REI Nation (Memphis Invest) Case Study - Barltett (Memphis), TN

95 Replies

Hey everyone, long time listener, poster and reader - first time investor. I have been in the analysis paralysis state for a solid year. I get super close to making a move and back off when it's time to put pencil to paper. I feel that the simplicity of the BRRRR model is overstated - sure, it's the best way to create the most equity but also the riskiest way to enter the world of real estate investment. I have a full time job (55-60 hours per week), 2 daughters under 2 years old and a personal life so i started looking heavily into turnkey for my first investment.

I understand that TK isn't the fastest way to create wealth or equity. My goal is to have 15-20 of these under management in the next 10-15 years; the long game on this will hopefully outweigh the opportunity cost forfeited by choosing the TK model. In researching Turnkeys, it seems there are a LOT of companies to avoid. I narrowed it to Norada, Spartan and REI Nation. After researching the companies and markets in which they operate, then seeing Chris' replies on here and seeing his clients ALWAYS handled even in situations beyond their control, i decided to move forward with REI Nation.

I spoke to Taz to start,  he got an idea of what i was looking for. $150K-$200K property, A-B neighborhood, good schools, decent cash flow ($200+) when traditionally financed with 25% down and a COMPLETE renovation. Taz passed me along to a lender, I got preapproved and was passed over to Rick to hone in on their available properties. I looked at several in Arkansas, Oklahoma, Texas and Tennessee.

I finally saw one i loved in Barltett, TN 34814. As of today, I've locked my rate and put the Home under contract. I have a conversation planned with REI on Monday, i'll post all details as they happen.

Updated 5 months ago

Update: 08/21/2020 Now that I have had this property for a bit, I wanted to report a couple thing on which i am constantly getting pinged in my DM's. I've not incurred any maintenance/expenses to date so i am not factoring any in. These numbers will, of course, change in time. COC: 8% Cash to Close per my HUD: $49,353.47 Monthly Deposit from Property Management including their fee: $1,165.00 Auto-Pay Mortgage, Impounded: $838.97 Yearly Net (no expenses included) / Cash = 0.0792 CAP Rate: 2% Appraised value when purchased: $180,000 Yearly Cash Flow, No Expenses Included: $3,912.36 NOI/Value = .0217

@Dan T. , congrats on your progress. I was in analysis paralysis for years, so don’t feel bad.  

I have not done business with any of the three you mentioned, but I did visit Spartan a while back and I was not impressed with the properties.  The people were fantastic, but the properties had a lot to be desired.  Since then, I’ve connected with a few investors on BP that have had pretty bad experiences with them, so it’s probably best I steered clear.  

Norada isn’t a turnkey provider themselves but more of a connector to other, supposedly vetted providers.  I think the idea with their model is the leverage you might gain if something with a provider does go wrong and they're standing behind you to make sure the provider makes things right (since they have a bunch of clients and it’s not just you as an individual going to bat for yourself).  Again, never used their services but don’t recall hearing anything bad about them.  

What numbers are you using for vacancy, cap-ex (even though property fully rehabbed on front end, things will need to eventually be replaced), and ongoing maintenance? Is your $200/month after all these mentioned reserves?

@Mark S. — you are correct, we are a nationwide turnkey promoter connected to 22 markets and dozens of local providers.

We can provide additional value over and above working with “just” a local provider because we are both market and Provider agnostic.

We do what we can to vet any and all service providers, not just property sellers. And there are issues that come up on occasion where we go to bat for our clients.

I like to see you that we provide the knowledge, resources, and properties that people need to be successful real estate investors.

Bottom line, investors get far more value and unbiased counseling over working with a single local provider.

Continued success!

Originally posted by @Mark S. :

@Dan T., congrats on your progress. I was in analysis paralysis for years, so don’t feel bad.  

I have not done business with any of the three you mentioned, but I did visit Spartan a while back and I was not impressed with the properties.  The people were fantastic, but the properties had a lot to be desired.  Since then, I’ve connected with a few investors on BP that have had pretty bad experiences with them, so it’s probably best I steered clear.  

Norada isn’t a turnkey provider themselves but more of a connector to other, supposedly vetted providers.  I think the idea with their model is the leverage you might gain if something with a provider does go wrong and they're standing behind you to make sure the provider makes things right (since they have a bunch of clients and it’s not just you as an individual going to bat for yourself).  Again, never used their services but don’t recall hearing anything bad about them.  

