Memphis Investment Properties

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Memphis Investment Properties

Ryan Budil
Rental Property Investor · Lee County, FL · Member since 2017 · 26 posts · 17 votes

Has anyone here worked with Memphis Investment Properties before? If so, can you tell me about your experience with them? How are the property managers? Any issues?

Thanks in advance!

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Zach LemasterBusiness Member
Rental Property Investor · Denver, CO · Member since 2015 · 1k+ posts · 3k+ votes
5y

@Edward Tudino Thanks for the mention.

@John Roesler I would like to add some clarity to this situation as you are not accurately describing our business model. We work across 15 different states in multiple asset classes (SFR, small & large MF, commercial office & retail, along with new build & development). Some of these investments we have complete control & ownership of, and some of them we have partnerships involved in like the one you invested in. So it would not be accurate to describe our overall business model in the simplified version mentioned above. It is accurate that the one home we are discussing in KC you purchased a couple of years ago was through another team we put you in touch with since we did not have the inventory at the time to support what you were looking for. My point is that we work in many different capacities in RE, and sometimes it's hard to understand the full picture based on one experience. One of our most exciting projects right now is the development of new builds in rapidly growing markets like FL & NC! We are set to build over 300 homes this year between both those states in areas where you can enter into a home with immediate cash flow, appreciation & equity! Most of these homes are appraising $20k to $30k above the sales price allowing immediate equity on a new built home in an excellent location. Not to get sidetracked, but I just wanted to add clarity on what we are focusing on currently, which is more of the BTR approach that many of our investors have had a ton of success with.

   It is unfortunate that you say you would not work with us again as that shows you see no value in what we assist with.  Just to be clear, you purchased a property with our assistance almost two years ago in KC.  Yes, it is accurate that the team you originally worked with had poor communication & follow up on the management side.  When we had a discussion about your frustrations with the current PM, we did everything we could to assist you with getting set up with a new mngt team.  So we introduced you to John who I have personally worked with on multiple levels for over 10 years, and is now doing a much better job managing your property.  Looking at the posts you left on this thread they tend to all seem positive, and talking about how the property is performing now that you have better management in place.  So I would like to just point out the assistance that we were able to provide when things did not work out perfect.  In addition to helping to resolve that situation, we assisted you in setting up an llc & quit claiming the deed to have the asset protection that you had informed us was part of your overall investment plan.  Hopefully there is some value we offered here?  Real Estate investing has risks like anything, and at some point everyone will experience a bad tenant.  I think the best evaluation of a business, management team, partner, etc. is how do they respond to a situation when things don't work out perfectly.  So hopefully you feel that we still did our best to set you up for success when things did not work out 100% as expected, and that the main take away from your experience over the past couple of years has been a ton of education which will ultimately allow you to become a more successful investor long term!  You took action to get started, and stay the course!  That is the most challenging obstacle for most that never do anything!  I'm happy to answer any questions you have at any point in time.

[email protected]800-311-6781Podcast Guest on Show How to Get 10%+ Off Your Next Real Estate Deal Right Now
Rent To Retirement5334 Reviews
WebsiteView Page
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  • Shane Swanberg
    Sacramento, CA · Member since 2018 · 9 posts · 14 votes
    7y

    Yes, projections have been on point.  Appraisals- 1 appraised over, 1 at value, 1 under value.  They discounted on the one that came in under.

    1Reply
  • Dillon Oergel
    San Diego, CA · Member since 2018 · 2 posts · 2 votes
    7y

    I’m closing on one, possibly 2 units with them in the next few days. They’ve been very quick to answer calls, get information back to me, and definitely know what they’re talking about. I agree with the maintenance and vacancy not being included though. Their pro formas do have them but they’re too low. Reedy and Company does have on-site contractors and said they’d be willing to be the contractor for a house if I find one to rehab, and they also have real estate agents. If you buy the houses from them they act as the seller and buyers agent and don’t charge themselves realtor fees. I’m sure if you sell it they’ll charge a seller’s agent fee but I can’t say 100%.

    I’m planning on finding a place for them to rehab and seeing how that goes compared to their turnkey options. Will try to keep updating along the way, but feel free to message me if you have questions.

