Second turnkey purchase much smoother than first
We just closed on our second turnkey property. This time the turnkey process worked the way it was supposed to work. We purchased a property in Memphis through Memphis Invest. The rehab went as promised and the independent inspection only identified minor issues which were immediately fixed. The customer service has been outstanding and responsive. The transition to the property management side of the business went smoothly. It is obvious that Memphis Invest has good processes and systems, which is very reassuring.
Many BP folks strongly dislike turnkey. But for investors like us, it provides a more passive way to start building a portfolio. I'm pleased that we persevered past our first disaster and tried a new partner. Over time, we'll see how the property performs. I think we are on the right track now!
If you missed the saga of our first turnkey property, search for Birmingham and Fraud. Fortunately that property is now rented with a real tenant, but we continue to find expensive problems that were not rehabbed properly. We hope to have it stabilized soon.