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

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

Toms River, NJ 路 Member since 2016 路 21 posts 路 11 votes

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.

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Chris ClothierBusiness Member
Rental Property Investor 路 memphis, TN 路 Member since 2009 路 2k+ posts 路 3k+ votes
10y

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 - 

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  • Investor 路 Atlanta, GA 路 Member since 2013 路 3k+ posts 路 3k+ votes
    10y

    While I don't know anything about Memphis Invest, that would be a red flag to me. 

    When someone's trying to sell you something, they're usually on their best behavior. So, if they're making it difficult now, I'd think it'd be really difficult, if things were to go wrong. 

    Just my opinion.

  • Rental Property Investor 路 Bartlett, TN 路 Member since 2013 路 404 posts 路 421 votes
    10y

    I have never heard of that.  I'm guessing there was a misunderstanding or some other issue.  Call and ask to speak to David Meeks.  He will set aside some time for you.  You can also message Chris Clothier on here.  I tried to add a link to his name but it appears I can't on a cell phone.  He is one of the owners and very active here on BP.

  • Chris ClothierBusiness Member
    Rental Property Investor 路 memphis, TN 路 Member since 2009 路 2k+ posts 路 3k+ votes
    10y

    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 - 

  • Rental Property Investor 路 Honolulu, HAWAII (HI) 路 Member since 2011 路 4k+ posts 路 2k+ votes
    10y
    There are so many tire kickers in real estate I don't blame them or anyone. In case you're guys have not noticed they are in the business of white gloved service. They find distressed homes and fix them boots on the ground. If you want to talk on the phone with some and have them hold your hand go with a marketer and pay the markup. Of course you could just get some stocks... Too soon?
  • San Jose, CA 路 Member since 2015 路 4k+ posts 路 3k+ votes
    10y

    While I can understand the business' problem with being overwhelmed with phone calls, I personally, would not want to do business with a company that isn't staffed to handle them.  

    I'd keep shopping.

    A recent experience of mine at a different type of business - I am not happy with my local bank, so I went bank shopping in town.  One let people sit in the waiting area, while bank employees who knew we were there, ignored us all for a good 5+ minutes.  There were several tellers and maybe a couple customers came in during that time.  Empty bank, basically.

    One of the guys waiting mentioned he had to get an appointment to open an account. I thought, surely not! Not in this little po-dunk town, for an empty bank.  I went up to one of the tellers and asked if anyone was going to acknowledge us and who would I talk to about opening up a checking account.  Oh, they only do them by appointments.  I said, and you also ignore people obviously waiting to discuss this?  As if their little po-dunk, empty branch was all that. Hah!  I walked out.

    Went to another one, and they also wanted me to make an appointment.  They also weren't busy.  New trend - watching customers walk out the door to continue bank shopping.  Wonder how that's working for their bottom line. But, apparently, they feel special....

    Went to another one, that was a credit union, and they wanted a $50 "relationship fee" for my personal checking, and if I opened a business account, that would be another $50 "relationship fee."  So, I have to give them a deposit like I'm renting an apartment?  Oh, but when I close my account, I get it back.  Hmmmmm....... I don't think so.

    So, I drove to the next town about 30 minutes away, which also happens to be in Oregon, because while waiting in the 2nd bank saying how I can't believe banks in nowheresville want you to make appointments to give them your money now - some lady said, go try this credit union in Brookings, OR.

    So, I did.  Now, this town is bigger and they actually had customers in the bank lol.  They did not have any more staff than the other banks, but, they acknowledged me immediately when I walked in, told me to have a seat and have a cup of coffee.  Before I could even pour my coffee, someone came to help me.  Their credit union "membership fee" - which sounded better than some fake "relationship," was only $5.00.  They treated me like royalty, and even called me up a week later to ask how things were going.

    That credit union will have my business for life.

    Customers have choices nowadays.  These businesses may think they're super hoity toity by being able to say they only take appointments, or brag about how many phone calls they get - but how many of those branches will still be open, after the one with the great customer service puts them all out of business?

  • Chris ClothierBusiness Member
    Rental Property Investor 路 memphis, TN 路 Member since 2009 路 2k+ posts 路 3k+ votes
    10y
    Originally posted by @Sue Kelly:

    While I can understand the business' problem with being overwhelmed with phone calls, I personally, would not want to do business with a company that isn't staffed to handle them.  

