All Forum Posts by: Patrick Owens

@Sam Sala

I will place it here in Biggerpockets.

I think there are several Bigger pockets blogs on vetting your turnkey company that would provide a list of quality questions.

Btw, Memphis Turnkey Properties is here on Biggerpockets.

My only other recommendation is that you research the area that they recommend purchasing in. Just in case you and the property manager part ways (for whatever reason). Will you or a new property manager be willing to take on the property management?

@Sam Sala

Yes, this is the only one I dealt with. I heard good things about them and since I knew the area, I could judge if they were directing me to a place I didn't want own.

@Patrick Owens

And, not to be too negative, remember Memphis is ranked as the #4 most dangerous city in America (Minniapolis is #20). So, be careful where in the city you invest or you may find rent collection or eviction very difficult- even for the property manager. I speak as someone who lived there for 36 years.

@Sam Sala

I recently purchased a rental property in Memphis from Memphis Turnkey Properties in August. I plan to write an entire article about the experience after one year of ownership. Although I don't have a second point of reference, the purchase did have a few minor bumps. The part I am looking for is how well CB Properties (the property managers for Memphis Turnkey) maintains the property, keeps tenants happy and in place and if there are repairs that eat into the cash flow.

@Austin Higgins

Something I wish I would see from a real estate (but haven't): There is a turnkey real estate company that sends me emails bi-weekly. The email contains pictures of the house, general information (number of beds, baths, square feet etc), and based on 20% down, the estimated ROI, cash flow etc. The real estate agents simply send daily emails based vaguely on my location, price and BR/BA requirements.

I just read that the CDC is inserting itself into tenant rights and contract enforcement. Is this something you are concerned with?

https://www.economicpolicyjournal.com/2020/09/the-center-for-disease-control-has-just.html

@Adam Zach

I'm a little surprised to see the number of electrical engineers responding. I expected this thread to be dominated by mechanical engineers.

@Adam Zach

As a follow-up, I would be interested to know how many people have had the DISC personality assessment.

What separates the engineers who try (and succeed) in REI from the ones who can't/will not get started. Are the engineers who are stuck in Analysis Paralysis also high "S"? Are the ones who dive in high "D"?

Personally, I am “the investigator”.

@Patrick Owens

Then creating systems to standardize and increase future successes

@Adam Zach

I've noticed the same thing.

I am an electrical engineer, myself.

Several of my engineering friends also own various types of real estate investments. We discussed this and concluded that engineering school and project engineering introduces the concept of taking a large problem breaking it into "bite-sized" pieces that can be easily accomplished.