New Investor with some Turnkey CO questions

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New Investor with some Turnkey CO questions

Alex Corral
Denver, CO · Member since 2017 · 142 posts · 104 votes

Hello BP family. I am a new member, and have been reading the forums for the last month. I have some cash saved up and am looking to buy my 2nd investment out of state. I currently just bought 1 condo in Phoenix (my brother is a realtor there). I was starting to search for another Phoenix location when I came across a Morris Invest video on YT. I am starting to look at buying in a different part of the country.

I would like some suggestions on where to put my research. I know Morris Invest really likes IN. There is also Memphis Invest. From some of my research, it seems OH is also a good place to look. Morris states to avoid Memphis, but IN shows as one of the highest vacancy rates. I am confused. Can you guys give me your experience on those 3 markets? 

Much appreciated!

Alex 

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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
8y

There are many good providers in Memphis .. And Memphis Invest is certainly one of the top ones' and prides their self on customer service.. I have been in most of the providers offices in Memphis and can tell you they are all pretty fine companies..

However keep in mind there is no shortage of inventory .. so don't get sucked into thinking you have to buy today other wise the deal won't be there.. there are always homes to buy that's why these companies have been around for a decade or longer.

The morris tactic's frankly are just trashy the way they do things.. at least from what I have read on BP that's my personal opinion.. you have people posting that Morris showed them a house the call back 2 hours later only to have morris say its sold... this prompted them to buy the next one sight unseen for fear of losing it.. this is old school sales techiniques called the take away close. same with the scheduling phone calls so far out.. gives you this sense of scarcity.. pretty brilliant really.. these are not dumb marketers by any stretch and obviously its worked.

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  • Larry Fried
    Investor/RE Broker · Eugene, OR · Member since 2014 · 3k+ posts · 968 votes
    8y

    I suggest you do a search for Morris Invest here on BP.  There are several long threads and shorter ones do about investor experience and responses.  Indianapolis has some good neighborhoods for investing, but be sure you know what you are getting into.

    2Reply
  • Finny Chacko
    Investor · USA · Member since 2017 · 22 posts · 10 votes
    8y

    @ Larry Fried. Do you know what are some good neigborhoods to invest in Indianapolis for Buy and Hold investors?

    0Reply
  • Lane Kawaoka
    Rental Property Investor · Honolulu, HAWAII (HI) · Member since 2011 · 4k+ posts · 2k+ votes
    8y
    Alex Corral there are a bunch of turnkey markets Birmingham Atlanta Indianapolis is where my sfh is at but there are other good markets such as kcmo Memphis etc. Just make sure you buy with the right people. Try to find a provider that is not the property management. You need to expand your team in that area.
    1Reply
  • Jeffrey Nordin
    Rental Property Investor · Lodi, CA · Member since 2017 · 51 posts · 20 votes
    8y

    @Alex Corral, what would you hypothetically do if ten REALLY smart people suggested one course of action, but then ten other REALLY smart people suggested the opposite?

    I think REI is sometimes like this. As in any venture, the answer is: look it up yourself and make the best choice for YOU.

    Personally I really LIKE the idea of a resurgent southern city that has great history and steady cash flow. But the numbers just don't support Memphis or Nashville TO ME. People aren't moving there, and that's just MY PREFERENCE on investing. STEADY+ GROWTH

    2Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    8y

    Morris and Memphis invest could not be more polar opposite in their product and philosophy in investing..

    do read the Morris threads..

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  • Alex Corral
    OP
    Denver, CO · Member since 2017 · 142 posts · 104 votes
    8y

    Thanks everyone for the responses! 

    @Larry Fried @Jay Hinrichs

    I actually did do some reading regarding Morris Invest. Seems as though they sell houses in what they call "C" areas, but are more like D. And communication from their recommended PM is non-existent, right? I'm going to ask them about this.

    @Jeffrey Nordin, I actually have NO idea so far. I'm just trying to look at ROI numbers and looking for recommended contacts who will hopefully be honest as I'd like to buy more as soon as I can.

    1Reply
  • Alex Corral
    OP
    Denver, CO · Member since 2017 · 142 posts · 104 votes
    8y

    Wanted to add, it seems Memphis prefers to sell in more C/B areas (70k+) and has a great PM team?

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    8y

    There are many good providers in Memphis .. And Memphis Invest is certainly one of the top ones' and prides their self on customer service.. I have been in most of the providers offices in Memphis and can tell you they are all pretty fine companies..

    However keep in mind there is no shortage of inventory .. so don't get sucked into thinking you have to buy today other wise the deal won't be there.. there are always homes to buy that's why these companies have been around for a decade or longer.

