Memphis Invest

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Chris ClothierBusiness Member
Rental Property Investor · memphis, TN · Member since 2009 · 2k+ posts · 3k+ votes
7y

@Gerry Lopez

Hi Gerry, thank you for taking the time to return my call this afternoon.  After reading your post this AM, I went to work with my team to find out where the communication fell short.  Out of respect, I wanted to make sure that I spoke with you first before responding here on the site.

As a company, our reputation and integrity mean everything and I am glad we were able to identify how our communication could have been better.  Malorie had been in communication with you each week through the process, unfortunately it was not clear to you that we were addressing every item listed in the inspection report.  I think if you and Malorie had been able to connect when she was calling, that phone conversation could have gone a long way in clearing up any confusion. 

When I pulled our team together this AM, I did confirm that electrical, plumbing, mechanical and even a building permit were all pulled for this property and it passed each inspection.  However, there were some basics that we missed.  As I told you, we strive to be excellent in our delivery, but we are far from perfect.  We made some very human errors on this one including the scheduling an inspection before we had completed our punch list work and not being clear enough that each item would be finished.

After our conversation, I think we both agree that we may not be the right fit for your investment needs today and it is best that we not move forward.  We will reimburse your earnest money and the cost of the inspection.  We never want investors to feel pressured on an investment or even worry about earnest money.  

We rarely keep earnest money, even in scenarios where there is no fault.  We want you, as an investor, to be confident in your investments and if not, we are happy to delay and even cancel.  In this case, we are going to cancel the contract.  We will put through the paperwork today and you can expect those monies returned in the next few days.  The house does have a resident moving in on a two year lease on October 1, so I hate that this property is not the right fit, but fully understand. Be sure to let me know if I can do anything further for you.  Best to you ~

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  • Suzanne Landen
    Member since 2020 · 1 post · 3 votes
    6y

    Hi,  I purchased 7 rental properties from Memphis Invest over the last two years due to their reputation and all the impressive stats.  Here is my experience with them.  Their customer service is top notch.  However, I personally did not experience the same stats that they shared.  I had one property tenant failed paying rent after a few months moving in; another property failed paying rent for 3-4 months after moving in for about a year.  The tenant filed bankruptcy and I had to incur thousands of $ in legal fees to get them out.  The property couldn't be rented at the rate that was originally leased at, but a lot less.  It took about 2 months after the renovation post moving out to rent.  The pictures posted on various websites for rental are terrible as you cannot tell what the rooms look like at all.  Almost every picture is a small corner of a room with some walls, carpets and door.  I am not sure if this was on purpose so the owner can never actually seen what the house looks like.  I don't know how one can expect renters to be interested in the house from these pictures.  I also found out that the acceptable credit score for renters were at 500+, and I was told that credit check was an art.  In short, impressive company stats don't mean that these will necessary be the stats that you will experience.  You could be very lucky and have better results, or like me having terrible stats.  Last thing to mention is that you need to not rely on the property tax amount that you are given for the investment analysis.  The latest property tax quoted in the investment analysis is the current tax amount which is at the price when the property was purchased at by turnkey company, but not based on the price that you would purchase at.  Good luck!

    3Reply
  • Carlos Goncalves
    Denville, NJ · Member since 2016 · 3 posts · 0 votes
    6y

    Hello everyone,

    I am looking for a turnkey company in Memphis and KC and started reading about Memphis Invest, now REINATION, so I sent a request to schedule a call since I have read good reviews about them but unfortunately I have never heard from them. A few days later I decided to call them and explained that no one got back to me. The lady who answered the call named Nicole apologized and took my information to schedule a call for the following day at 4:30 PM. I assumed that because this is a company with an apparent good reputation the call was definitely coming but to my disappointment the call never came. At this point I am still giving them the benefit of the doubt but I really do not know if in case I do business with them this would be the standard behavior. The other explanation for this would be that they are not interested in dealing with any more investors but it seems unlikely to me. I really hope that this happened just to me and that everyone else has a good experience with them.

    0Reply
  • Axel MeierhoeferPro Member
    Rental Property Investor · Escondido, CA · Member since 2017 · 679 posts · 550 votes
    6y

    @Carlos Goncalves I am happy to make a referral/intro to someone in KC I am working with. They cover other markets as well.

