Memphis Invest

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Memphis Invest

Adrienne RussoPro Member
Santa Monica, CA · Member since 2014 · 4 posts · 0 votes

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.  

Any recommendations?

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Chris ClothierBusiness Member
Rental Property Investor · memphis, TN · Member since 2009 · 2k+ posts · 3k+ votes
11y

I find it interesting @John Lee that you have no information on your profile. It is even more interesting you have only posted two comments.  Both of them today and both about Memphis Invest and both linking to negative information.  As you see when you read through those articles, we filed a defamation lawsuit in July of 2013.

I have no problem with you posting those links.  I am not bothered by what one person falsely stated about our company and the integrity of our actions has certainly outweighed the b.s. we had to put up with when dealing with the individual that we sued.  I would however, like to see you add some more information to your profile and show that you are a legitimate investor and not a fake profile here to disparage my families' company.  

I will withhold any further comments for now. 

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  • Hugh C.
    Investor · Los Angeles, CA · Member since 2015 · 50 posts · 20 votes
    11y
    Originally posted by @Haim Mamane Palman:

    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.

    What kind of cash on cash return do you get with MemphisInvest or DallasInvest?

    2Reply
  • John Lee
    Los Angeles, CA · Member since 2015 · 3 posts · 7 votes
    11y

    Hi @Chris Clothier, I appreciate your response.  I'm a new investor doing a lot of homework on my end, and yes that led me to BP, and yes I am very new with zero posts prior to today.  

    I only participated just now because I am a legitimate/potential investor for your company, and I was just continuing on with my due diligence.  I am actually in contact with one of your account managers, and I have seen all your videos and literature as part of the intro package.  

    In any regards, I much appreciate the response, and I'm still seeking to be a customer of MemphisInvest, when the right opportunity presents itself.

    I hope you understand I was just doing my due diligence on your company.

    Thank you.

    4Reply
  • Charles Worth
    Investor · New York City, NY · Member since 2015 · 808 posts · 417 votes
    11y

    I think a lot of larger PM companies have bad reviews from the tenant side. It is definitely scary to look at as an investor who is going to trust them. On the flip side I do tend to think that this also shows why property management is so hard and important. Some of these pissed off tenants would be coming after you and not one of these management companies which sounds a lot worse. End of the day considering the PM works for me I find it hard to believe a few bad reviews from the tenant side are not a good thing if the PM does their job right (i.e. evictions, fees, etc.) 

    2Reply
  • Chris ClothierBusiness Member
    Rental Property Investor · memphis, TN · Member since 2009 · 2k+ posts · 3k+ votes
    11y
    Originally posted by @John Lee:

    Hi @Chris Clothier, I appreciate your response.  I'm a new investor doing a lot of homework on my end, and yes that led me to BP, and yes I am very new with zero posts prior to today.  

    I only participated just now because I am a legitimate/potential investor for your company, and I was just continuing on with my due diligence.  I am actually in contact with one of your account managers, and I have seen all your videos and literature as part of the intro package.  

    In any regards, I much appreciate the response, and I'm still seeking to be a customer of MemphisInvest, when the right opportunity presents itself.

    I hope you understand I was just doing my due diligence on your company.

    Thank you.

     I absolutely understand John and appreciate your response as well.  The old links you posted were a very serious matter for our company because they contain some very serious subjects and a number of false and defamatory comments.  As I stated, they were so serious that we felt we needed to file a defamation lawsuit to address them.

    I hope you understand  my response.  I trust that you were simply looking for answers and in your due diligence I have no issue answering your questions.  I would be happy to answer any specific questions that you may have.

    You have found a fantastic resource for real estate investors and I wish you the best of luck as you get started.

    Chris

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  • Daniel Cruz
    Knoxville, TN · Member since 2013 · 100 posts · 24 votes
    11y

    I took a quick look at facebook and Memphis Invest is 4 of 5 stars.

    https://www.facebook.com/pages/Memphis-Invest/121568694583878?fref=ts

    1Reply
  • Martin Yung
    Tampines, Singapore · Member since 2014 · 68 posts · 21 votes
    11y

    @Chris Clothier @Curt Davis

    What's the criteria for Premier Property Management to manage properties for Curt's client? Must it be turnkey products from Curt? Can properties bought through Curt as buyer's agent through MLS and rehab by Curt eligible too?

