My experience with Memphis Invest (Turnkey Investment)

[Vlad Bahatyrevich]

Hi everyone,

I created this discussion to tell about my experience with Memphis Invest so far. 

I purchased a property with Memphis Invest in September 2017. The only reason I went with MI is because of their strong reputation, even though I wasn’t able to get anything above the 1% rule.

The purchasing process was pretty simple and MI closing team did a great job answering all my questions and getting it all done as quickly as possible, which I really liked. The only downside was that the purchase price of the property was not negotiable, which means you’re not getting a great deal to begin with.

For the first 3 months the property has been performing as expected. I did receive calls from a property manager every month as regular check in's - I did not find these calls necessary as I do not need an update on my property if it's performing well. However, as soon as things went south and my tenant left because “they couldn’t afford it” for some reason (after screening?) things didn’t go so well. I received a call from PM (property manager) informing me the tenant has left two weeks due my mortgage payment. I paid my mortgage out of pocket just recently and the way things go now I am worried I’ll have to pay another mortgage on this house out of pocket this month as well, which hurts a lot! I have a Premier Property Management Insurance (MI’s own insurance plan) which has a Loss of Income coverage in full of 12 mo. However, my PM said it would not apply in my case because property needs to be vacant for at least 60 days. I asked to e-mail me this policy documentation, which I have not yet received. I couldn’t reach out to property management for 4 days so far. My call, voicemail and e-mail were ignored. Will keep you all updated on how things progress from here.

Vlad