Make Additional Income with a Rental Property

If you're looking for a an easy way to bring in additional monthly income, you might want to consider investing in a rental property. There are many benefits to increasing your monthly cash flow through rental properties. Unlike the stock market, becoming a real estate investor allows you to increase your earnings and have access to your funds each month without having to buy, sell, or trade stock.

Turnkey investment properties allow you to purchase a home that has already been renovated, updated, and inspected and is available for renting. The benefits are endless. Here are our tips on how to make additional income with a rental property.

 

1. Work with a Professional Real Estate Company and Broker

Working with a professional real estate investment company to find and buy a rental property can save you time and energy, since a real estate broker can help you determine which areas are ideal for rental properties. It’s important to note that some neighborhood homeowners associations prevent buyers from renting homes. An experienced broker can also advise investors on which homes will provide the highest return on investment.

LEARN MORE

 

2. Do Your Research

Do your due diligence before purchasing a rental property by researching area markets and property ratings. Luckily for investors seeking rental properties in the Memphis metro area, the city and its suburban towns have growing economies with plenty of families and young professionals seeking rental properties.

Like any large city, however, there are areas investors tend to shy away from. If you don’t want to invest in hiring a property manager to oversee tenants and properties, it’s best to narrow your search to areas with higher ratings. These areas will also bring in more income for you. Here’s a rundown of the most popular areas in Memphis for rental properties.

VIEW AVAILABLE LISTINGS

Midtown

Midtown is home to many graduate students and young professionals due to its proximity to The University of Memphis and the Cooper Young arts district. Some of Memphis’ most popular restaurants and amenities are within walking distance of many Midtown homes. From charming bungalows to cozy craftsmans, Midtown offers plenty of affordable rental properties that don’t need many upgrades or renovations.

Downtown

Downtown Memphis has plenty of opportunities for investors seeking rental properties to attract reliable tenants. Dozens of charming lofts and condos are for sale at extremely affordable prices, and just over the bridge from bustling Main Street, Harbor Town offers both condos and homes for young families and empty nesters seeking proximity to downtown amenities with a neighborhood feel. The area even includes its own grocery store, doctor’s offices, and montessori school.

East Memphis

East Memphis is becoming increasingly popular with young families and young professionals seeking proximity to jobs, restaurants, and entertainment venues. Investors will find ample properties with a lot of potential for sale as well as dozens of recently renovated homes at very affordable prices. As more and more eclectic restaurants and entertainment venues open in East Memphis, more and more opportunities to invest in rental properties become available.

Germantown + Collierville

Germantown and Collierville are two of Memphis’ fastest growing suburbs. Residents flock to these areas for their award-winning public and private schools and shopping and dining amenities. Since home values tend to be a tad higher in Germantown and Collierville than in other suburbs, parents and young families are more than willing to consider rental properties in order to meet their budget while living in a community that offers safe, family-friendly activities and amenities.

North Mississippi

North Mississippi, particularly DeSoto County, which borders Memphis directly to the South, is one of the fastest growing areas in the country. Many families have opted to make North Mississippi home due to its high-ranking public schools, proximity to Memphis, and growing list of amenities without the Memphis price tag. This is great news for investors, since families looking to get their families settled before school starts are more likely to utilize rental properties if the growing housing market can’t meet their demands. With plenty of safe, affordable neighborhoods along with ample new construction, DeSoto County is ripe with rental property opportunities.

 

3. Keep an Open Mind

While investors will certainly find plenty of properties in Memphis that are ready for tenants to move in, many investors have also found success through the process of buying foreclosures, making renovations, and selling or renting the finished property. If you’re willing to spend a little time and effort finding and renovating the right property, you can expect an even bigger return on investment. Even renovating the kitchen and bathrooms or adding new landscaping to the outdoor spaces can increase a property’s value and rental or purchase price.

 

4. Increase Curb Appeal

Boost your rental property’s value by increasing curb appeal. You don’t have to spend a fortune to make your rental property more appealing to renters. Here are a few ways to add curb appeal at an affordable price.

Paint

Adding a new coat of paint to aged siding or wood finishes can take a home from drab to fab in no time at all. Consider updating the paint in the interior of the home as well. Choose a paint color from the neutral family, as these tend to appeal to more renters and buyers. Adding a coat of fresh paint to bathroom and kitchen cabinets can also update a property without investing a significant amount of time and money.

Spruce up the Front Door

If you only invest in one upgrade, invest in a new front door. This will add value and charm to your rental property. A warm and inviting coat of paint and a seasonal front door wreath or decoration will also add charm.

Update Light Fixtures

Updating light fixtures is one of the easiest ways to add value and update the appearance of your rental property. Make it a priority to upgrade light fixtures in kitchens, dining rooms, bathrooms, and porches.

Clean

A great rental property will fall short of renter expectations if it’s shown with dingy carpets and dirty cabinets and walls. Invest in a cleaning company to do an initial cleaning before and after renters move in and out to ensure your investment gets the most bang for its buck.

Landscaping

Consider hiring a landscaping company to tend flower beds, mow lawns, and update landscaping to add instant curb appeal for renters.

MEMPHIS LANDSCAPING SERVICES

 

Memphis Rental Properties For Sale

Are you ready to purchase your Memphis rental property? Contact one of our experienced brokers to get started today. We’ll help you find the perfect rental property to fit your budget and work to get you the best deal possible.

LEARN MORE

VIEW AVAILABLE LISTINGS

 

Posted by David Tester at 7:58 AM
  • « Homebuyer’s Guide to Summer: 5 Tips for Buying and Selling a Home in the Summertime
  • 150 Years of Excellence »

Marx-Bensdorf logo

5860 Ridgeway Center Parkway
Suite 100
Memphis, TN 38120

Phone: (901) 682-1868

WQC BBB Memphis GMC GACC EHO GHS GHS LeadingRE
DISCLAIMER: The information provided is for the consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties that the consumer may be interested in purchasing. Information deemed reliable, but is not guaranteed accurate. Some or all of the listings displayed may not belong to the firm whose web site is being visited.
Copyright © 2019 Memphis Area Association of REALTORS Sitemap Memphis Web Design by Speak