Anyone has experience with Discount Property Warehouse

Memphis, TN · Member since 2016 · 9 posts · 3 votes

My husband and I are brand spanking new to the real estate investment business. We met with Discount Property Warehouse a few days ago and really liked them. Does anyone have any experience with them, good or bad? I can't find much info on them on BP and so far can only find one person who lists them as a good turnkey provider in Memphis among a few others. I do have meetings set up with a couple of other turnkey providers also.

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Douglas SkipworthBusiness Member

Rental Property Investor · Memphis, TN · Member since 2014 · 1k+ posts · 1k+ votes

10y

Hi, @Sherri Li.

@Stephen Akindona is with DPW and he is very active on BiggerPockets. You'd be hard pressed to find someone with a better reputation than Stephen.

Investor's Guide to Memphis Real Estate

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Marty Bosse
Financial Services / Real Estate Investor · Hanahan, SC · Member since 2014 · 34 posts · 44 votes
10y
Hi Sherri
I have no experience with Discount Property Warehouse but have 2 properties I bought through Memphis Turnkey Properties. Make sure they are on your list of other providers you will meet with. Talk to @AlexCraig. He will get you to where you want to be if you're interested in the Memphis area.
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Douglas SkipworthBusiness Member
Rental Property Investor · Memphis, TN · Member since 2014 · 1k+ posts · 1k+ votes
10y
Hi, @Sherri Li.
@Stephen Akindona is with DPW and he is very active on BiggerPockets. You'd be hard pressed to find someone with a better reputation than Stephen.
Investor's Guide to Memphis Real Estate
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Alex CraigBusiness Member
Real Estate Professional · Memphis, TN · Member since 2009 · 1k+ posts · 1k+ votes
10y
@Marty Bosse I have met Stephen before, very nice individual. He learned from Robert Feol who has extensive knowledge in the industry.
901-848-9028
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Stephen Akindona
Investor · Memphis, TN · Member since 2013 · 741 posts · 845 votes
10y
Hey thanks guys for the kind words!
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Kyle Myers
Investor · Manitou Springs, CO · Member since 2016 · 57 posts · 25 votes
10y
@Sherri Li,
I can't agree more with @Marty Bosse and his team at Memphis Turkey are all professional and honest that want the best for their investors. They of course make money from selling and managing the houses for you, but they are a quality company that relies on repeat investors. Don't save money on an up-and-coming TK company. If you want to read more about my experience with Memphis Turnkey check out my blog https://www.biggerpockets.com/blogs/8313/49783-par...
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Dean Letfus
Specialist · Memphis, TN · Member since 2012 · 1k+ posts · 1k+ votes
10y
Agree with all the above HOWEVER the bottom line is to know the value of the house you are buying. You can always "fluke" a good deal off a realtor and get an awesome deal. You are paying the turnkey guys for their location and value skills. So make sure you know enough to know if you are being conned.
@Alex Craig is an ethical businessman you'll be safe with him, (and several others here), but never just hand over your money relying solely on their offer of a house. Know the area and the values. Email other realtors, ring a couple of property managers etc. Once you get outside of the core group of good players there are tons of funky wholesalers in the Bluff.
At the very least I get all my clients to zillow the address and if the zestimate isn't higher than your buy price and zillows rent estimate isn't close to the rent you're being quoted, find a better deal!
Before all y'all crucify me, I know Zillow isn't always right but it is a good thumbnail preview of comps for those who know nothing.
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Kyle Myers
Investor · Manitou Springs, CO · Member since 2016 · 57 posts · 25 votes
10y
@Dean Letfus I agree with your underlining principal of doing your own diligence. However, please don't make your decision based on zillow. My home for some reason had a "zestimate" of less than half of what it appraised for. Do your're own comp on zillow based on recent comp sales and price/ sq ft. There are also many other tools to analyze rents such as rentometer.com. Dean is right to do your due diligence, even with a reputable TK company. Just don't rely on one site.
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Dean Letfus
Specialist · Memphis, TN · Member since 2012 · 1k+ posts · 1k+ votes
10y
I've never seen that disparity in over 500 houses, so that is most unusual @Kyle Myers. So must be a unique situation.
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Gail L boucher
Homeowner · Fitchburg, MA · Member since 2024 · 7 posts · 5 votes
2mo
I know a few things I did wrong. I didn't do an independent market analysis. I never looked at comps. I was told this was the value of the houses after we do extensive rehab yet when I researched to determine if permits were pulled they were not. Im talking about turnkey sellers ive dealt with so I caution anyone do your due diligence. Don't believe pro forma they give you. Don't buy into a turnkey property that is not finished and rented. Ask for the permits when was the work done was it done by a licensed individual. What are the guarantees.
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