What numbers are you using for vacancy, cap-ex (even though property fully rehabbed on front end, things will need to eventually be replaced), and ongoing maintenance? Is your $200/month after all these mentioned reserves?

 Hi Mark,

Thanks for the note. I was not impressed with the Spartan Properties from what i saw. The customer service i received and pre-purchase consultation was amazing but I am mainly looking for the wealth building through equity pay-down; I wanted something that was a bit higher end. Appreciation would be nice and i know it's more likely in higher dollar areas as well. I never actually chatted with Norada but I always liked what i saw with Marco's involvement on the boards and he's from my neck of the woods. What clinched it for me with REI Nation is their ownership of the properties they sell and their in house property management for their clientele that had stellar reviews.

The numbers they told me to use are based on their property management group. 4% vacancy and 4% maintenance - no capex, 10% Management. The $220/m is net accounting for the 4% Vacancy, property tax, insurance, management fee, and maintenance. I may throw a capex in there as well to be on the safe side but i plan to keep a $5,000 reserve account per property for the unexpected.

Assuming i put down 25% and the property appreciates a modest 2% per year, i would see 18-20% on my money between cash flow, appreciation and equity. Even if i take appreciation out, I'm at 10%-13% in cash flow (accounting for tenant turnover ever 3-4 years - they claim this to be their average length of stay) and equity barring early move-outs or other unforeseen costs.

@Dan T. I have been investing with Memphis Invest / REI Nation for about 5 years and have had an outstanding experience. I can recommend them 100% for anyone looking to get into Turnkey investing. Even if you end up going with someone else on your next investments, you'll have the high standards of REI Nation to compare.

Congratulations!

Originally posted by @Dan T. :

Hey everyone, long time listener, poster and reader - first time investor. I have been in the analysis paralysis state for a solid year. I get super close to making a move and back off when it's time to put pencil to paper. I feel that the simplicity of the BRRRR model is overstated - sure, it's the best way to create the most equity but also the riskiest way to enter the world of real estate investment. I have a full time job (55-60 hours per week), 2 daughters under 2 years old and a personal life so i started looking heavily into turnkey for my first investment.

I understand that TK isn't the fastest way to create wealth or equity. My goal is to have 15-20 of these under management in the next 10-15 years; the long game on this will hopefully outweigh the opportunity cost forfeited by choosing the TK model. In researching Turnkeys, it seems there are a LOT of companies to avoid. I narrowed it to Norada, Spartan and REI Nation. After researching the companies and markets in which they operate, then seeing Chris' replies on here and seeing his clients ALWAYS handled even in situations beyond their control, i decided to move forward with REI Nation.

I spoke to Taz to start,  he got an idea of what i was looking for. $150K-$200K property, A-B neighborhood, good schools, decent cash flow ($200+) when traditionally financed with 25% down and a COMPLETE renovation. Taz passed me along to a lender, I got preapproved and was passed over to Rick to hone in on their available properties. I looked at several in Arkansas, Oklahoma, Texas and Tennessee.

I finally saw one i loved in Barltett, TN 34814. As of today, I've locked my rate and put the Home under contract. I have a conversation planned with REI on Monday, i'll post all details as they happen.

Awesome! Congrats! Turnkey is a great way to earn passive income while you work a 9-5. A True Turnkey company does everything in-house. They own the property first, renovate it in-house, and then do the management in-house (no third parties or a "trusted partner") I believe Memphis is one of the few that does it all in house as well. 

 I hope there is a decent demand in Barltett for rentals. Post the rest of your story when you have more on here. 

Originally posted by @Chris Coleman :

@Dan T. I have been investing with Memphis Invest / REI Nation for about 5 years and have had an outstanding experience. I can recommend them 100% for anyone looking to get into Turnkey investing. Even if you end up going with someone else on your next investments, you'll have the high standards of REI Nation to compare.

Congratulations!

Thank you for the comments, I appreciate the feedback! I plan to grab 5 in the first 1.5-2 years to start our portfolio - all with REI if this first one goes well.

I would love to know the criteria you look for in available properties after purchasing multiples from REI if you're willing to share!

Originally posted by @Dan T. :
Originally posted by @Chris Coleman:

@Dan T. I have been investing with Memphis Invest / REI Nation for about 5 years and have had an outstanding experience. I can recommend them 100% for anyone looking to get into Turnkey investing. Even if you end up going with someone else on your next investments, you'll have the high standards of REI Nation to compare.

