All Forum Posts by: Stephen Williams

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. 

That is what it looks like and it is also what Carrie told me when I spoke with her about it. The best thing you can do is really be on top of them with the draws. I wasn't. They sent the pictures and it looked good but with debris all around but I feel I should've demanded a video walk through before I agreed with a draw. I will message you because I'm trying to find whatever contact I can to make this a quick and painless as possible. I am also looking for a HELOC to not have to pay out of pocket to finish this and just use the equity in the home.

So I am dealing with issues with Midsouth Turnkey.

I was referred to them by Jason Hartman's team for the BRRR process they are working. The contact with them was great until it wasn't. The house was bought first week of decemeber with a finish date planned for March.

The went over the time for completing the work and blamed it on the snow in the area.  That was fine by me but the communication was not only poor but non existent.  I also have a property with Midsouth Homebuyers and they send me a message anytime something abnormal is happening and it is right away. 

 Once they went over the time allotted in the SOW contract (90 days) I suddenly was not getting responses from them.  I then heard from their PM team that they were getting the paperwork done for a renter who was going to be on Section 8.  I get told at this time they have the inspection happening soon and the renter should be in the house.  

Another month goes buy and I send and email and leave voice messages and nothing.  So the next time they sent an email about homes that were available for investors i replied and told them I was coming to visit in memphis.  They were presenting the operations and showed me my house.  The power was not even connected yet.  I asked why is it taking so long.  They tell me the original project manager had a family emergency and had to leave so Kenny took on the project himself.  In all of this they have continued to start new projects and leave mine to sit.  I believe it is because the house went over budget with the first project manager so the solution is to just ignore it.  But I'm finding out these issues with the project manager when I come to visit in person and ask questions.  They assured me all they needed was for the power company to come hook up the power so they can get the HVAC technician in to ensure the HVAC system was good then they can do the finishing touches while the house has Air conditioning and power.  There were hardly any cabinets and a door had been busted open where someone broke into the house due to it sitting vacant for so long.

They apologized for the lack of communication and assured it would be better but I have had no calls or emails returned again.  I sent a message on whats app and it showed Kenny read the message and didn't even take the time to reply.

I reached out to Carrie with Jason's team who reached out to Kenny and he assured her he was going to reach out to me.  I have not heard from him and he has ignored my phone calls.

Maybe this is a one off but it kinda sucks that as a first time investor with them I have been left in the dark and it seems my project has been blown off but I definitely would not recommend them.  I can understand hiccups but there is no excuse for ignoring emails and phone calls when there is a problem.

I have an issue with a home I purchased in Memphis through Midsouth Turnkey.  I was referred to them through Jason Hartman's Network.  The contract signed for the property was a 90 day cosmetic rehab with some distributions paid and now I am getting no phone calls.  I went to Memphis a couple of weeks ago to visit with Kenny Shaw and some of his people and they showed me some of their projects in progress and gave a rundown on mine.  they told me it only needed a week to get it done.  Now it's two weeks later and they are not returning emails or phone calls.  I reached out to my contact with Hartman's team and they spoke with him.  He told them he was going to reach out to me.  No contact and no returned phone calls.  I have a what's app group with him alon gwith others for the property and it shows he has read my messages. 

So at this point, I will be going to Memphis to take custody of the property and try to get it done myself. Is there anyone on here with good references of contractors that can help me out along with the best property managers in the area for me to visit with to determine who I should hand over operations to once the work is done. I haven't fully been setup yet as I have cash but I will be taking out a HELOC to get the rest of the job done. It's definitely putting a wrench in my life which is the primary thing I wanted to avoid.

I got around to running the numbers and they're not great. It's a 2% CoC Return and keep in mind these numbers did not include property management. I guess I should go back to include that because technically I would like to say I'm paying myself for managing the property. Using the 2% rule I'm sitting at .5%. Using the 50% rule I'm at a -$196.27 cash flow. Keep in mind this is WITHOUT factoring in property management which would take away another $320 a month which is the only reason why the numbers are even positive.

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