    Thanks

    0Reply
  • Eric Bilderback
    Real Estate Agent · Sisters, OR · Member since 2014 · 1k+ posts · 1k+ votes
    11y

    I like Memphisisinvest a lot from what I have read online.  I am looking at putting the capital from a 1031 exchange from the apartment complex I am partial owner into some of their properties.  

    Would love some feed back to these questions from anyone who knows or has an opinion,

    What is the typical down payment required from their lender?  (On the properties they have listed the cashflow is based on what?, buying it with cash, 0% down, it doesn't say).  I'd also like to know the interest rates they offer are and if they are fixed rates?

    Most importantly what is typical ROI and COC? What can I safely expect? Is it unrealistic to expect 8-10% cash back?

    Thanks in advance for the help

    0Reply
  • Allison Karrels
    Investor · Gainesville, VA · Member since 2014 · 118 posts · 76 votes
    11y

    @Curt Davis - are all your BuyMemphisNow properties managed by Premier or do you have your own property management company as well. 

    Thanks :)

    0Reply
  • Allison Karrels
    Investor · Gainesville, VA · Member since 2014 · 118 posts · 76 votes
    11y

    @Eric Bilderback - I have a home with Memphis Invest - I had to put 25% down because it was my 5th mortgage, otherwise I could have put 20% down.

    Purchase price was $92,900, 2 year lease -rents are $895 year one and $915 year two. 

    Assuming 25% down 4.75% 30 year financing, Property taxes, insurance, 5% vacancy, 10% repairs/maintenance, 10% property management,  - cap rate is around 6.5%

    If you take out vacancy, repairs, maintenance your cap rate is 8.5%

    Hope that helps

    3Reply
  • Chris ClothierBusiness Member
    Rental Property Investor · memphis, TN · Member since 2009 · 2k+ posts · 3k+ votes
    11y
    Originally posted by @Martin Yung:

    @Chris Clothier @Curt Davis

    What's the criteria for Premier Property Management to manage properties for Curt's client? Must it be turnkey products from Curt? Can properties bought through Curt as buyer's agent through MLS and rehab by Curt eligible too?

    Thanks

     @Allison Kerrels , this is for you as well.  There is no special criteria per se for Premier property management to manage the BuyMemphisNow homes.  Craig Jennings is the owner of the company and we have known Craig for almost 10 years and Curt for the past 6 or 7.  Craig and I sat down at lunch one day as he was preparing to launch BuyMemphisNow with Curts help and Craig was going to turn over property management to a third party.  I convinced him that we could all work together and provide good, quality property management to their clients and they could provide the customer service.

    Craig usually attends our weekly property management updates and Curt i know provides good feedback and service to his clients.  They are the only company who we would have an arrangement like this with and it is because we have a good working relationship and everyone understands that there is plenty of business out there for everyone.  For both of us, the goal is to provide great value to the investor.

    I do not believe an arrangement like this would work with too many people because most are very adversarial or have a scarcity mindset.  But we work well together and so far it has been a  smooth process of providing management for their clients without crossing or having any issues with clients.

    The only real criteria that we have is that the properties be in certain areas that we operate as a company so we are comfortable providing management services in those neighborhoods.  And they have to renovate the properties to a much higher level than what may otherwise be done by other companies.  They have done a great job of both up to this point and I think it has worked well for everyone.

    So there is no cross ownership and we do not share client data with one another or try to cross promote.  Nothing like that.  But we do share information with each other that will help us both be better companies and use best practices.  So they are a separate company with their own ownership, but we do provide back end property management for them.  

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  • Marylynn B.
    Investor · Frederick, MD · Member since 2012 · 160 posts · 31 votes
    10y

    Why so many posts removed?

