Transforming a Community
In 2001, Terry Kerr bought a house. In 2016, he will buy over 300. “I fell in love with making ugly houses pretty when my wife Elaine and I bought ours,” said Kerr. The Kerrs purchased a fixer-upper in Memphis’ historic Cooper-Young neighborhood and then spent seven months of nights and weekends renovating it.
While many people would be over rehabs at that point, Kerr was inspired by the experience and in the next year bought, fixed, and sold several more houses. The year after, it was about five homes, and by 2004, he had flipped more than 30 houses.
Kerr’s passion became Mid South Home Buyers, the real estate layer of a multi-level enterprise that now handles the investment property process from beginning to end, including a renovations company, property management agency, financing firm, and even a hardware store, all of which only serve their own properties to maintain Kerr’s desired level of quality control.
More than 40 houses are under renovation at the moment. With this high amount of activity and Memphis’ active real estate market, it is critical to be able to move quickly but intelligently. Kerr works with Financial Federal’s Ben Sutton to maintain the flexibility he needs.
“I look at our relationship like we’re straight-up partners,” said Kerr. “I show them the good, the bad, and the ugly and they provide suggestions and support.” Kerr understands the importance of partnerships at all levels, and his appreciation for a dedicated staff is seen in his own business.
“The secret to our success is our employees,” said Kerr. “Everybody truly cares and they’re all open to change, which is great because we never stop changing around here. We’re always looking for ways to improve.”
For more information on Mid South Home Buyers, contact Ben Sutton (bsutton [at] finfedmem [dot] com).