Congratulations!

Thank you for the comments, I appreciate the feedback! I plan to grab 5 in the first 1.5-2 years to start our portfolio - all with REI if this first one goes well.

I would love to know the criteria you look for in available properties after purchasing multiples from REI if you're willing to share!

your Smart to be focusing on Nicest product possible not just what looks best on paper..

Originally posted by @Dan T. :
Originally posted by @Chris Coleman:

@Dan T. I have been investing with Memphis Invest / REI Nation for about 5 years and have had an outstanding experience. I can recommend them 100% for anyone looking to get into Turnkey investing. Even if you end up going with someone else on your next investments, you'll have the high standards of REI Nation to compare.

Congratulations!

Thank you for the comments, I appreciate the feedback! I plan to grab 5 in the first 1.5-2 years to start our portfolio - all with REI if this first one goes well.

I would love to know the criteria you look for in available properties after purchasing multiples from REI if you're willing to share!

Sure. I invest for cash flow, and look for around $300 per month, after PITI and property management. That was much easier 5 years ago, and even 3 years ago. But even today, I will not go under $250/mth.

Note, that is Cash on Cash. I do not consider equity from appreciation in my returns, nor do I consider equity from debt pay down in my returns. And I do not include tax deductions in my returns. I look at the real Cash Flow that will be deposited into my bank account. Of course, appreciation is great when it occurs. But I do not bank on it when purchasing a property. I will say, however, I've had two properties that I purchased with REI Nation appreciate more than expected, and I was able to cash-out refi within just a few years and get my investment back. Both were in Memphis suburbs.

Most of my properties are 3/2, 1300-1800 sq ft.

I scrutinize the neighborhoods probably more than the physical property.  I know its Class C property, which is good as that's what we invest in for cash flow.  However, I still want a safe community for my renters.  Nice and safe neighborhoods equal better tenants who stay longer, in general.  One of my best cash flowing properties with a long-term tenant is actually in Bartlett.  I do recommend that area, as well as Cordova.

I recommend carefully analyzing anything in Texas these days due to very high property taxes.  You really have to get high cash flow to make the numbers work, because the property taxes just keep increasing every year, especially in Houston/Harris County.  I still own in Texas from several years back, but property taxes can eat up your cash flow more than expected.

 

@Dan T. You are likely overpaying and will start out with negative equity. Turnkey isn’t scaleable and buying 15-20 of them is not a good investment strategy in my opinion.

Thanks for sharing! Turnkey is one of the top choices for busy professionals who need to invest. As you get more experienced you might find you want to take a more active role or diversify beyond the turnkeys. Beware, cash flow is addictive!

Originally posted by @Jay Hinrichs :
Originally posted by @Dan T.:
Originally posted by @Chris Coleman:

@Dan T. I have been investing with Memphis Invest / REI Nation for about 5 years and have had an outstanding experience. I can recommend them 100% for anyone looking to get into Turnkey investing. Even if you end up going with someone else on your next investments, you'll have the high standards of REI Nation to compare.

Congratulations!

Thank you for the comments, I appreciate the feedback! I plan to grab 5 in the first 1.5-2 years to start our portfolio - all with REI if this first one goes well.

I would love to know the criteria you look for in available properties after purchasing multiples from REI if you're willing to share!

your Smart to be focusing on Nicest product possible not just what looks best on paper..

 Really appreciate you chiming in - can't tell you how many of your posts I've read; to hear you say I'm on the right path gives me confidence.

Originally posted by @Caleb Heimsoth :

@Dan T. You are likely overpaying and will start out with negative equity. Turnkey isn’t scaleable and buying 15-20 of them is not a good investment strategy in my opinion.

I get your statement as a generalization. To say it isn't scale-able is incorrect - it's not quickly scale-able but, as equity build, you can refi these and roll into more no different than you could any other investment. It may take longer but opportunity is there and time is on my side, I'm 32 years old... That said, assuming negative equity CAN be correct but isn't always. I suppose this will be handled by the appraisal contingency on the purchase. If I'm out of pocket 55K (worst case) on a $170K property that appraises for $155K, I'm positive equity - sure, i could've got a better deal had i put in a ton more work and done everything myself but i'm not it a position to do that.