    1Reply
  • Account Closed
    College Professor · Searcy, AR · Member since 2015 · 21 posts · 3 votes
    10y

    So I just talked with them about the Dallas market and wasn't excited by what I was shown. The two example deals they sent me yielded low cash on cash returns - one under 2% cash on cash return and one around 6% cash on cash return. Their conventional deal analysis is also run with you putting 40% down, which I never want to do. My goal is to put 20% down to conserve my cash. The all in management fee was around 12.75% per year, which is quite steep. That coupled with the low cash on cash return is hard to swallow for me. They also require that you use their management company for 2 years once buying a house through them, locking you in to the 12.75% management fee (above market fee). If you want to not touch a thing and pay for it, they may be a good option. If you want better cash on cash than 10%, you will likely need to look elsewhere. The company does seem to have a good reputation.

    0Reply
  • Collin Tilbe
    Flipper/Rehabber · Littleton, CO · Member since 2015 · 37 posts · 9 votes
    10y
    I just closed in my first rental in the DFW area through Memphis Invest on Dec. 30th. I was very pleased with the entire process. After the home inspection the renovation team did an incredible job with my requested repairs. Even amidst the Holidays, They found me a renter in 2 weeks, with a two year lease and rent increase in year 2. Special thanks to Eric Anthos who was my representative and Ryan Woolbright who handled the closing. I've recommended several of my colleagues and will be working with Memphis Invest again for sure.
    1Reply
  • Curt DavisBusiness Member
    Flipper/Rehabber · Memphis, TN · Member since 2008 · 5k+ posts · 2k+ votes
    10y

    Why are there so many posts removed above?

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  • Marc Oister
    Investor · pottstown, PA · Member since 2015 · 124 posts · 10 votes
    10y

    I have been looking into turnkey providers in the memphis and atlanta areas.  I have been in contact with norada, and buymemphisnow.  But for some reason everytime i call memphis invest i am told by a receptionist to leave a name, phone number, and email but am never contacted back.  This is the third time in 2 months.  Is there anyone on here that is currently working with memphis invest and can chime in.  I was wondering if this is any indication of how customer service is after a purchase.  I have read a mix of good and bad reviews, with the majority good. But so far the customer service has me second guessing their performance.

    1Reply
  • Marco SantarelliPro Member
    Specialist · Orange County, CA · Member since 2008 · 2k+ posts · 623 votes
    10y

    @Marc Oister-- Hi Marc.  Hopefully they get back to you soon.  Communication is a critical business function and we take it very seriously (as I'm sure you discovered).

    I don't know who your Investment Counselor is but feel free to contact them anytime with any questions.

    Continued success!

    0Reply
  • Andrew B.
    Redondo Beach, CA · Member since 2015 · 13 posts · 2 votes
    10y
    Originally posted by @Billy Maloney:

    I am in a contract with Memphis Invest right now. So far everything has been great. A few concerns have come up along the way as expected and MI has done a good job of communicating or solving these concerns quickly. @Chris Clothier has even made him accessible to me should I have any concerns/issues.  My impression of him is to be an honest and upfront guy who will do the best he can to make his investors happy.

    My feeling is they are working with lots of people and some people are difficult so things come up. Ill keep people updated with my progess 

     Billy,

    How's your Memphis Invest property been up to this month, are you still happy with the purchase? And what are you seeing in terms of quality and frequency of communication they offer you as a client? 

    0Reply
  • Billy Maloney
    Rental Property Investor · Los Angeles, CA · Member since 2015 · 155 posts · 81 votes
    10y

    My property is running great. It will be a year June.  The PM calls me once a month to check in and see if I have any questions.  They seem to be easy to get a hold of fro me, but i haven't had any problems I have had to bother them with yet. No complaints. Let me know if you have any questions. 

    0Reply
  • Brian H.
    Investor · Los Angeles, CA · Member since 2016 · 33 posts · 6 votes
    10y

    @Chris Clothier

    I read earlier in this thread that you are forcing investors into using your lenders.  Is that true and if so why are you doing that?

    0Reply
  • Brandon Riahi
    Investor · Dallas, TX · Member since 2015 · 27 posts · 28 votes
    10y

    Recently attended an event with them in Dallas. We were interested as we have a number of rentals with another provider but with slightly higher vacancy / collection / repair issues than expected. We wanted to see if the higher prices we had heard about with Memphis Invest would provide a solution to these issues - and result in a higher level tenant. They seem well liked by their investors I talked to at the meeting.