    2Reply
  • Linda Gozar
    Investor · Orange County, CA · Member since 2019 · 4 posts · 3 votes
    6y

    @John Roesler Can you please provide an update on you KC MO property through RtR now that you’re a few months in?

    0Reply
  • John Roesler
    Rental Property Investor · Saint Paul, MN · Member since 2019 · 44 posts · 37 votes
    6y

    @Linda Gozar

    Great so far. Cash flowing each month!

    1Reply
  • Kalen Jordan
    Austin · Member since 2015 · 149 posts · 80 votes
    6y

    @Mark S. curious to know how this worked out for you

    0Reply
  • Mark S.Pro Member
    Rental Property Investor · KY · Member since 2013 · 1k+ posts · 537 votes
    6y

    @Kalen Jordan, I thought I was buying from Memphis Investment Properties, but it turned out it was James Wachob.com.   The property was priced very fairly in terms of rent to price ratio, but it’s not been without its fair share of problems.  

    Immediately after closing, there were two repair bills, one of which occurred prior to close.  I had the property management company, which is a third party property management company by the way - NOT in house, have the seller pay for the one incurred prior to close and I just sucked it up and paid the one that supposedly happened right after close.  I have had more (HVAC) repairs  on this property in the 7-8 months I’ve owned it than all my other SFRs (3 of them) combined.  Could be random luck, but I’m of the belief that the rehab just wasn’t as thorough as MSHB.  

    His team used to call me when trying to sell me a property.  Now that they’ve sold me one, I barely hear from them - I think only two emails letting me know they plan to connect with me soon (but that hasn’t happened yet).

    The third party PM company doesn’t communicate as well as MSHB, but I’m trying to make it work.   Also wasn’t aware that the tenant was Section 8 until the very end.  Not a bad thing in and of itself necessarily, but would have been nice to know sooner.

    They earned a $5K marketing fee to sell the property for another investor. Again, not a bad thing and it was disclosed in the documents, but I initially was under the impression they sold THEIR properties that came with THEIR in-house property management.  That’s not the way it worked out.

    1Reply
  • Sean Tagge
    Investor · Lehi, UT · Member since 2015 · 435 posts · 300 votes
    6y

    Since our company is mentioned here there seems to be some confusion I fee like I should clarify some things. 

    #1 @John Roesler Yes correct there are several Turnkey companies in Memphis that have very similar sounding names. Yes you were confusing "Memphis Invest" (now called REI Nation) and our company "Memphis Investment Properties".

    #2 @Mark S. I am sorry you were confused about buying from "Memphis Investment Properties" (MIP) and "JamesWachob.com" James Wachob used to be a sales agent at MIP until he left MIP on 1/1/2019 to start his own turnkey company. During the initial part of this thread 2 years ago he was working for us at MIP. MIP no longer has any ties with James Wachob.

    2Reply
  • Peter Ricca
    Member since 2019 · 36 posts · 16 votes
    6y

    @Mark S. Any update on your experience?

    0Reply
  • Mark S.Pro Member
    Rental Property Investor · KY · Member since 2013 · 1k+ posts · 537 votes
    6y

    @Peter Ricca, see my post above from 18 hours ago

    0Reply
  • Joe LeGolvan
    Rental Property Investor · Lakewood, CO · Member since 2020 · 22 posts · 15 votes
    5y

    @John Roesler how has been your experience thus far?

    0Reply
  • John Roesler
    Rental Property Investor · Saint Paul, MN · Member since 2019 · 44 posts · 37 votes
    5y

    I am working with Key Realty with John Wheeler now and the management experience has been significantly better than who I was working with. 

    I wouldn't buy through RtR again - I didn't realize that they're essentially an aggregation / marketing layer for a bunch of turnkey companies. And the company who I ended up purchasing from was not great - terrible management and got me very bad tenant. 

    2Reply
  • Edward Tudino
    Investor · RI · Member since 2020 · 1 post · 4 votes
    5y

    @John Roesler @Zach Lemaster

    Interesting. I've just started working with RtR. Would be good to see some input from Zach Lemaster here for clarification, if any.

    4Reply
  • Zach LemasterBusiness Member
    Rental Property Investor · Denver, CO · Member since 2015 · 1k+ posts · 3k+ votes
    5y

    @Edward Tudino Thanks for the mention.