I guess what I am saying is I understand that the pursuit of a different strategy would likely net a better & quicker result. I gave the last two years of my life after work to this strategy and couldn't gain the needed confidence to pull the trigger. I could either continue down the path I was on OR pull the trigger. With my current job, i don't have the time to devote to the BRRRR that I would've liked to have utilized but it did afford me the capital to get a portfolio started and the ability to scale with my savings ensuring i am NEVER entering an investment negative equity. It may not be the best way but it's the clear path for me with where i am in life. This may change if and when a career change happens but i see myself with 5-6 turnkey properties through REI by the time i hit 35.

Originally posted by @Taylor L. :

Thanks for sharing! Turnkey is one of the top choices for busy professionals who need to invest. As you get more experienced you might find you want to take a more active role or diversify beyond the turnkeys. Beware, cash flow is addictive!

 My strategy is never set in stone! I am sure it will evolve into several more properties (who knows what types?) as i learn the business.

@Dan T. Have you ever owned investment property? I owned turnkey in memphis for 2 years and I can tell you first hand, the experience will not be what the provider pitches you.

Most the people on this thread are not unbiased. They sell these properties. I have nothing to gain by lying. I’m not selling anything.

If you paid 170k for a property worth 155k your true equity is less than 15k because 1) you’ll have selling expenses and 2) most investors won’t be willing to pay what you paid.

Your cash flow long term will be zero because when your tenant leaves it’ll be a guaranteed 3-5k in turnover expenses each and every time, regardless of what the rehab was.

Originally posted by @Chris Coleman :
Originally posted by @Dan T.:
Originally posted by @Chris Coleman:

@Dan T. I have been investing with Memphis Invest / REI Nation for about 5 years and have had an outstanding experience. I can recommend them 100% for anyone looking to get into Turnkey investing. Even if you end up going with someone else on your next investments, you'll have the high standards of REI Nation to compare.

Congratulations!

Thank you for the comments, I appreciate the feedback! I plan to grab 5 in the first 1.5-2 years to start our portfolio - all with REI if this first one goes well.

I would love to know the criteria you look for in available properties after purchasing multiples from REI if you're willing to share!

Sure. I invest for cash flow, and look for around $300 per month, after PITI and property management. That was much easier 5 years ago, and even 3 years ago. But even today, I will not go under $250/mth.

Note, that is Cash on Cash. I do not consider equity from appreciation in my returns, nor do I consider equity from debt pay down in my returns. And I do not include tax deductions in my returns. I look at the real Cash Flow that will be deposited into my bank account. Of course, appreciation is great when it occurs. But I do not bank on it when purchasing a property. I will say, however, I've had two properties that I purchased with REI Nation appreciate more than expected, and I was able to cash-out refi within just a few years and get my investment back. Both were in Memphis suburbs.

Most of my properties are 3/2, 1300-1800 sq ft.

I scrutinize the neighborhoods probably more than the physical property.  I know its Class C property, which is good as that's what we invest in for cash flow.  However, I still want a safe community for my renters.  Nice and safe neighborhoods equal better tenants who stay longer, in general.  One of my best cash flowing properties with a long-term tenant is actually in Bartlett.  I do recommend that area, as well as Cordova.

I recommend carefully analyzing anything in Texas these days due to very high property taxes.  You really have to get high cash flow to make the numbers work, because the property taxes just keep increasing every year, especially in Houston/Harris County.  I still own in Texas from several years back, but property taxes can eat up your cash flow more than expected.

 

Thanks for the insight! The COC on any turnkey worth looking at wasn't impressive. I'll be looking at 5-6% COC likely - this is where things get hairy. Focusing on COC let me into rougher neighborhoods. Considering I am looking at long-term buy and hold and am buying at the top of the current cycle, I'm trying to stick to the high end for long term stability but this may be my ignorance speaking.

Originally posted by @Caleb Heimsoth :

@Dan T. Have you ever owned investment property? I owned turnkey in memphis for 2 years and I can tell you first hand, the experience will not be what the provider pitches you.

Most the people on this thread are not unbiased. They sell these properties. I have nothing to gain by lying. I’m not selling anything.

If you paid 170k for a property worth 155k your true equity is less than 15k because 1) you’ll have selling expenses and 2) most investors won’t be willing to pay what you paid.

Your cash flow long term will be zero because when your tenant leaves it’ll be a guaranteed 3-5k in turnover expenses each and every time, regardless of what the rehab was.