    0Reply
  • Chris ClothierBusiness Member
    Rental Property Investor · memphis, TN · Member since 2009 · 2k+ posts · 3k+ votes
    10y

    @Brian H. - Well, I wouldn't use the word force because buying and moving forward is always the choice of the investor.  However,  we have 17 lenders that we work with.  They all specialize in different areas such as lending only in Texas or only in Tennessee or they specialize in non-recourse lending or bulk transaction lending.  Some are able to lend on an investors first four houses and others up to ten properties for an investor.

    THE kicker is that ALL 17 of them are great at customer service and know exactly how to close non-owner-occupied investment property.  We also survey our clients after the close to inquire about the process and make sure they were satisfied with the service they receive.  That survey covers 5 different areas of the purchase with one of them being the lender. 

    A fast, efficient closing with few hiccups and at a competitive price is the most important thing to us.  So no, an investor cannot just bring any lender to the table to purchase a property from our company.  We have a process that we have refined over the years and lenders that we have trained to make an investors' experience smooth from start to finish.  Not to mention, it makes our own processes more efficient to know that we are not going to deal with any unexpected events or delays from an unfamiliar lender.

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  • Brian H.
    Investor · Los Angeles, CA · Member since 2016 · 33 posts · 6 votes
    10y

    @Chris Clothier I understand why you would want investors to work with your lenders for many reasons however as investors if we may already have good lenders we have worked with in the past and restricting us from using those lenders is disadvantageous for us as investors.

    1Reply
  • Chris ClothierBusiness Member
    Rental Property Investor · memphis, TN · Member since 2009 · 2k+ posts · 3k+ votes
    10y
    Originally posted by @Brian H.:

    @Chris Clothier I understand why you would want investors to work with your lenders for many reasons however as investors if we may already have good lenders we have worked with in the past and restricting us from using those lenders is disadvantageous for us as investors.

     You make a great point Brian.  That is how we built our list of 17 lenders today.  We have probably worked with over 40 lenders over the years.  Some closed one deal, some close hundreds, but a vast majority were recommended to us by an investor.  None of them are the big national banks.  We get those requests quite often and there is no need to even go down that road - it does not work.

    So if an investor comes to us and says I would like to do business, but I would like to use my lender, we are able in some cases to explore that option.  Most of the time we are not able to work with their lender after looking into it and speaking with the lender.  We usually ask an investor to allow us to interview the lender, learn about their process, tell them about our company and help the lender fully understands the Turnkey investment process.  At the same time, we ask the investor to, at a minimum, speak with one of the lenders we are comfortable closing with to compare process and cost.

    If we are comfortable after our conversation with the lender, then we move forward on that house and see how they perform.  If they perform well and score well in the survey, then we will add them to our roster of lenders and give them one or two at a time until they earn the right to do more business.

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  • Mas Yoshida
    Aliso Viejo, CA · Member since 2016 · 9 posts · 2 votes
    10y

    @Marc Oister - A little late, but thought I'd respond since I had the same issue as well. 

    I called the 877 number where the website refers you for investors, but no one picked up that line or called back. After couple days I called the Memphis office and I left my contacts with the receptionist. I did get a call back from an investment advisor the next day, and also learned it seems there is more of an automated process set up if you sign-up for the 'Investment Starter Packet'.

    Once you do talk to an advisor, they do have a very professional scheduling process. The advisor called me on time at the scheduled appointment time, and follows up quickly for any additional questions I may have.

    1Reply
  • Lee Rutty
    Cape Elizabeth, ME · Member since 2016 · 18 posts · 7 votes
    10y

    @Mas Yoshida, my experience with them was thru the sign-up. I got a call the next day and an email followup. I emailed with Taylor for a couple of weeks and then set up a call. Everything was very smooth.

    Don't understand why the investor line is not staffed or monitored, so anyone wanting to get in touch, use the investor packet sign-up route.

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