All Forum Posts by: Bob Beach

 I imagine, no out of state investors see the property beforehand. Midsouth will send you an email, about the property, when it comes available, and you have to act on it soon or pass it by for the next investor to decide.  

Thank you, Chris and Mike, for your input. Yes, our one house with them has been basically trouble free for 8 years. I think 1 or 2 tenant turnovers but much better than our other houses. We have 5 doors with another property manager and I'm on the phone with them from twice a month to twice a day resolving issues. Also, don't trust their maintenance issue and repair prices. 

I plan on adding myself to the waiting list on Monday.

Thanks again to all that responded.  

Bob

Yes, after doing more research and finding other posts, it seems like everyone has a positive experience with them. I was concerned that the houses don't meet the 1% rule but with older houses, you're losing in more repair costs.  I believe, they purchase their houses in better areas (better than ours) and a complete rehab, plumbing, wiring, roofs, walls, fixtures help with longevity. Many things a rent-ready rehab doesn't include. 

I think I'll be adding my name to the waiting list very soon. Thanks for the feedback.

Wondering from people that have houses bought from Midsouth. What's your experience? We have 6 doors in Memphis, and one is from Midsouth. We have had a positive experience for 8 years and considering another Midsouth house. Maybe we were lucky so sending feelers out.

Thanks for any input. 

We purchased one house from Midsouth Home buyers and it's been mostly trouble free for going on 8 years. 

@Nathan Gesner Actually, the PM came highly recommended, on this website. I did a search for PM's in Jackson and I saw this PM mention a few times in the posts. I PM'ed to posters to confirm. That's why I don't want to say who it is. "probably" just the plumber that's the issue. I PM'ed the same to posters, now 8 months later to see their experience. Only one responded, so far, so good. 

  A couple commentors mention, pay a little more, get professional opinion. That's why I had Roto-Rooter go out. Someone I will trust. We have 6 doors in TN under two PM's. They both do OK but one I'm on the phone a few times a week with them. Mainly, a couple houses are in "challenging" areas with suck tenants. Never had a major issue with them, just have to kick start them once in a while, on an empty house. 

  Our one house in Jackson, I will be more hands on and all repairs have to go through me. The PM is good about checking with me first but only 2 issues in the last 8 month. 

Thanks for all the responses and getting my "shady fee" compass back to north. 

We have one rental in Jackson and now on our second property manager. First was Evernest, (never again). Now, a Mom and Pop style PM. I don't want to say who since I'm not 100% sure what's going on. First red flag, the PM brought up a small "safety hazard" repair. A couple 6' boards and paint for something like $500. Then, a plumbing issue. They brought in a "plumber", said the house had multiple leaks in the pipes, needed re-piping and concrete broken up to fix the second leak. Estimate is $4500. I had Roto-Rooter go get me a second estimate and they say, "there's no leak. Water pressure holds at the meter. Pipes are fine and doesn't need re-piping".  Total cost to me = Free estimate. 

Anyone investors have similar experience?

@Angel Mora 

One year ago, I had a very similar experience as you with Evernest. It started with Allen contacting me and the pass offs started from there. There were a number of issues, but the big one was a "repair" charge they lied about. The new tenants didn't know how to lite the brand-new stove. Evernest said they had to pull a permit from the city, have the stove inspected to make sure it was safe for the repairman then they could look at it. They found nothing wrong and the stove was fine. Charged me $450. I asked to see the permit and they couldn't come up with it. I contacted the city to get all permits and the only one was one that my contractor got that I paid for. I later found out that the tenants googled how to lite the stove and solved it themselves. Four months of arguing with different people and I finally got my $450 back.  

After that, I changed PMs' and a year later, still not sure if I'm safe from "cash grabs." 

I hope it works out and post anything that's positive with the next PM.

 Sorry, late responses. Didn't see notification.

This issue, I believe is finally resolved. After 2 or 3 months of emails going back and forth arguing over the $450 charge, I finally showed my hand. I knew they didn't get a $150 permit since I requested all the permits on the property since before I purchased it. I didn't tell them this since it was kinda fun to see them struggle to explain the charge, After we were all set up with the new PM and felt safe...  BTW - the new PM asked the tenants about the stove issue and the tenants said, "They didn't know how to start it but they googled it and figured it out on their own". So the PM must have fabricated an invoice to justify the charge. So I finally told the PM I had requested all the permits and the one they charged me for "did not exist". After that, they said they would escalate to management for my refund. And I did get it. In addition, their owner statements were so convoluted, that I'm still not sure if I got all my rents from them. The owner statement showed no rent for August, but one employee sent me a handwritten statement showing August rents. (about the time the house went to the new PM).  I'll research a little more one I get a chance. 

Thanks for the replies, Bob