I have not, this is my first one. Until the appraisal happens, we won't know if there's a discrepancy or not. If it's excessive, this won't happen. Another strategy buying higher end - should i need to liquidate, I wouldn't be limited to investors. Lastly, turnover sucks regardless, I agree. Was your property with Memphis Invest? In what area did you invest? I would assume the higher end renters will be less likely to trash the place and i know Memphis is full of low end as well.

Originally posted by @Dan T. :
Originally posted by @Caleb Heimsoth:

@Dan T. Have you ever owned investment property? I owned turnkey in memphis for 2 years and I can tell you first hand, the experience will not be what the provider pitches you.

Most the people on this thread are not unbiased. They sell these properties. I have nothing to gain by lying. I’m not selling anything.

If you paid 170k for a property worth 155k your true equity is less than 15k because 1) you’ll have selling expenses and 2) most investors won’t be willing to pay what you paid.

Your cash flow long term will be zero because when your tenant leaves it’ll be a guaranteed 3-5k in turnover expenses each and every time, regardless of what the rehab was.

I have not, this is my first one. Until the appraisal happens, we won't know if there's a discrepancy or not. If it's excessive, this won't happen. Another strategy buying higher end - should i need to liquidate, I wouldn't be limited to investors. Lastly, turnover sucks regardless, I agree. Was your property with Memphis Invest? In what area did you invest? I would assume the higher end renters will be less likely to trash the place and i know Memphis is full of low end as well.

No mine wasn’t with memphis invest but I’m guessing your house will be larger which means when they do leave your turnover expenses for paint etc will be higher than mine were.  
if I were you I would look into private lending or syndications.  Owning long distance rentals is a giant headache and everything gets more expensive 

 

Originally posted by @Caleb Heimsoth :
Originally posted by @Dan T.:
Originally posted by @Caleb Heimsoth:

@Dan T. Have you ever owned investment property? I owned turnkey in memphis for 2 years and I can tell you first hand, the experience will not be what the provider pitches you.

Most the people on this thread are not unbiased. They sell these properties. I have nothing to gain by lying. I’m not selling anything.

If you paid 170k for a property worth 155k your true equity is less than 15k because 1) you’ll have selling expenses and 2) most investors won’t be willing to pay what you paid.

Your cash flow long term will be zero because when your tenant leaves it’ll be a guaranteed 3-5k in turnover expenses each and every time, regardless of what the rehab was.

I have not, this is my first one. Until the appraisal happens, we won't know if there's a discrepancy or not. If it's excessive, this won't happen. Another strategy buying higher end - should i need to liquidate, I wouldn't be limited to investors. Lastly, turnover sucks regardless, I agree. Was your property with Memphis Invest? In what area did you invest? I would assume the higher end renters will be less likely to trash the place and i know Memphis is full of low end as well.

No mine wasn’t with memphis invest but I’m guessing your house will be larger which means when they do leave your turnover expenses for paint etc will be higher than mine were.  
if I were you I would look into private lending or syndications.  Owning long distance rentals is a giant headache and everything gets more expensive 

 

Appreciate the advice - we'll see how this first one goes and perhaps look into syndication as well!

Originally posted by @Caleb Heimsoth :
Originally posted by @Dan T.:
Originally posted by @Caleb Heimsoth:

@Dan T. Have you ever owned investment property? I owned turnkey in memphis for 2 years and I can tell you first hand, the experience will not be what the provider pitches you.

Most the people on this thread are not unbiased. They sell these properties. I have nothing to gain by lying. I’m not selling anything.

If you paid 170k for a property worth 155k your true equity is less than 15k because 1) you’ll have selling expenses and 2) most investors won’t be willing to pay what you paid.

Your cash flow long term will be zero because when your tenant leaves it’ll be a guaranteed 3-5k in turnover expenses each and every time, regardless of what the rehab was.

I have not, this is my first one. Until the appraisal happens, we won't know if there's a discrepancy or not. If it's excessive, this won't happen. Another strategy buying higher end - should i need to liquidate, I wouldn't be limited to investors. Lastly, turnover sucks regardless, I agree. Was your property with Memphis Invest? In what area did you invest? I would assume the higher end renters will be less likely to trash the place and i know Memphis is full of low end as well.

No mine wasn’t with memphis invest but I’m guessing your house will be larger which means when they do leave your turnover expenses for paint etc will be higher than mine were.  
if I were you I would look into private lending or syndications.  Owning long distance rentals is a giant headache and everything gets more expensive 

Absolutely agree with @Caleb Heimsoth, I have moved into multifamily syndications over the last few years to get higher returns, and preferred returns at that.