     HI Sue, love you comments and the story you tell about the bank and the fact that you have a certain way you want to be treated to do business. That is great that you know what you want.  At least that way you are sure to only do business with a bank that caters to your particular need ~ even if it is an hour round trip to the bank....   

    I did want to point out the opposing view many businesses have of your comments.

    As an investment company, we, in particular, are neither overwhelmed by calls nor in danger of closing anytime soon.  We are in our 13th year, operating in three of America's largest cities and have operated and grown in three cycles - changes of direction - for the local housing markets.  

    We are currently managing just shy of $400 million in asset value for our clients and sell roughly 65% of our inventory monthly to existing investors.  Far from being under-staffed, we are quite robust for this particular industry at 73 full-time employees.

    I would say instead that we are rather picky about who we would like to do business with and have developed a system designed to allow our ideal investor to move forward smoothly and prevent us from allowing investors to purchase from our company before they have fully vetted us.  As I stated above, we are very blessed to have EARNED tremendous demand from the investment community for the services we provide.

    We want to make sure that each investor that moves forward has an exceptional experience with our company.  That is the difference between companies that want to try and make everyone happy and companies that are laser focused on their ideal client.  

    When you try to please everyone, you fail every time.

    We would rather have a proven system that may make some investors uncomfortable and even prevent them from choosing our company.  We are ok with that.  We have no intention of being everything for every turnkey, passive investor.  

    We would much rather be everything and more for our ideal client who will appreciate the time and focus we are able to give them and have the patience to wait for that experience.  

    I hate you had to drive thirty minutes to find a bank to do business with and I hate to think of the value of that time you spend driving, but I do hope you have found an exceptional bank.  I am happy for you that you have found a bank who earned you business for life.

  • San Jose, CA 路 Member since 2015 路 4k+ posts 路 3k+ votes
    10y
    Originally posted by @Chris Clothier:
    Originally posted by @Sue Kelly:

    While I can understand the business' problem with being overwhelmed with phone calls, I personally, would not want to do business with a company that isn't staffed to handle them.  

     HI Sue, love you comments and the story you tell about the bank and the fact that you have a certain way you want to be treated to do business. That is great that you know what you want.  At least that way you are sure to only do business with a bank that caters to your particular need ~ even if it is an hour round trip to the bank....   

    I did want to point out the opposing view many businesses have of your comments.

    As an investment company, we, in particular, are neither overwhelmed by calls nor in danger of closing anytime soon.  We are in our 13th year, operating in three of America's largest cities and have operated and grown in three cycles - changes of direction - for the local housing markets.  

    We are currently managing just shy of $400 million in asset value for our clients and sell roughly 65% of our inventory monthly to existing investors.  Far from being under-staffed, we are quite robust for this particular industry at 73 full-time employees.

    I would say instead that we are rather picky about who we would like to do business with and have developed a system designed to allow our ideal investor to move forward smoothly and prevent us from allowing investors to purchase from our company before they have fully vetted us.  As I stated above, we are very blessed to have EARNED tremendous demand from the investment community for the services we provide.

    We want to make sure that each investor that moves forward has an exceptional experience with our company.  That is the difference between companies that want to try and make everyone happy and companies that are laser focused on their ideal client.  

    When you try to please everyone, you fail every time.

    We would rather have a proven system that may make some investors uncomfortable and even prevent them from choosing our company.  We are ok with that.  We have no intention of being everything for every turnkey, passive investor.  

    We would much rather be everything and more for our ideal client who will appreciate the time and focus we are able to give them and have the patience to wait for that experience.  

    I hate you had to drive thirty minutes to find a bank to do business with and I hate to think of the value of that time you spend driving, but I do hope you have found an exceptional bank.  I am happy for you that you have found a bank who earned you business for life.

     Come now, Chris, everyone knows I can probably never go back to the branch in person for the rest of my life, now that my account is set up.  

    The bottom line is, the person who started this thread was not happy with your customer service and had every right not to be.  You also have every right not to want to do business with everyone who calls you.  But, you can't blame him for not being impressed - from his point of view.  

    And the fact that you are here defending your position - means you have to defend your position.

