All Forum Posts by: Rebecca K.

Partly correct @Joey Hamaoui.  There is still no new tenant in place. Old tenants left July 10 and have not paid July rent. JWB is charging me the tenant placement fee. 

Ongoing property management is 10%.

Now, they are saying they are not waiving the tenant placement fee. They originally said they were using the security deposit to fund the turn-over and I would get the remainder; that in the end, I might end up with more money. Now they're saying, nope, it's going to the tenant placement fee. They get two in a span of a couple of months, when I wasn't planning on paying a second for two years because I bought the property with a tenant in place for two years. 

Bad miscommunication on their part. 

My part, it would be better to purchase properties that charge less rent. Second, when working with a new turnkey property, I will start by purchasing only one property.

Thanks! I'm really looking forward to investing in Memphis. Haha, I accidentally put this into the Jacksonville Real Estate Forum; doing two things at once.

Does anyone have any experience with Memphis Cash Flow? 

Thank you?

Congrats on your purchase, Pam! Would love to hear how things continue to progress. JWB has been great thus far.

Hi Joseph.

I was upset that I would have to pay the tenant placement fee again since there was a break in the lease. However, after further communication, JWB told me they would be covering the placement fee since it was a unique situation. Not something they would normally do, but a gesture they wanted to make because the situation happened so new in the game. 

JWB charges first month's rent for the tenant placement fee. While doing my research on turnkey properties, I've seen one month to half of one month's rent, and somewhere in between.

While it was an unfortunate circumstance, I have been extremely happy with JWB and their customer service. Courtney, Mike, and Gregg do a great job of walking me through the situations and explaining any questions and concerns I may have. Gregg also pointed out to me that I am still on track to meet my ROI.

Thanks for your question, Joseph.

Congrats! So exciting. Congratulations also on your newborn. Thank you for sharing your experience and posting your before and after photos. I definitely want to buy, renovate, and hold. I have a few turnkey properties at the moment. Would also like to have some multi family properties.

Great work! The renovation looks beautiful.

Spartan spends around $30,000 on renovations, something they are pretty transparent about and which I appreciated.

Chris, I appreciate all the chronicling and posts you made. Thank you. 

Yes, I'm curious as well, Larry.

Hello. I am currently working with JWB. They have great customer service and I was very pulled in by their desire to build a long-term relationship with their investors. In a podcast, they mentioned how typical property managment companies collect first month's rent as a tenant placement fee. I was surprised to read that JWB still does collect first month's rent as a tenant placement fee.

I received an email from JWB yesterday saying not to be alarmed, when in fact the situation was quite alarming. One of the tenants passed away, and they had to vacate. They were a few months in to a two year lease. About $1,300 is being done on the turnover and JWB will be collecting a tenant placement fee. Not too happy about the situation as I was just starting to enjoy the passive income. The situation has also put a sour taste in my mouth and I am reluctant to invest with other turnkey properties. I will continue to update with the progress of the situation.

All in all, they have a great motto to "underpromise and overdeliver," unfortunately, it's been the other way around.