Normal for a turnkey provider to limit discussion to 15 min?

[Nicole Cotrino]

I am looking to get into the turnkey market, and after spending a lot of time looking at different turnkey providers, I decided to call Memphis Invest with a list of questions. I read a lot of good things about the company on Bigger Pockets. 

I looked around online and created a list of questions that I would like to ask - this is a big investment for me, and I want to make sure I do my due diligence and really understand how they operate. When I called, though, the person who contacted me (via email) said that they could set up a 15-30 minute call, and that if I needed to talk more, we would need to schedule another conversation.  It seems like they can only spend 15 minutes at a time on the phone with potential investors? And, they wouldn't be able to set up that first 15 minute phone call for another week and a half. I was extremely surprised by this, as I have read so many good things about Memphis Invest and have even seen at least one of their people encouraging lots of in-depth due diligence before choosing a turnkey company. 

I'm just wondering whether I set my expectations unrealistically, or if people have found other companies to be more inclined to talk, in depth, to potential investors? Also, for people who have interacted with Memphis Invest, did communication become easier over time?

Thanks.

[Chris Clothier]

Hi @Nicole Cotrino ,

Thank you for reaching out to our company.  It sounds like our team needs to revisit that initial email response to assist inquirers with making their first appointment.  We have a process that we follow to help onboard new investors and be as responsive as possible to every investor who has questions for our company.  We will be happy to spend absolutely as much time as you need and will never rush nor push you to make a decision to do business with us. We are purposely slow with our process.

That process includes a portfolio team member whose job is to gauge your interest, answer your initial questions and make sure we fully explain our team and process so you are sure you want to move forward to a second call.  It also allows us to make sure that as an investor we are a good fit.

That second call would then be made with one of our licensed and more experienced portfolio advisers who is able to get more in-depth and spend as much time as needed for an interested investor to get the answers they need to make an informed decision.

The reason for the 15-30 minute limit on that first phone call is that we are making so many connections each day.  We have three full-time team members who vet those initial calls and they make themselves available at whatever hour is needed for the investor.  

To be clear, we have had 864 inquiries in the month of June and that team of three works tirelessly to respond and connect with every one of them.  They then work to match that investor with a portfolio adviser who can further assist them in our process.

Hopefully, that helps and I am quite sure our team will spend as much time as you need to answer all of your questions.

@Michaela G. I appreciate your comments and that you would see this as a red flag.  Your opinion ~ like all on here ~ is important.  However, a key difference with us as a company is that we are not trying to sell anything.  We have completed 306 transactions the first six months of this year and have yet to sell a single property.  Each property is slowly matched with an investor whose interest and needs are matched by that property and IF they would like to add it to their portfolio, they have that opportunity.  Luckily, we have incredible demand for our service and properties are rarely available 72 hours after we complete the rehab process and make them available.  

@David Hutson, thanks for the shout out to David Meeks on here.  I also appreciate you mentioning my name so I would see this thread and respond.

Best -