    I just wonder what type of client you end up with.  Malleable people who think it's okay to have to beg businesses to take their money?  Maybe that's what you want.  

    I'd rather drive an hour round trip to a bank that appreciates my business, when I need to go in person.  Plus, gas is 60 cents per gallon cheaper in Oregon :-)

  • Chris ClothierBusiness Member
    Rental Property Investor 路 memphis, TN 路 Member since 2009 路 2k+ posts 路 3k+ votes
    10y
    Originally posted by @Account Closed:
    Originally posted by @Chris Clothier:

    The bottom line is, the person who started this thread was not happy with your customer service and had every right not to be.  You also have every right not to want to do business with everyone who calls you.  But, you can't blame him for not being impressed - from his point of view.  

    This is the beauty of BiggerPockets...

    If we can keep talking long enough, eventually we can all find things we agree on!  

    We are certainly not right for every investor and I am sure there are many investors like @Nicole Cotrino who are not going to be impressed with the formality of our process.  That's ok.  That will not affect our business and will only help her get focused in on what impresses her that much quicker.  

    Plus, as a company, we do not want to be the Walmart of passive investing.  We have no intention of offering everything for everyone - nor changing to make our process fit what a particular investor wants.  We do what we do and we do it well and it works for the investors that are attracted to that process.

    Can't blame anyone for having their own point of view and certainly can't blame them if they don't like mine!  

    Stay well Sue -

    Chris

  • Toms River, NJ 路 Member since 2016 路 21 posts 路 11 votes
    10y

    Wow, it looks like I started quite a debate, and that was not my intention at all. I was initially just very thrown off to be told that I could just have a 15-30 minute phone call, which could take place in about a week and a half, and then we would have to set up another call if I needed more time. I worried that I would have to wait another week and a half to get more information.

    As it turned out, I received an email from the investor asking if I would be available for the call today, instead. I took the call and did not feel any pressure to limit my questions. We did need to set up a second time to talk, but that's 2 days from now - so not a big deal.

    I wouldn't say, at all, that I don't like the formality of the process. I completely understand the need to have an initial conversation so that everyone (investor and company) can gage the general fit. However, I would suggest being more clear in the email, stating that the process does include as much time as you need with a Senior Manager - that just happens after the initial phone call. It was disconcerting to receive an email offering 15 minutes (after telling the person on the phone that I had many questions), to send an email expressing my concern that 15 minutes wouldn't be enough time, and to then receive an email back saying that we could have multiple calls (and attaching a calendar that was booked for the next week and a half). 

    I understand now that the process includes plenty of time for investors to ask as many questions as they wish. If that had been communicated more clearly to me in the emails, I wouldn't have been nearly as worried. It wasn't the formality of the process that mattered to me. It was that, from what I understood, there wasn't going to be a way for me to have an in-depth conversation with someone in which I could ask all of my questions - and that was a 'red flag' to me. Knowing more about the process, I now feel like it was less of a red flag and more of a miscommunication.

  • San Jose, CA 路 Member since 2015 路 4k+ posts 路 3k+ votes
    10y

    Well, I personally think that "turn key" investments are a complete rip off anyway.  Think about it.  If the property was such a great investment, why would they offer it to someone else?  Use common sense.  There is more money in it for the "turn key" people to sell their great "turn key" investment to you, than to keep it for themselves.  Now, why is that?

    Property managers make money when there are problems.  They make money finding you a tenant, they make money when they have to get rid of a tenant, and when they have to supervise a maintenance request, and to use their maintenance people, and they even make money when you fire them.  And then they offer their services to sell the worthless investment you bought from them, for a commission.

    Turn key investments, in my opinion, are a complete scam.  Use your heads, people.  Use your common sense.  Why on earth would someone sell something to you that would make them money for themselves, unless there is more money in it for them to manage such a great investment for you?

    There is no such thing as an easy, armchair investment.  How many of these "turnkey investors" come back to BP to tell you how they lost their shirts?

    If it sounds too easy or too good to be true?  It is.  If it walks like a duck, it's a duck.

    Be smart.  Buy your own properties and manage them yourselves.  Or go to the local casinos, if you just want to gamble your money away.

    Think.  

    Really.  Why would they sell you something they own, that is making money?  Its not logical.  Don't be so gullible.  

