Picking Turnkey companies in Memphis

20 Replies

I have been doing some research on Turnkey companies in Memphis and I ran into two companies that others have maybe suggested or have come up in my searches. One is Memphis Invest and the other is Memphis Turnkey. Has anyone used these companies? If so, how do you like them? Pros and Cons?

One company has some great marketing and great strategies, while the other charges less but doesn't seem to have as strong of a game plan as the other. But they both seem like great companies. Just wanted others thoughts on past experiences with any of these companies, be it success stories or failure stories. Thanks!!

Vivek Shah

I used Memphis invest for my first property. I have a good experience with them. Property performs great. They call me once a month no matter what just to check in and see if I have any questions or concerns. If you can find numbers that work for they are good at what they do.

Only con I can thinking of is they want you to use their preferred lender if that matters to you. 

@Vivek Shah when you read my message, you may just disregard this comment but I’ll add some things.

If you’re looking at turnkey, specifically in Memphis, I can talk a lot about this. I went to Memphis twice this year and visited the headquarters of three companies, including the two you’re referencing.

Both are great companies and MI is definitely top shelf. Just keep in mind their more rigid in that they only let you use their preferred lender and they only manage properties that you buy from them. Not every company is like that. That may matter to you or not, just something to consider

both solid companies. You are going to have to call them both and do your homework. Asking here for opinions is great but when it comes down to it you need to go with whom you feel is better suited for you. Also on forums like this you will never truly get the real low down on any company. Just Bc one company is the best at marketing or one company charges less does not mean one is better then the other. Keep digging and make those calls. Good luck 

@Vivek Shah ,

Both are great companies.  I have quite a few turnkey rentals in Memphis and I talk with both companies fairly often.  I also visit Memphis at least twice a year.  They are both very experienced in Memphis can't think of a bad thing regarding either.  All I hear is good.

Probably the biggest difference in the two that I notice is that one is very large and one is smaller.  You will get very good service with both.  They cover much of the same areas. 

@Curt Davis is right.  Look at all of the reviews here but you will need to go with your gut in regards to which best suits your goals/requirements.  The best advice I can give you is get your feet on the ground.  Visit, at least the first time you are buying, to see the quality of homes and the neighborhoods you want to invest in.  Neither invests in bad areas but nothing will ever be better than driving the neighborhoods and looking at the actual house you may be buying.   

Good luck,

David

Originally posted by @Vivek Shah :

I have been doing some research on Turnkey companies in Memphis and I ran into two companies that others have maybe suggested or have come up in my searches. One is Memphis Invest and the other is Memphis Turnkey. Has anyone used these companies? If so, how do you like them? Pros and Cons?

One company has some great marketing and great strategies, while the other charges less but doesn't seem to have as strong of a game plan as the other. But they both seem like great companies. Just wanted others thoughts on past experiences with any of these companies, be it success stories or failure stories. Thanks!!

Vivek Shah

 I do not know much about those companies, but I always give the same advice when looking into providers. Just make sure they are TRUE providers and not just agents. They should own, renovate, and manage the properties all in house. They should not use any third parties or push you off on some management company after the sale. Also, watch out for "cash-only" companies.

Feel free to look at:

What to Ask When Working With a Turnkey Provider

and

The Best Types of Markets for Profitable Turnkey Properties

@vivek shah I have purchased two properties from Alex Craig and Memphis Turnkey Properties. Alex is a stand up guy and straight shooter. I have ZERO regrets that I choose him as my partner for Turnkey investing. 

Good luck with whomever you chose. 

Thanks all for the great advice! I'll be doing my homework with both companies and hopefully make the right decision. I've been asking a lot of questions to both companies and would like to know what are the biggest or most important questions that bigger pockets members ask turnkey companies? I just want to make sure i'm not missing any questions or missing any information that is crucial. Thanks!

Originally posted by @Curt Davis :

both solid companies. You are going to have to call them both and do your homework. Asking here for opinions is great but when it comes down to it you need to go with whom you feel is better suited for you. Also on forums like this you will never truly get the real low down on any company. Just Bc one company is the best at marketing or one company charges less does not mean one is better then the other. Keep digging and make those calls. Good luck 

 I think many of the turn key companies are just one goofy bad tenant from getting a bad rating on BP..   and we know it happens but those that get one tend to be vocal about it.

@Brian Stratton  

I ended up buying a property this month. The experience was actually great. With the help of @Caleb Heimsoth , I was able to get through the entire process better than I thought. I think picking the property was the hardest part, but after that it was pretty smooth. Do you have any specific questions about the process of it all?

What area of Memphis did you end up buying in?  I'm talking to Dave Dickten from Memphis Turnkey right now on trying to line up a property.  I've been researching for about a year now.

@Brian Stratton I ended up buying in the 38118 zip area. I haven't met Dave yet but they all seem like good people. I was really hesitant at picking at first because it's my first property. Then I just decided to jump the gun on one because I was tired of trying to find the "perfect" property. There will never be a perfect property that you pick. Just gotta go with the pros and cons of picking the property and work from there.

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