Rental Property Investor · Brooklyn, NY · Member since 2020 · 113 posts · 25 votes
I have a full-time job and so I will be booking a trip to Memphis in the upcoming week or two to meet with turnkey providers. This route will get me in the door with out of state investing.
I'm in it research phase and I wanted to get your recommendations on which ones I should check out.
Below is what I have so far, and so I will book appointments and go meet them in person.
@Sam Sala hello I currently live in memphis. I have a company where we wholesale and also work in the fix and flip space. Please shoot me a note and let me know what areas you are looking to invest in.
@Sam Sala hello I currently live in memphis. I have a company where we wholesale and also work in the fix and flip space. Please shoot me a note and let me know what areas you are looking to invest in.
Investor · Miami, FL · Member since 2013 · 377 posts · 258 votes
5y
Check out FoundationPM.com. I don't know too much about them but they have been recommended to me before. It might be worth your time since you're already going to be up there.
Rental Property Investor · Charleston, SC · Member since 2018 · 29 posts · 13 votes
5y
@Sam Sala
I recently purchased a rental property in Memphis from Memphis Turnkey Properties in August. I plan to write an entire article about the experience after one year of ownership. Although I don't have a second point of reference, the purchase did have a few minor bumps. The part I am looking for is how well CB Properties (the property managers for Memphis Turnkey) maintains the property, keeps tenants happy and in place and if there are repairs that eat into the cash flow.
I recently purchased a rental property in Memphis from Memphis Turnkey Properties in August. I plan to write an entire article about the experience after one year of ownership. Although I don't have a second point of reference, the purchase did have a few minor bumps. The part I am looking for is how well CB Properties (the property managers for Memphis Turnkey) maintains the property, keeps tenants happy and in place and if there are repairs that eat into the cash flow.
Rental Property Investor · Charleston, SC · Member since 2018 · 29 posts · 13 votes
5y
@Patrick Owens
And, not to be too negative, remember Memphis is ranked as the #4 most dangerous city in America (Minniapolis is #20). So, be careful where in the city you invest or you may find rent collection or eviction very difficult- even for the property manager. I speak as someone who lived there for 36 years.
Rental Property Investor · Charleston, SC · Member since 2018 · 29 posts · 13 votes
5y
@Sam Sala
Yes, this is the only one I dealt with. I heard good things about them and since I knew the area, I could judge if they were directing me to a place I didn't want own.
Rental Property Investor · Charleston, SC · Member since 2018 · 29 posts · 13 votes
5y
@Sam Sala
I will place it here in Biggerpockets.
I think there are several Bigger pockets blogs on vetting your turnkey company that would provide a list of quality questions.
Btw, Memphis Turnkey Properties is here on Biggerpockets.
My only other recommendation is that you research the area that they recommend purchasing in. Just in case you and the property manager part ways (for whatever reason). Will you or a new property manager be willing to take on the property management?
Investor · Miami, FL · Member since 2013 · 377 posts · 258 votes
5y
Sure. I invest in the Memphis area. I've purchased a property with MemphisPropertyInvest. I have not complaints about that company. Very professional and someone always had an answer to any questions that I had.
Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
5y
@Sam Sala where are you located? I’ve owned turnkey properties in memphis. Your returns will be better in the stock market and you will have way less headache.
Buying turnkey is overpaying significantly. It will appraise but you won’t be able to sell for that same price.