Considering Turnkey Investment with Memphis Invest

Rental Property Investor · Bloomington, IL · Member since 2015 · 48 posts · 8 votes

Hi BP family...

I'm a part-time investor now with 3 cash-flowing, single-family rentals that I actively manage myself. With lots of travel for work, I'm looking to invest outside of my base area (central IL) and increase the "passive" aspect of my cash flow. That said, I'm having an initial call with MemphisInvest tomorrow to hear their sales pitch, and I intend to document my experience here in the BP forums.

I've probably over-prepared with my questions and criteria, BUT if anyone has any words of wisdom or can offer smart questions to ask, please let me know and I'll report back soon.

Cheers!

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Curt DavisBusiness Member

Flipper/Rehabber · Memphis, TN · Member since 2008 · 5k+ posts · 2k+ votes

No matter what company someone looks into you are bound to find a % who have had either a bad experience or something didnt go as planned. At time there is no way to avoid this. So what happens if you find a few investors who had a less then desirable experience, you will also find many who have had a great experience. Considering their time in the business, number of markets they are now in and the size of their team, its fairly safe you will be talking with one of the better companies who are a TK provider in the country.

Also like @Chris Clothier mentioned, sometimes an investor is not a good fit for their company and the other way around. No one company is perfect.

@Antoine Martel welcome to BP, as you will find out there is a ton of information here as well as great networking opportunities. Also being as new as you are you should not be trying to burn any bridges as in reading your posts you make it sound like you have a lot of people who have purchased from Memphis Invest who had a bad experience and your wanting to put people in touch with them. It benefits you in no way to do this and could make you look very unprofessional to the people who may read these posts. Take care!!

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Matt Snow
Rental Property Investor · Santa Cruz, CA · Member since 2016 · 39 posts · 25 votes
8y
@JJ Mayer Thank you for all of these updates, they have been very helpful. I am considering MI as well. Out of curiosity, did you end up pulling the trigger and giving them a try? If so, how did it go with the 1031?
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Caleb Heimsoth
Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
8y
So Memphis invest is a fantastic company. Their customer service is great and their rehabs and property locAtions (at least in Memphis) I’d call A class locations. What newbie investors need to know though is all of that customer service and size comes with overhead, and so their prices will be higher. Sometimes they can’t guarantee the property will appraise. They can do this because regardless of this, properties are under contract in 24-72 hours upon making available to buyers. So just be aware of that. I’m not sure how often it happens but it does happen. Regardless of this I’ve never met anyone on BP or otherwise who has had a bad experience with them.
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William Kim
Burlington, MA · Member since 2017 · 61 posts · 16 votes
7y
bump. how has everyone's experience been thus far? Looking to see if anyone could provide a current update. Thanks in advance!
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JJ Mayer
OP
Rental Property Investor · Bloomington, IL · Member since 2015 · 48 posts · 8 votes
7y
Guess, I've been chicken, but I never pulled the trigger. We did go down and tour MemphisInvest and check out some properties that were in various states of rehab. Overall, I walked away impressed, but neither the pro forma nor my leveraged estimates gave me a clear CoC Return that was strong enough to jump.
Now I've been sitting on my cash for too long and perhaps I should have just got in! :-(
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