Turnkey will look attractive again when the market slows. But for now it’s pretty expensive.

 

Hi Dan,

I also live in CA and looking to invest in Memphis. I have interviewed SEVERAL turnkey companies and received inventory from them, I have to agree that the homes seem to be overpriced. I knew from the start that I would be paying for the renovations, but for some of the areas I was looking to invest in, I couldn't find comps that would support the purchase price. Additionally, the COC return did not look appealing. Each company offered their analysis, but after I analyzed (with my limited knowledge) each deal, the COC return was NOT what their paper returns stated (Most of them did not account for contingencies). I am a busy mom of 3, wife, and full time professional so turn key is sooooo appealing to me. But I haven't found a deal that makes sense to me yet. I will continue my search and in the meantime attempt to build a team with move in ready properties in Memphis that I can purchase. I am still open to Turnkey properties, but I am determined not to get too excited to buy something that I don't fully analyze the entire situation.

FYI...I did ask a couple of turn key companies if the appraisal came back lower than the asking price are they willing to negotiate and one said yes and one basically said NO. Of course the one that said NO, I crossed off my list immediately. Good Luck. I am looking forward to hearing about your adventure. I hope we are swapping stories within the next 3-6 months about our properties that we have acquired. 

I've looked into the TK market too and IMHO its not nearly as good as advertised...... you overpay up front, often get weak if any appreciation and all that "cash flow" you got disappears when you have turnover or sell....

Many TK leave off vacancy, and/or CapEx and other "details" that crush the numbers once you add them in....

Just didn't appeal to me.....

Originally posted by @Ned J. :

I've looked into the TK market too and IMHO its not nearly as good as advertised...... you overpay up front, often get weak if any appreciation and all that "cash flow" you got disappears when you have turnover or sell....

Many TK leave off vacancy, and/or CapEx and other "details" that crush the numbers once you add them in....

Just didn't appeal to me.....

Agreed, i wish the returns looked better on paper. That said, I am looking forward to seeing what this property does. I have budgeted for all contingencies and the numbers aren't great but i knew that up front. Banking on long-term equity paydown more than anything. Dismal appreciation and a couple capex items for which i budgeted shouldn't kill the deal if i plan to hold the property for 10-15 years, if not more. At least, that's the hope!

 

Originally posted by @Lena Davis :

Hi Dan,

I also live in CA and looking to invest in Memphis. I have interviewed SEVERAL turnkey companies and received inventory from them, I have to agree that the homes seem to be overpriced. I knew from the start that I would be paying for the renovations, but for some of the areas I was looking to invest in, I couldn't find comps that would support the purchase price. Additionally, the COC return did not look appealing. Each company offered their analysis, but after I analyzed (with my limited knowledge) each deal, the COC return was NOT what their paper returns stated (Most of them did not account for contingencies). I am a busy mom of 3, wife, and full time professional so turn key is sooooo appealing to me. But I haven't found a deal that makes sense to me yet. I will continue my search and in the meantime attempt to build a team with move in ready properties in Memphis that I can purchase. I am still open to Turnkey properties, but I am determined not to get too excited to buy something that I don't fully analyze the entire situation.

FYI...I did ask a couple of turn key companies if the appraisal came back lower than the asking price are they willing to negotiate and one said yes and one basically said NO. Of course the one that said NO, I crossed off my list immediately. Good Luck. I am looking forward to hearing about your adventure. I hope we are swapping stories within the next 3-6 months about our properties that we have acquired. 

Hey Lena, thanks for the feedback! Glad to hear this wasn't just my experience. Rick at REI was clear that they value the property as an investment, not as a "home" so comps don't apply. I really don't care how they feel about the investment, I care that the comps are there and it will appraise. This is why i thumbed through so many before getting to where i am; currently under contract. This one should appraise - they ask that, if it's within 15K of the appraisal, you come up to the purchase price. If not, they'll find you another. Once the earnest money is in, inspections are paid for and you're ion process on the loan, it gets awful expensive to back out. That said, i feel like i did my homework here but i guess time will tell.

I have to imagine REI Nation is the company that said no - they didn't seem receptive to the idea. If it appraises, we're off to a great start. if it doesn't, this thread will be a great resource to potential buyers when they see the outcome. I would love to stay connected so we can bounce our experiences off one another!