Memphis Property Management Co. Review

San Francisco, CA · Member since 2016 · 2 posts · 5 votes

Hello!

Out of state [almost] investor here, and preparing to purchase my first investment property in Memphis. I'm reaching out to the BP world for insight or first hand experiences with the property management companies i've been talking with. The three groups are very active on BP...

Reedy & Company, and exploring the turnkey approach with Memphis Turnkey Properties as well as Memphis Invest.

Thank you in advance.

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Alex CraigBusiness Member

Real Estate Professional · Memphis, TN · Member since 2009 · 1k+ posts · 1k+ votes

@Jay Grabbe $4,000 is a total rip off for an new AC unit. We pay $2,200 with permit pulled on an 3.5 ton AC unit with coil. Hot Water tank is about $650. The tank itself only cost about $330, parts are about $100. Permit and labor about $175. You can get better cost. Always ask for a breakout of labor and material. Some PM companies get rich on maintenance.

901-848-9028

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Curt DavisBusiness Member
Flipper/Rehabber · Memphis, TN · Member since 2008 · 5k+ posts · 2k+ votes
9y
Send me a PM and I will give you my off line honest assessment. I am familiar with all three companies.
Curt Davis - KAIZEN Realty538 Reviews
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2 Reply
James WachobBusiness Member
Real Estate Broker · Memphis, TN · Member since 2015 · 1k+ posts · 888 votes
9y
@Michelle Villasenor my team is here to serve!
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Alex CraigBusiness Member
Real Estate Professional · Memphis, TN · Member since 2009 · 1k+ posts · 1k+ votes
9y
Well, I hope Curt has nice things to say about our management since we manage 17 of his homes. If we are not doing good, he could always drive down the street and give me an earful. LOL!
901-848-9028
2 Reply
Michelle Villasenor
OP
San Francisco, CA · Member since 2016 · 2 posts · 5 votes
9y
Alex Craig all positive :)
2 Reply
Jay Grabbe
Rental Property Investor · Highland, IN · Member since 2016 · 31 posts · 23 votes
9y
Reedy bleeds me dry from expenses
0 Reply
Bob Smith
Real Estate Investor · Des Moines, IA · Member since 2017 · 41 posts · 14 votes
9y
Originally posted by @Jay Grabbe:

Reedy bleeds me dry from expenses
Can you elaborate on that? I was considering Reedy. Do you feel the expenses are not legit or they charge high prices or what? Any info would be appreciated.
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Jay Grabbe
Rental Property Investor · Highland, IN · Member since 2016 · 31 posts · 23 votes
9y
600 repairs 500 section 8 inspection repairs 2500 house prep 4000 new ac 900 house prep 1000 water heater Half of these are on the remodel Curt did. I absolutely wanted to stay away from C areas, these 2 houses were A and B areas rated by Norada. There's another I have down there with a different company that I don't hear anything from but had to threaten eviction when tenant didn't pay for a month. I own properties in Indiana that I manage myself. Chicago prices are some of the highest and these repairs are over twice what I would pay. If I had to do it again I'd stay away from these companies. Everyone has different tolerances and goals, they don't meet my standards. Ive settled on only buying properties over 100k worth in good areas rated by amenities and schools. I'm sticking to my area for now, you can find deals if you look.
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Bob Smith
Real Estate Investor · Des Moines, IA · Member since 2017 · 41 posts · 14 votes
9y
Besides the above anybody have any great (or terrible) PM's in Memphis? Would love to get some reports (good or bad). Thanks in advance.
2 Reply
Alex CraigBusiness Member
Real Estate Professional · Memphis, TN · Member since 2009 · 1k+ posts · 1k+ votes
9y
@Jay Grabbe $4,000 is a total rip off for an new AC unit. We pay $2,200 with permit pulled on an 3.5 ton AC unit with coil. Hot Water tank is about $650. The tank itself only cost about $330, parts are about $100. Permit and labor about $175. You can get better cost. Always ask for a breakout of labor and material. Some PM companies get rich on maintenance.
901-848-9028
4 Reply
Rebecca K.
Gilroy, CA · Member since 2016 · 41 posts · 21 votes
7y
Thank you @Michelle Villasenor. Am looking for a new property management company for my two properties in Memphis and have reached out to Memphis Turnkey. Thanks!
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