All Forum Posts by: Stephen Williams

Sorry forgot to add that lol.  I’m not sure how much he can help you if it’s not complete. I just had to take the delay and make sure it was fully complete before I released the last amount of money. Because if you go with someone else and the work isn’t complete you risk having to spend a lot more to go with another contractor. 

When I spoke to Dan he told me it would be best for me to at least give it some time since I’m in my first year where I don’t pay for property management.  So far I have never spoken to Fortress Property Management about the property.  I receive payments from Memphis housing authority and I sometimes worry about if they are taking care of the tenant.  I plan on sending a letter to the tenant with my company email address to make sure they are taken care of  if they are then I’ll just let it go until it really becomes a problem  

Dan Butler

 I reached out to Dan Butler and talked with him. He says he runs into Kenny from time to time because he is well known around Memphis. But he also manages 100’s of homes for investors. 

There are people there that can check on the operation for you.  I had to endure a long drawn out process as well.  They said the issue was with the power company as well.  Out of the 3, Kim was the hardest to get in touch with.  I told them the unanswered phone calls were the deal breaker for me.  If there are delays I can work with that but going silent for months was not something anyone would want to deal with.

I'm still somewhat dealing with it.  I remained with them for property management since they have a year of no charge for doing a deal with them.  I have not had good communication with the property management team either so in the next month or so I am switching over to another company I have already spoke with who also recommended seeing how long I can go with complimentary property management.

I'm actually just a little concerned with whether the tenant is being taken care of or not.

 They managed to finish an the tenant is in place.  Still waiting on payments to start with the city of Memphis. it was supposed to be October 1st but I haven't seen anything yet.  I' on the road for work so plan to call and get an update eventually.  I have had some responses but still no consistency.  We had a discussion about the costs I have endured and the low ball offer to cover expenses for going 5 months past contract deadline but haven't heard back. 

It just doesn't seem like an oversight when literally no one in the organization answers or returns your calls.  I can see if one person is hard to reach but everyone?

UPDATE:

I have finally reached the point that the property in question has a tenant moved in. It has passed it's housing inspection and the Midsouth Turnkey is footing the bill for the rent until the housing office starts paying. To say this BRRR was a disappointment is an understatement. After 3 delays the appraisal was finally done and it came in $28K short of the ARV that was done when I purchased the property to which a lot can change with appraisals after almost a year of being delayed.

I bought the property 12/1/23 with a 90 day SOW contract.  It is now August so it's been over 9 months.  The only thing that has occurred as sold to me was the amount of rent from the City of Memphis but we don't know if that will possibly change as well.

I know I reached out for points of contact in the area for doing more transactions but at this point I think I'm done.  I do not see myself buying another single family rental.  As far as investing for income and equity I am moving strictly to Syndications.  They have appealed to me since I learned about them and I have learned a lot from Jim Pfiefer and Left Field Investors.  They just announced they were bought out by Bigger Pockets and will be joining the company under the name PassivePockets and I can't wait to continue to learn with them.

Given the required time and number of transactions needed to get the right people for these I do not have the time to do it.  I've had nothing but price gouging and overall terrible service when it has come to dealing with single family homes.

I wanted to say thank you to everyone that reached out and provided their help and I'll hopefully see some of you in the PassivePockets forum.

I also need to add that this whole thing has been made possible due to the help of Carrie with Jason Hartman’s team. 

It is a reminder of the importance of not going at this alone and working with a network. Thanks again everyone. 

So I just talked with Kenny. After checking with the power company on the status of the power they said crews have been out and they showed power being used at the residence. After that I was informed by Kenny that the home is complete and ready for move in. He apologized for the lack of communication. Most of the hold up was due to the power company. He said there is no excuse for the lack of communication. I can easily see they are overwhelmed with the heavy demand. 

He said other delays will be the housing office as the prospective tenant is a section 8 tenant. So he asked for my permission to allow the tenant to sign a lease and move in effective Jul 15th and they will cover the rent owed to me until the housing inspection is done and rent is coming from them. He also offered concessions due to the severe delays far beyond the contract that was signed. I feel this is adequate and hope there are not any hiccups past this. So I am canceling my plans to go to Memphis for now as I am busy with work. 

I still need time to decide whether I want to keep going through him or establish relationships with others in the area. I’ve spoken to some promising people up there due to everyone’s help here. Only thing missing now is a wholesaler to find a property for me. 

Thanks that will help I’m gaining some contacts and want to reach out to them to see who I would want to work with.