Has anyone done business with Memphis Invest? I got a link to them thru an email blast from Bigger Pockets, and they want my business, but I don't really know anything about them except they are a turnkey operation in Memphis.
The Clothiers run MemphisInvest & DallasInvest &... you get the point!
Chris Clothier was on podcast #26 and has written 100+ blog posts.
I've not seen or heard anything from or about them that lead me to believe they aren't everything they claim to be.
They are probably the top turnkey provider in the country. Some say their pricing is a little on the high side but that could be a matter of opinion. No one else has a team like theirs. They have to be doing a lot of things right in order for them to be where they are today.
There are several turnkey companies in our beautiful city so do your homework!!
I am sure @Chris Clothier who is one of the owners of their company can chime in. Feel free to ask him anything you like but if your looking for other members who have actually purchased from them, if they are out there maybe they can chime in.
Memphis Invest is the real deal. I say it as a client and as someone who worked with more than one turn-key company in Memphis. Yes, you pay premium for their properties but you get a truly fully rehabbed property, you get to work with a professional property management company, and you get outstanding customer service. Despite the fact that I paid much more for their property, the ROI is better with them because the property hasn't been vacant, the tenants pay on time, and the repairs are minimal. I definitely recommend their services.
I have never purchased a home through them, but one I purchased through Curt Davis here is managed by Premier Property Management, another Clothier company. With that said, I have to this point had VERY POOR service through Premier Property Management and would not recommend using them. The way they have propertyware set up is very frustrating. So much so that I am not even sure anyone on their staff really knows how to set it up or use it correctly. Communication from them is also poor, I always have to leave several voicemails or e-mails before someone gets back to me. This is all compounded by the fact that they recently raised their management rates.
I am about to close on my first Memphis Invest property May 15th. I went there last weekend to inspect the property with my home inspector. The rehab was good, and by talking with a neighbor the house is much improved from what it was originally. The whole process from selecting the house to closing took 2 months. The staff are very accessible and quick to return emails, calls or texts. I haven't gotten to the rent collection part of things yet but the tenants have been approved and once we close they are moving in shortly after. I am happy with my decision to invest with them and am sure I will buy another house with them in the future. The fact that it is a family business and they want it to be a business passed down from father, to son, to grandkids, etc gives me faith that they want things done right and for the long term success of both Memphis Invest and their investors.
I am currently in a contract with them now. I have an inspection this week. So far everything has been good. The rehab looks great and they have answered most all my questions quickly.
I am wondering about Preimier PM thou. I haven't fully signed with them but having second thoughts. Esp after hearing what @Chad W. is saying. Did you guys find it s strange that they dont have a fridge or stove for the tenants? They say its for lowers maintence calls, but I would think that would be unappealing to tenants. I also have also found that Preimier seems to charge a whole lot of fees as well compared to others. Im really unsure what to do because people say PM is the most important thing and they claim they are the best. I talked to a few but curious if people know others in the memphis area who do a good job??
Originally posted by @Billy Maloney :
Did you guys find it s strange that they dont have a fridge or stove for the tenants?
I've had no problem leasing my most expensive rental ($2000/month) without a fridge. Prospective tenants know right from the get go that they will provide there own. You can tell some moan/groan about it, but I still haven't had an issue!
IMO ~ it really has nothing to do with the whether its a high end/low end rental. And everything to do with the headaches that come along with appliances :) The less appliances, the less headaches.
Disclosure: They manage for some of my clients
I understand their fees may seem higher but I can tell you that 99% of the time they secure a 2yr lease and they get higher security deposits then any other mgnt company that I know of in the area. I use several different companies myself in the area so I have a good idea of what other companies are charging. Most companies charge in the 8-10% range monthly and 75%-100% of first month as a leasing fee.
What you truly need to keep in mind is that cheaper is not always better. In order for companies do do a good job it might cost a little more to have a quality company with quality employees. Their vacancy rate for the amount of homes they manage is very low, around 4%.
You should at lease give them a shot.
For what it is worth, my relationship with Premier has been much better since my last post. My home that Premier manages has been doing well this year with minimal issues. Curt and Craig from BuyMemphisNow have been very helpful in resolving any issues I had with Premier. Best of luck to you guys!
@Curt Davis Thanks for your input. I prob will give them a shot to start out and if Im not happy can always look to switch right.
Disclosure: Partner and family member of the family that owns Memphis Invest.
To everyone on this particular thread, I apologize for jumping in. I know this is intended to get some input and I felt there was already some really good input on here, but wanted to clear up a couple of things real quick. Sorry if it gets a tad long-winded.
@Billy Maloney just to be clear, you are not required to use Premier Property management when purchasing from Memphis Invest and we want you to be completely comfortable before moving forward. If you have any additional questions, please ask them before closing as our #1 priority is the experience you have with our company and your complete satisfaction. If you have any final questions - you can always reach out to me directly.
@Chad W. I am happy to hear that things are going better for you. There is one major misconception that I want to clear up. Premier DOES NOT offer management services to the general public but only to our clients. It is a value add service and part of our over-all customer service program. That customer service and all communication is administered by Memphis Invest and not by Premier Management.
When we worked with Craig to set up management services for their clients, it was a real leap of faith on the part of both companies since technically we were competitors. Craig and Curt are both highly experienced and very good people who work very hard to keep their clients happy. So both companies really believed we could work together. However, we had to agree on communication.