    Obviously, this is what they are trolling for.  The people who actually think that because they are making it hard for you to give them your money, that that means they have something of value to sell you.  They are trolling for idiots with money.  Don't be one.

  • Chris MasonPro Member
    Moderator
    Lender 路 CA 路 Member since 2015 路 9k+ posts 路 10k+ votes
    10y

    @Nicole Cotrino - If curious for context/comparison, my cap is 45 minutes on the first call if it's a referral, 30 minutes if it's someone that called me out of the blue (so, yeah, saying "Fred said I should call you" will get you an extra 15 minutes), and BPers honestly have some interesting questions and puzzles to think through (which I enjoy) so I've been doing 45-60 minutes for you guys more or less since I joined.

    My goal during that 30 minutes or so is for that consumer to understand more about mortgages and how mortgage financing works than they learned in the previous 50 nervous hours on google, BP, wikipedia, from the last 3 homes they purchased, and so on. I generally succeed, I am told. My basic value adds are 1) You're actually going to understand just WTF you are getting into, 2) Often times I can put deals together that the overwhelming majority of persons in my profession can't, and 3) Transparency -- how many professional real estate investors have seen a raw rate sheet? 2%? 4?

    But I cannot afford to spend more than 30-45 minutes per conversation without all the paperwork.

    For more time, I need to see tax returns, paystubs, credit, bank statements, et cetera. To know that it's not a waste of both of our time. 95% of people are wrong about some combination of what they earn, what their tax returns say, how their credit is, and/or (believe it or not) what they've got saved up for a down payment. It's a waste of everyone's time to go down the rabbit hole until I see the actual paperwork.

    But you get 30-45 minutes for free. After that, the price is paperwork. So, honestly, I'm kind of leaning on Mr. @Chris Clothier on this one. He's got 800 people each month that want to "get rich, quick!" needs to filter the time wasters and tire kickers from the players, and he has three employees whose job it is to do just that. 

    Nurses. No one would expect to talk to a brain surgeon before a nurse has taken vitals, would they? 

    (I've got my own opinions on the notion of an infinite supply of magical turn-key investment properties that somehow have better-than-market cap rates, but I'll keep that to myself as it is off-topic.)

  • San Jose, CA 路 Member since 2015 路 4k+ posts 路 3k+ votes
    10y
    Originally posted by :

    (I've got my own opinions on the notion of an infinite supply of magical turn-key investment properties that somehow have better-than-market cap rates, but I'll keep that to myself as it is off-topic.)

     I don't think it is off-topic at all.  I think this is exactly the point.  The original poster wanted to call a company that has an unlimited number of magical turn-key investments, so many that they can supposedly be picky about how they screen their idiots -whoops, I mean investors.

    So, you make my point again.  What are the odds, folks, that there are that many great turn-key investments out there that are guaranteed to make you money, that the company selling them to you doesn't want to make for themselves?

    It's a scam.  Just like slot machines.

    There is a senior, in particular that I am thinking of, in the building I live in.  He goes on and on about the time he won $1,000 at the local casino. How many thousands did he spend "winning" that $1,000?  

    There is no such thing as easy money.  

  • Chris MasonPro Member
    Moderator
    Lender 路 CA 路 Member since 2015 路 9k+ posts 路 10k+ votes
    10y

    Not going to disagree with you for a minute there @Account Closed.

  • Chris ClothierBusiness Member
    Rental Property Investor 路 memphis, TN 路 Member since 2009 路 2k+ posts 路 3k+ votes
    10y
    Originally posted by @Nicole Cotrino:

    Wow, it looks like I started quite a debate, and that was not my intention at all. I was initially just very thrown off to be told that I could just have a 15-30 minute phone call, which could take place in about a week and a half, and then we would have to set up another call if I needed more time. I worried that I would have to wait another week and a half to get more information.

    As it turned out, I received an email from the investor asking if I would be available for the call today, instead. I took the call and did not feel any pressure to limit my questions. We did need to set up a second time to talk, but that's 2 days from now - so not a big deal.

    I wouldn't say, at all, that I don't like the formality of the process. I completely understand the need to have an initial conversation so that everyone (investor and company) can gage the general fit. However, I would suggest being more clear in the email, stating that the process does include as much time as you need with a Senior Manager - that just happens after the initial phone call. It was disconcerting to receive an email offering 15 minutes (after telling the person on the phone that I had many questions), to send an email expressing my concern that 15 minutes wouldn't be enough time, and to then receive an email back saying that we could have multiple calls (and attaching a calendar that was booked for the next week and a half). 

