Midsouth Homebuyers experts?

[Bob Beach]

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. 

[Daniel Monhemius]

I have nothing but positive things to say about MidSouth.  I have 2 properties with them and plan to do another soon.  I even went out to Memphis last year to drive by my properties and meet with MidSouth.  Even more impressed after seeing their operations first hand.

[Bob Beach]

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.

[Chris Ross]

I just closed on my first property with mid south. I also took a trip to Memphis to meet them.   So far everything has gone smoothly and they have a solid operation and stand by their work.   Nice people to work with.   I am just under the 1% rule but happy with the purchase.  I would definitely buy more from them but the waiting list is frustrating and it’s hard to buy in specific areas from them as it’s based on what they have available when you hit the top of the waiting list.   I’m planning to buy more with them but also exploring other options with a local realtor so I have more choice on properties and locations.  My only other concern is the areas that mid south buys in are typically C areas or less for the majority of properties. They have a great track record and seem to do well there but I may want to try a B class at some point.   Best of luck.  I don’t think you will go wrong with mid south. 

[Mike Mosee]

We've used Mid South Home Rentals (Arlington,Tn) for over 12 years now with good success to manage our doors.

When you say Mid South be sure we're talking the same company as there's a Mid South Best that's not the same

It's OK to use another realtor to search (found several on my own) but always have them check area & expected rent to do numbers before purchasing. When you go to B grade or higher the ROI generally drops & your field of applicants qualifying does to.

Best 

Mike

[Bob Beach]

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

[Sneha Deshmukh]

I have been exploring turnkey properties offered by MidSouthHomeBuyers in Memphis. It seems like there are many have good experience working with them. Curious to know if out of state investors have made deals without seeing their properties?

[Bob Beach]

Quote from @Sneha Deshmukh:

I have been exploring turnkey properties offered by MidSouthHomeBuyers in Memphis. It seems like there are many have good experience working with them. Curious to know if out of state investors have made deals without seeing their properties?

 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.  

[Engelo Rumora]

Quote from @Bob Beach:

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. 

Hi Bob,

If you have had a positive experience like it seems that you have, I'd suggest sticking with your current turnkey provider.

8 years is a long time and only having 2 tenant turnovers in that time is fantastic.

They have stood the test of time and not many turnkey providers do.

Also, why fix it if it's not broken?

IMO your safety from an investor standpoint comes with building a large portfolio.

If you can keep it "under the same roof" even better.

Less people to speak with and less drama with logistics and correspondence.

The bigger the portfolio, the safer and the better ROI will be long term.

Our most unsatisfied investors are the one's that own 1-2 properties and get pissed off with me and my company if they go vacant.

Unfortunately, turnkey providers aren't magicians or God and can't wave a magic wand and turn 2 properties into 10 over night lol

Folks that own 7-8 or 10+ properties with us aren't bothered if 1 or 2 are vacant, as the others are still performing and cover any losses on those that aren't.

Thanks and much success

[Patrick Galphin]

Bob,

Hope your investment journey is going well. 

I am an agent based here in Memphis and specialize in out of state investors. Even going with a company like Midsouth, it is always a good idea to have someone on your team that can give insight into the market and the area. 

If we can be of any help, please let me know. 

Thanks so much,
Patrick