ALL communication on their properties is supposed to go through them. ALL customer service support goes through them. That was crucial so there is no question as to whether our company is trying to win their clients from them. If they sell a property to a client, we will use you as a for instance, it was agreed that they would provide communication and customer service on their properties under management.
Premier property management itself does not reach out to any clients under management. That communication is handled by Memphis Invest for our clients and by Craig and Curt for their clients. I do sincerely hope that we continue to provide excellent management and that Craig and Curt continue to provide the communication and service that you need. And hopefully you understand that Premier was never intended to fill that role so both companies could operate freely without fear of stepping on each others toes.
The relationship that we have with their company is excellent and because we only provide management to our company and to their properties, we are able to be more focused. As for PropertyWare, that is another story and we are constantly working with PropertyWare to improve that particular piece of software.
Please continue to let Craig and Curt know if there is anything that Premier can do to improve your experience and they will absolutely work on your behalf to get the answers and service you need.
Lastly, @Curt Davis was spot on with some of his metrics. Premier operates at a 4% vacancy on average. Currently we manage 2,953 properties in three cities. There are 2,396 Memphis properties under management and less than 90 vacant as of today including properties recently purchased and renovated that have not been rented yet. In 2014, the expense ratio to collected rent was 3.84% across the entire portfolio. That number includes the nominal mark-up we charge and that mark-up provides revenue to have full time staff that not only answer tenant calls, but also dispatch vendors and call every tenant back to survey their satisfaction with the work. As for average length of occupancy, we exceeded 4 years in 2015, turning over less than 19% of the portfolio. That is accomplished precisely because we do quality renovations on the front end and react quickly to tenants needs AND follow-up to make sure they are satisfied. Lastly, the length of stay is increased by hitting these two metrics: 75% of all leases fulfill to completion and 73% of those leases sign an extension.
We are super dialed in on our metrics and the ways we measure our ability to hit our stated goal and that is complete satisfaction of both our clients - the investor buyer and the tenant. That is an impossible goal, but absolutely the best one to work toward
Thanks for the reply Chris. Craig and Curt cleared all of this up for me after my initial post. It was a misunderstanding on my part as I was trying to work through the propertyware interface instead of through them. I am a computer guy, what can I say. :)
@Chris Clothier thanks. I will reach out.
@Chad W. Can you explain what propertyware is and how it benefits you?
Im purchasing my first rental so i still learning about these things.
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Granted I was comparing their lender (supreme lending) to Quicken Loans - but the rate and terms were the same for me.
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Thanks @Account Closed and yah i found the same thing to me true that their lender was a .25 higher, but i was able to get them to match another lender i was working with. Although i had to pay half a point, so guess its the same in the short but better in the long run.
I would def recommend get a good faith estimate from another lender to show them so they can try to match.
Is propertyware used more with investors who manage their own properties or also ones that have PM in place?
Does Memphis Invest work with investors using propertyware @Chris Clothier ?
Disclosure: They manage for some of my clients
Propertyware is the online management portal where you can see your monthly statements, communicate with mgnt, see your tenants lease, etc...
It is also where you will set up your direct deposit for your rental income.
@Billy Maloney propertyware is a piece of software that property management companies use to manage portfolios. Its' primary function is to give the management company tools to manage their businesses. In the platform, their are multiple portals that can be used for many purposes like advertising available units, communicating with tenants and vendors as well as communicating with property owners.
So, owners get a property owner log-in when they purchase property and it is managed by premier. An owner can set up their preferences for email alerts when tenants pay bills or when property management attaches a bill for maintenance services to one of their properties. The owner can access their portfolio on the system at any time and see real-time info. on their properties.
It has its pluses and minuses for us as operators and for property owners, but it is generally considered one of the best and most robust systems for companies our size.
@Chris Clothier Thanks for the explanation. Sounds like a good system to have in place.
Hi guys. I was going to write a new post about what Memphis Invest is like, but decided to add to this thread. My partner and I have done our due diligence with the company but came across their facebook profile page and read some horrific reviews.
I understand that it's impossible to please everyone but it still does concern me a little because there's this one review with photos that paints a horror story.
I was just wondering if someone from Memphis Invest can address the poor reviews on facebook. Or if someone unbiased can share any experience, positive or negative?
And also this article: https://duncanwierman.wordpress.com/category/memphis-invest-2/
Disclosure: Partner at Memphis Invest
So with social media, as an owner, you have to be careful with what you do and how you respond. If you look, there are two or three sites that have negative comments on our property management. I think without looking, there are probably 25 total complaints across different sites about our management company. It is not so much a case of you cannot make everyone happy, but more a case of, we want to respond to legitimate concerns and simply understand that the rest are white noise. Almost all are denied applicants, but there are a couple of tenants who went to social media to complain.
It is important that we listen to negative feedback because that is where you find the ways to improve, but most if not all are just white noise on the management side. So we rarely get involved in social media discussions since anyone is free to say whatever they feel they need to say.
IN the case of the woman on Facebook that you reference, we did not engage her on FB, but did reach out to her in person with our Dallas Management. In person, she was no where near as nasty as her comments were and as amazing as it may sound after reading her comments, she continues to rent her property today and is currently in good status. She pays on time and we have had no issues with her since her initial complaints.
Lastly, we are managing 2,968 properties as of today. Our average length of stay is over 4 years - our annual expense to rent ratio in 2014 was 3.87% and trending a little lower after 4 months in 2015. Our vacancy rate as of today is 3.98% so... Are we perfect? - not even close. But we are pretty damn good!
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