    I understand now that the process includes plenty of time for investors to ask as many questions as they wish. If that had been communicated more clearly to me in the emails, I wouldn't have been nearly as worried. It wasn't the formality of the process that mattered to me. It was that, from what I understood, there wasn't going to be a way for me to have an in-depth conversation with someone in which I could ask all of my questions - and that was a 'red flag' to me. Knowing more about the process, I now feel like it was less of a red flag and more of a miscommunication.

     HI Nicole,

    Thank you for your response and sharing your thoughts on the email communication.  Receiving that kind of feedback is very important to us and is how we improve the most.  Whether or not we do business is less important right now than making sure you get your questions answered to determine if we can meet your needs as an investor.  That initial email is important and I am sure there have been other investors who have felt the same way ~ so thank you for the feedback.

    Best,

    Chris

  • Chris ClothierBusiness Member
    Rental Property Investor 路 memphis, TN 路 Member since 2009 路 2k+ posts 路 3k+ votes
    10y

    (I've got my own opinions on the notion of an infinite supply of magical turn-key investment properties that somehow have better-than-market cap rates, but I'll keep that to myself as it is off-topic.)

    @Chris Mason - that's funny...I too have my own opinions on what you wrote.  I am positive there is not an infinite supply of homes and after 12 years in the business I have yet to see a  "magical turnkey investment".  I've never heard phrasing like that, but with all the BS marketing even on BP, it wouldn't surprise me if someone actually used that phrase in their marketing.

    Cap rates aren't used to measure single-family homes since that is a measurement mainly used to compare commercial properties using historical data where there are no comparables. You already know that so I guess your point is that cap rate is used to attract SFH investors and make properties look better than they should (?). I would agree with that.

    In the end, I think our opinions are probably pretty similar!  You may not think they are good investments, but from you post, you probably understand that whether anyone thinks they are a good investment or not, no two investors invest the same way.  There is a very strong demand and from very, very intelligent investors, for options that allow them to passively invest directly in property.  As long as that demand exists, there will be companies providing them.  And unfortunately, there will always be companies showing mythical cap rates and marketing what looks like the magical turnkey property. 

    Best to you - 

  • Curt DavisBusiness Member
    Flipper/Rehabber 路 Memphis, TN 路 Member since 2008 路 5k+ posts 路 2k+ votes
    10y

    It is impossible for TK providers to keep every home for themselves.  I honestly wish I could keep about 75% of every home we sell but unfortunately I am tapped out on available loans ( though I can get non conventional ones ) and there is also a limit on the amount of money I have.  If I could keep 75% of all the homes I sell in just 1 year I could retire easily!!

    Curt Davis - KAIZEN Realty538 Reviews
  • Rental Property Investor 路 La Quinta, CA 路 Member since 2014 路 1k+ posts 路 779 votes
    10y

    "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."

    It sounds to me like they are only willing to commit to an initial 30 minutes, but if it's a good fit, who knows how long the call may last.

  • Equity Raiser and Turnkey Provider 路 Cleveland, OH 路 Member since 2016 路 4k+ posts 路 1k+ votes
    10y
    Originally posted by @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.

     Hi Nicole,

    I know for sure that 15 minutes is not enough time to cover everything there is to know about Turnkeys. There is so much information about them, and an investor needs to be prepared before making that leap. Whenever I speak with an investor, I spend as much time as it takes. I want to make sure an investor feels safe with the choices they have made.

    Let me know if you have any other questions! 

  • Jay HinrichsBusiness Member
    Real Estate Consultant 路 Summerlin, NV 路 Member since 2014 路 45k+ posts 路 66k+ votes
    10y

    @Tom Ott @Chris Clothier   Tom... I don't subscribe to the there is SO MUCH to know about turn key properties..  I think 15 minute call is ample to get your message across.

    there is nothing more SIMPLE in real estate investing than turn key.. its all done for you. 

    A professional salesmen who knows what they are doing should easily be able to convey the company message in a 15 minute call.. that would include a little BIO  Why the markets and then references to links to check on inventory that they have..