    The morris tactic's frankly are just trashy the way they do things.. at least from what I have read on BP that's my personal opinion.. you have people posting that Morris showed them a house the call back 2 hours later only to have morris say its sold... this prompted them to buy the next one sight unseen for fear of losing it.. this is old school sales techiniques called the take away close. same with the scheduling phone calls so far out.. gives you this sense of scarcity.. pretty brilliant really.. these are not dumb marketers by any stretch and obviously its worked.

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    6Reply
  • Alex Corral
    OP
    Denver, CO · Member since 2017 · 142 posts · 104 votes
    8y
    Jay Hinrichs I had read about the calls being so far out. I was shocked to see plenty of times available the next day. I'm in no "rush", but am ready to do something now. In the meantime, I'm trying to learn as much as I can as fast as I can.
    0Reply
  • Caleb Heimsoth
    Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
    8y
    After all the things that are on here about Morris I would be very careful
    1Reply
  • Finny Chacko
    Investor · USA · Member since 2017 · 22 posts · 10 votes
    8y
    Other than Morris and Memphis, Is there any good turnkey companies in Midwest areas you guys suggest?
    1Reply
  • Alex Corral
    OP
    Denver, CO · Member since 2017 · 142 posts · 104 votes
    8y
    Talked to Morris Invest today. Said their deals go in 3-6 hours. Supposed to send me some properties, but not interested in pressure sales. Btw, Jay Hinrichs I listened to your podcast with BP. Great info! Very interesting stories as well. Especially the timber trade. I'm lucky to have you advising on my thread. Thanks.
    0Reply
  • Tom Ott
    Equity Raiser and Turnkey Provider · Cleveland, OH · Member since 2016 · 4k+ posts · 1k+ votes
    8y
    Originally posted by @Alex Corral:

    Hello BP family. I am a new member, and have been reading the forums for the last month. I have some cash saved up and am looking to buy my 2nd investment out of state. I currently just bought 1 condo in Phoenix (my brother is a realtor there). I was starting to search for another Phoenix location when I came across a Morris Invest video on YT. I am starting to look at buying in a different part of the country.

    I would like some suggestions on where to put my research. I know Morris Invest really likes IN. There is also Memphis Invest. From some of my research, it seems OH is also a good place to look. Morris states to avoid Memphis, but IN shows as one of the highest vacancy rates. I am confused. Can you guys give me your experience on those 3 markets? 

    Much appreciated!

    Alex 

     I do not know much about those companies. Just make sure you do not go with some huge company that will give you the run around because they do not have time for everyone. It is like going to the Wal-Mart of Turnkey Providers. Ideally, the Turnkey company you look into should own, renovate, and manage their properties all in house. If they use any third parties or push you off on some management company, I would reconsider. If they want to get rid of you after the deal, that makes me think they are only in it for the sale and not the relationship.

    Try looking at:

    What to Ask When Working With a Turnkey Provider

    and

    How to Find the Right Turnkey Real Estate Investment Company for You

    1Reply
  • Alex Corral
    OP
    Denver, CO · Member since 2017 · 142 posts · 104 votes
    8y
    Thanks for the links @Tom Ott.
    1Reply
  • Jeff Schechter
    Developer · Nashville, TN · Member since 2016 · 484 posts · 406 votes
    8y

    Full disclosure:  I'm a partner in a very solid TK company here in Indy.  We're very familiar with the suppliers and tactics of all the TK's in Indy.  And yes, Memphis Invest is a good one, if you want to be in their markets.  PM me if you want more info about the Indy market.

    0Reply
  • Eunice L.
    Sunland, CA · Member since 2016 · 55 posts · 35 votes
    8y

    I have invested with Memphis Invest. Their prices are higher but they do have integrity and reputation. I had no problems with Memphis Invest throughout the purchasing process. Having said that, I do want to point out that on the property management side with Premier Property Management, there has been frustrations with lack of communication. The average time it takes for my person, Jill, to get back to me about my issues and questions has been 4-5 days.  That is way too long in my opinion. And that is after calling 3 times, emailing twice and texting a her a few times as well in my most pleasant and professional manner, not hounding her in a rude or entitled fashion. So far, I'm not at all impressed with the property management side of things with Memphis Invest. They are either overloaded or perhaps my representative is just not on top of things and/or lazy. 

    1Reply
  • Chris ClothierBusiness Member
    Rental Property Investor · memphis, TN · Member since 2009 · 2k+ posts · 3k+ votes
    8y
    Originally posted by @Finny Chacko:

    Other than Morris and Memphis, Is there any good turnkey companies in Midwest areas you guys suggest?

     Finny,

    I would reach out to @Mike D'Arrigo  to learn more about Indianapolis and Kansas City.  For midwest and Indy especially, I think Mike is a high quality connection and much better option for Indianapolis.  There is a gentleman named @Ryan Mullin who is also an excellent source for information on the Indianapolis market if that is where you are interested in looking.

    JWB is a full-service Turnkey company in Jacksonville, not exactly midwest, but they are a high-quality company as well.  Those will be good connections for you to start with.