    Please PM me and we can set up a call to introduce you to my TK provider

    I can also first tell you what I have done with them and how it is working out so you can determine if you even want to talk to them. They never missed a call with me in 2 years.

    0Reply
  • Carlos Goncalves
    Denville, NJ · Member since 2016 · 3 posts · 0 votes
    6y

    Hello Axel,

    I really appreciate you reaching out to me and offering to help. You are very generous! I will definitely PM you soon to learn more about your connections in KC. 

    On another note, I just want to let everyone know that Chris Clothier also reached out to me regarding my post above, and left a message on my phone. That was a very noble thing to do and I really admire those successful people like Chris who take the time to respond to someone who they don't even know and yet pay attention to certain small details; that is, in my opinion,  what makes people successful and special. Soon I will return the call to express my gratitude to Chris for taking the time to address my concerns.

    0Reply
  • Adrienne Donato
    Rental Property Investor · Long Island, NY · Member since 2020 · 36 posts · 3 votes
    6y

    @David Hutson good to know. Thank you. I’m in NY and would like to explore turnkey options. I’ve heard good things bout them but am always looking for more opinions from people who have invested with them. Do you know anything about their property management?

    0Reply
  • David Hutson
    Rental Property Investor · Bartlett, TN · Member since 2013 · 404 posts · 421 votes
    6y

    @Adrienne Donato, 

    I don't have any personal knowledge of it since I don't have homes with them but people that I have talked to have been happy.

    0Reply
  • Adrienne Donato
    Rental Property Investor · Long Island, NY · Member since 2020 · 36 posts · 3 votes
    6y

    @Chris Clothier so happy for you! I look forward to working with you in the very near future.

    0Reply
  • Adrienne Donato
    Rental Property Investor · Long Island, NY · Member since 2020 · 36 posts · 3 votes
    6y

    @Carlos Goncalves I scheduled a call with them, but in the instructions it says for me to call them at the scheduled time. Maybe that was the issue?

    0Reply
  • Adrienne Donato
    Rental Property Investor · Long Island, NY · Member since 2020 · 36 posts · 3 votes
    6y

    @Chris Clothier what percentage of people who buy from you, don’t make the trip to actually see the property before they purchase?

    0Reply
  • Adrienne Donato
    Rental Property Investor · Long Island, NY · Member since 2020 · 36 posts · 3 votes
    6y

    @Rhea Jackson how did you handle the purchase process? did you go see the properties before you bought them? Or just put your faith in Mi?

    0Reply
  • Chris ClothierBusiness Member
    Rental Property Investor · memphis, TN · Member since 2009 · 2k+ posts · 3k+ votes
    6y
    Originally posted by @Adrienne Donato:

    @Chris Clothier what percentage of people who buy from you, don’t make the trip to actually see the property before they purchase?

    Hi Adrienne and thank you for the colleague request. 

    Pre Covid 19, very few investors have seen their properties before purchasing, but I would estimate that maybe half have met our team in person and viewed our operations before purchasing or closing.  In today's environment with the pandemic, those two numbers are closer to zero.  W have obviously worked very hard to earn our reputation and this helps tremendously when investors are unable or unwilling to travel.  However, I advise that at a minimum, every investor meets whom they are doing business with at the earliest possible convenience.  Review their operations and see how it makes you feel to meet their team and see examples of houses they are working on or managing.  

    I look forward to yo connecting with our team and be sure to let me know if there is anything I can do for you.  Best ~

    Podcast Guest on Show #224
    REI Nation4.576 Reviews
    WebsiteView Page
    1Reply
  • Adam Lawrence
    Turlock, CA · Member since 2017 · 15 posts · 2 votes
    6y

    @Gerry Lopez

    What is the explanation for the purchase price to be so much higher than the appraised value?

    0Reply
  • Adrienne Donato
    Rental Property Investor · Long Island, NY · Member since 2020 · 36 posts · 3 votes
    6y

    @Chris Clothier thank you for the rapid response, and for the useful information. Im doing some due diligence and will be making decisions soon.

    0Reply
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