Real Estate Investing Firm Releases 3rd Quarter Results, $3.1 Million Spent in Redevelopment

MEMPHIS, Tenn., Oct. 26, 2012 /PRNewswire/ -- Memphis Invest, one of the nation's leading providers of single-family rental real estate investment services, today released their third quarter figures including economic impact numbers. The results show continued growth in individual investors purchasing single-family investment properties and robust growth for small businesses providing services in the redevelopment process. The company sold 164 homes during the third quarter of 2012 and spent $3.1 million with local small businesses completing redevelopment of those properties.

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The 164 homes represent 166% year over year growth when compared to 3rd quarter 2011 for the company, which was recently recognized on the Inc. 500/5000 list of Fastest Growing Companies in the U.S.  The $3.1 million spent on redevelopment also represents a trend started by the company during the 2011 year to place a higher emphasis on the quality of work completed.  The company wanted to limit deferred maintenance costs as well as offer greater stability and support for local small business.  58 local small businesses received work from the company during the 3rd quarter and those companies employ approximately 250 workers.  Of the 164 properties sold during this time period, 127 had fully complete renovations by the end of the period.  High cost items contributed heavily to the $3.1 million spent redeveloping properties with 42% of the properties receiving new roofs, 54% receiving new water heaters, 57% receiving new air conditioning units and 47% receiving new furnaces.  Along with the high cost items, smaller cost items such as replacing flooring, interior and exterior repair and painting and lawn beautification contributed heavily to the $3.1 million spent for redevelopment.

"We've been focusing on building a model that not only provides investment opportunity for investors, but also provides opportunity for local business to have consistent work," says Brett Clothier, Partner at Memphis Invest, GP.  "When the small businesses who rely on us for stable and consistent work are growing, then we know that we are growing and we can accurately forecast costs due to the relationships we have with our vendors.  Those are very important factors in a real estate redevelopment business."

Memphis Invest, GP reported working with 527 individual real estate investors from 41 states and 6 countries as of the end of the 3rd quarter 2012.  The company is managing 1,476 single-family homes in Memphis, TN. and Dallas, TX. for those investors with a market value of approximately $134 Million.  Dallas is the companies newest market having been opened under the brand Dallas Invest in the spring of 2012.  The company expects 4th quarter results to show over $13 million in private redevelopment funds spent in Memphis, Tennessee and an additional $1.2 million spent in redevelopment in the Dallas/Ft. Worth, metro-plex in 2012.

"Redevelopment is crucial for the success of not only real estate investors, but also home-owners, small business service providers and businesses and shops in close proximities to these houses," according to Brett.  "These dollars are very important to these neighborhoods and when the work is at a high level and focused on big ticket items and not simply cleaning up properties, it really helps to stabilize and improve the neighborhoods and homes themselves."

About Memphis Invest

Memphis Invest provides single-family rental real estate investment services to domestic and international clients looking to include residential real estate ownership in their investment portfolios.  Founded in 2004, the company engages a professional network of portfolio managers, experienced contractors, appraisers and lenders to streamline the investment process for individuals looking to build their real estate investment portfolio without the burden of day-to-day property management. A privately held, family-owned business based in Memphis, Tenn., the company is led by two generations of the Clothier family committed to providing a personal level of customer service to real estate investors and rental property tenants as well as dedication to redeveloping hard hit neighborhoods.

For more information about Memphis Invest, visit www.memphisinvest.com or call 1-877-773-9998.

SOURCE Memphis Invest