    As Chris has mentioned many times this is not sophisticated investing.. this is simply buying a SFR and renting it out... Nothing is as un complex as this.

    The key is market, rehab and tenant base... and that most folks do independent analysis regardless of the TK company as well they should... I know many investors and re sellers that never met a house they did not like :)... So of course your going to get their version or slant.. Just like we get all the time when someone queries' what is the best market for turn key.  All the usual suspects show up.

    Indy, Memphis, Texas, Birmingham, Cleveland, Chicago, Kansas City  etc etc.. then you have the resellers who state they are market agnostic.

    there is so much information about these companies the product etx.. that one simply does not need hours on the phone explaining it..

  • Rental Property Investor 路 Cleveland, OH 路 Member since 2015 路 1k+ posts 路 880 votes
    10y

    When I setup time with a new investor, I schedule them for 15-30 minutes depending on their experience in investing. Brand new investors get 30 minutes and experienced investors get 15 minutes. I have them schedule directly with my calendar so it's convenient with them. To be honest, I can easily describe what turnkey is and how it works to an investor and find out what types of property they are looking for and how much they have for budgeting in 15 minutes. After that, if they have more questions or need more time, we can keep talking if I don't have another appointment, but if I have someone else scheduled then I ask to setup another time when we can reconnect. It doesn't happen very often. 

    Doesn't mean there's anything to hide. Just means that I'm busy and work with a ton of clients and need to keep a schedule to provide excellent service to everyone I work with. If you are transparent and do what you tell people you will do, then you come across as a professional and not like you're trying to hide something. If your gut tells you that someone is shady, they probably are. If your gut tells you that they are trying to hide something, they might be. But my suggestion would be to be bold, and ask questions or tell them you feel like you're getting blown off or that you feel like they are trying to hide something and wait for a response. 

  • Investor 路 Atlanta, GA 路 Member since 2013 路 3k+ posts 路 3k+ votes
    10y

    I'm with @Account Closed on that: If I'm just a number to someone and they can only pencil me in in a week or 2 for a limited amount of time, then I don't care to deal with them. Red flag to me, like it or not. My choice. 

    I guess it's like those dating advice that some guys tell to others: treat her like sh*t and she'll come begging! Make her feel like a number and nothing special and she'll run after you. I will always walk the other way.

  • Kansas City, MO 路 Member since 2015 路 66 posts 路 9 votes
    10y

    Great discussion however ladies Why not have the same ideology wen we are in line to paying for groceries or getting our driving licenses ? Then again we want unconditional time set for us wen investing? I'm guessing that investing that will carter to such need will be more faniacial advisor or mutual fund broker 

  • Investor 路 Atlanta, GA 路 Member since 2013 路 3k+ posts 路 3k+ votes
    10y
    Originally posted by @Donovan Castaneda:

    Great discussion however ladies Why not have the same ideology wen we are in line to paying for groceries or getting our driving licenses ? Then again we want unconditional time set for us wen investing? I'm guessing that investing that will carter to such need will be more faniacial advisor or mutual fund broker 

     Actually, I have more than once left a grocery store, because the lines are longer than I'm willing to wait. 

    And who says that we're looking for unconditional time? The world is more than black or white - many gray shades.

    I'm simply not interested in being treated like a number and some people don't mind or are afraid to speak up. To each their own.

  • Kansas City, MO 路 Member since 2015 路 66 posts 路 9 votes
    10y

    yet we live  in a sociaty were nothing more than a number to who rules us (Uncle Sam)  and we are happy about it ! And don't take to serious I find life like a big joke that we should all laught 馃槀馃槀

  • Investor 路 Atlanta, GA 路 Member since 2013 路 3k+ posts 路 3k+ votes
    10y
    Originally posted by @Donovan Castaneda:

    yet we live  in a sociaty were nothing more than a number to who rules us (Uncle Sam)  and we are happy about it ! And don't take to serious I find life like a big joke that we should all laught 馃槀馃槀

     As said before: it's not black or white. If you believe that because we are a number to Uncle Sam, that we're  a number in everything in life, then you're giving away your power. We have tremendous amount of power and most people don't believe it and don't utilize it. 

    I deal with the things I can't do anything about, like paying taxes, and choose my direction with the others.

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