    @John Roesler I would like to add some clarity to this situation as you are not accurately describing our business model. We work across 15 different states in multiple asset classes (SFR, small & large MF, commercial office & retail, along with new build & development). Some of these investments we have complete control & ownership of, and some of them we have partnerships involved in like the one you invested in. So it would not be accurate to describe our overall business model in the simplified version mentioned above. It is accurate that the one home we are discussing in KC you purchased a couple of years ago was through another team we put you in touch with since we did not have the inventory at the time to support what you were looking for. My point is that we work in many different capacities in RE, and sometimes it's hard to understand the full picture based on one experience. One of our most exciting projects right now is the development of new builds in rapidly growing markets like FL & NC! We are set to build over 300 homes this year between both those states in areas where you can enter into a home with immediate cash flow, appreciation & equity! Most of these homes are appraising $20k to $30k above the sales price allowing immediate equity on a new built home in an excellent location. Not to get sidetracked, but I just wanted to add clarity on what we are focusing on currently, which is more of the BTR approach that many of our investors have had a ton of success with.

       It is unfortunate that you say you would not work with us again as that shows you see no value in what we assist with.  Just to be clear, you purchased a property with our assistance almost two years ago in KC.  Yes, it is accurate that the team you originally worked with had poor communication & follow up on the management side.  When we had a discussion about your frustrations with the current PM, we did everything we could to assist you with getting set up with a new mngt team.  So we introduced you to John who I have personally worked with on multiple levels for over 10 years, and is now doing a much better job managing your property.  Looking at the posts you left on this thread they tend to all seem positive, and talking about how the property is performing now that you have better management in place.  So I would like to just point out the assistance that we were able to provide when things did not work out perfect.  In addition to helping to resolve that situation, we assisted you in setting up an llc & quit claiming the deed to have the asset protection that you had informed us was part of your overall investment plan.  Hopefully there is some value we offered here?  Real Estate investing has risks like anything, and at some point everyone will experience a bad tenant.  I think the best evaluation of a business, management team, partner, etc. is how do they respond to a situation when things don't work out perfectly.  So hopefully you feel that we still did our best to set you up for success when things did not work out 100% as expected, and that the main take away from your experience over the past couple of years has been a ton of education which will ultimately allow you to become a more successful investor long term!  You took action to get started, and stay the course!  That is the most challenging obstacle for most that never do anything!  I'm happy to answer any questions you have at any point in time.

    [email protected]800-311-6781Podcast Guest on Show How to Get 10%+ Off Your Next Real Estate Deal Right Now
    Rent To Retirement5334 Reviews
    WebsiteView Page
    8Reply
  • John Roesler
    Rental Property Investor · Saint Paul, MN · Member since 2019 · 44 posts · 37 votes
    5y

    @Zach Lemaster

    I definitely didn’t give enough context in my comment. I personally do still think highly of you Zach and your team. Thanks for the clarification on your business model. And yes, I really appreciate that you made the connection to John for me - they’re a great team. And I think you having a team doing the full scope will allow you to ensure better customer experience in the end as you remove the risk of bad management teams.

    I’ve definitely learned a lot! One thing for myself if is that I want to be a local investor only, which thankfully my market makes sense!

    All the best!

    2Reply
  • Zach LemasterBusiness Member
    Rental Property Investor · Denver, CO · Member since 2015 · 1k+ posts · 3k+ votes
    5y

    @John Roesler

    I truly appreciate the follow up response, and clarification!  As you know, we try to do everything we possibly can to set our investors up for success.  Anything you need at all in the future, or any questions you have about investing in general, please don't hesitate to reach out!

    [email protected]800-311-6781Podcast Guest on Show How to Get 10%+ Off Your Next Real Estate Deal Right Now
    Rent To Retirement5334 Reviews
    WebsiteView Page
    6Reply
  • Justin Tylus
    Rental Property Investor · Raleigh, NC · Member since 2021 · 21 posts · 6 votes
    5y

    @John Roesler 2 years later how is your Rent to Retirement property performing? I am in the same boat you are in and contemplating them and MIP. Thanks!

    0Reply
  • John Roesler
    Rental Property Investor · Saint Paul, MN · Member since 2019 · 44 posts · 37 votes
    5y

    Since getting connected with the right property management it's been smooth sailing and easy cash flow $$

    1Reply
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