    Best - Chris

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  • Chris ClothierBusiness Member
    Rental Property Investor · memphis, TN · Member since 2009 · 2k+ posts · 3k+ votes
    8y
    Originally posted by @Eunice L.:

    I have invested with Memphis Invest. Their prices are higher but they do have integrity and reputation. I had no problems with Memphis Invest throughout the purchasing process. Having said that, I do want to point out that on the property management side with Premier Property Management, there has been frustrations with lack of communication. The average time it takes for my person, Jill, to get back to me about my issues and questions has been 4-5 days.  That is way too long in my opinion. And that is after calling 3 times, emailing twice and texting a her a few times as well in my most pleasant and professional manner, not hounding her in a rude or entitled fashion. So far, I'm not at all impressed with the property management side of things with Memphis Invest. They are either overloaded or perhaps my representative is just not on top of things and/or lazy. 

    Hi Eunice,

    I appreciate your taking the time to voice your experience here on BP and taking the time to speak with our team a short while ago.  

    I have viewed the notes in our system on all communications and unfortunately, some of the communications recently and the efforts of our team member do not meet our expectations.  We have a higher standard of excellence that we hold ourselves and our team to and I apologize that our failure led to a frustrating experience for you.  

    While they are outside the norm, these are great opportunities for us to learn as a company and to teach our team to always hold ourselves to a higher standard.  I promise we can do better.

    Again, thank you for taking the time to talk to speak with Nate and if I can be of service, please feel free to reach out.  Best - Chris

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  • Alex Corral
    OP
    Denver, CO · Member since 2017 · 142 posts · 104 votes
    8y
    Originally posted by @Jeff Schechter:

    Full disclosure:  I'm a partner in a very solid TK company here in Indy.  We're very familiar with the suppliers and tactics of all the TK's in Indy.  And yes, Memphis Invest is a good one, if you want to be in their markets.  PM me if you want more info about the Indy market.

    Hi Jeff, I actually had you written down about talking to you as well. I will send you a PM.

    1Reply
  • Alex Corral
    OP
    Denver, CO · Member since 2017 · 142 posts · 104 votes
    8y

    @Eunice L. Thanks for the feedback. I am looking to talk to Memphis Invest as well.

    @Chris Clothier I'm in customer service as well, and I know things can get busy, but it's nice to see activity from a owner/partner with their clients. Says a lot IMO.

    1Reply
  • Finny Chacko
    Investor · USA · Member since 2017 · 22 posts · 10 votes
    8y
    Originally posted by @Chris Clothier:

    I would reach out to @Mike D'Arrigo  to learn more about Indianapolis and Kansas City.  For midwest and Indy especially, I think Mike is a high quality connection and much better option for Indianapolis.  There is a gentleman named @Ryan Mullin who is also an excellent source for 

     Thank you Chris for taking time and reply, I would defenitely reach out to them and try to gather some information. I think I want to look in to Indianapolis area, so I will start with Mike and Ryan. I really appreciate your help.  

    0Reply
  • Eunice L.
    Sunland, CA · Member since 2016 · 55 posts · 35 votes
    8y

    @Chris Clothier 

    Thank you for your prompt feedback and your input. Shortly after I posted, Nate Gray did call me to apologise and said that he would be printing out my response out to have a team meeting to improve communication on the property management side of the business. I really appreciate you guys' effort to learn and improve from past slip ups instead of getting defensive or making excuses. That to me spells excellence.

    0Reply
  • Eunice L.
    Sunland, CA · Member since 2016 · 55 posts · 35 votes
    8y

    @Chris Clothier

    @Alex Corral (I sent this to Chris from Memphis Invest but Alex, I included you so you can see how the situation was handled well in the end)

    Thank you for your prompt feedback and your input. Shortly after I posted, Nate Gray did call me to apologise and said that he would be printing out my response out to have a team meeting to improve communication on the property management side of the business. I really appreciate you guys' effort to learn and improve from past slip ups instead of getting defensive or making excuses. That to me spells excellence.

    1Reply
  • Mike D'ArrigoPro Member
    Turn key provider · San Jose, CA · Member since 2010 · 4k+ posts · 3k+ votes
    8y

    @Alex Corral I'm no expert on Memphis but if you choose that market you can't go wrong with Memphis Invest. They are a top quality, reputable turn key company. If you're interested in Indianapolis, I'd be happy to share my insights on that market.  Like Memphis, Indianapolis is a strong cash flow market however, you need to understand the neighborhoods. I highly recommend sticking with solid, higher C class or better neighborhoods and stay out of the low end neighborhoods. 

    1Reply
  • Alex Corral
    OP
    Denver, CO · Member since 2017 · 142 posts · 104 votes
    8y
    Mike D'Arrigo Thanks so much for your time on the phone yesterday. Nearly an hour. You shared some truly great advice that has changed my plan.
    0Reply
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