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