Over the weekend I had a call with a family who is interested in buying…
I recently read a book called “Emerging Real Estate Markets” by David Lindahl. In this book, Lindahl talks about what to look for when investing in a new market. He describes that the most important things for him are the potential job growth in this market and the population growth. One way to find this information is by going to the Bureau of Labor Statistics and finding information there. You will be able to see population growth and job growth for the last number of years on this website for the city of your choice.
Another way to figure this out is by reaching out to the economic development committee in the cities that you’re investing in. Give them a call and see if there are any major employers moving into the city. They should be able to tell you this information. They should also be able to tell you if there are any major projects going on soon.
This book sparked me to look for this information in the cities that I am currently investing in. I do a lot of numbers and research about the cities before I invest in them. Numbers like unemployment, population population, growth job. But potential job growth and major companies moving in is not something that I was looking at.
Memphis PILOT Program
After looking around and doing some research I found a website that shows Memphis PILOT programs. PILOT programs in Memphis is when the city gives incentives to companies who are moving to Memphis. Normally these companies need to invest a certain amount of money and bring a certain number of jobs to the city.
Amazon’s New Facility
Through this research I found that Amazon is building a new $40 million facility which will be 600,000 ft.². This warehouse will hire 600 new employees. Many of his employees will be paid $30,000 a year but there’s a couple dozen employees who will be paid around $80,000 of year. This new warehouse that they will be constructing is going to be next to the Memphis international airport, which is the second largest cargo airport in the world. This facility that they are building in Memphis is going to be a receiving center to support the North American Fulfillment Network. The facility will collect and repackage products for distribution to fulfillment centers across the US.
Most of the investments that I do in Memphis are close to Memphis international airport. These new jobs coming into the city are going to help the real estate market in this area and hopefully entice more companies to move in.
To learn more about Amazons move into Memphis and the new $40 million warehouse here is the link.
If you have any questions please feel free to reach out or leave a comment below!