Out of state turnkey with Memphis Invest

[Kenneth Dai]

A bunch of folks have asked me how my experience with Memphis Invest has been going.  It has been great!

I closed on two properties last year, and both have been performing about the same, so I'll provide details on one just so folks who are considering can know some details.

Purchase price $98,900, ~25% down, 4.375% interest rate 30 year fixed mortgage

The assessed price for the properties were lower than the purchase price, so I had to provide additional cash during closing (which is why the downpayment turned out to be more like 25% rather than 20%).  This particular property had a deed restriction, so I couldn't close on it for 2 months after it was ready.  The property rented under a two-year lease for $900 a month.

The property inspection turned up pretty clean, just a few items like pushing insulation back into place or removing some pending inspection/certification labels.  I used Jason Lovelace at Precision Home Inspections.

Closing was very straightforward, and I received access to the PropertyWare website where I could view property information after resolving an issue with my login ID being incorrect.  Since then, I've been steadily receiving owner distributions.

There isn't actually all that much more to tell because the properties have been doing find since then.  I had a weekly call with one of the investor-facing staff at Memphis Invest, and that has leveled off to a monthly call.

The best part of it all was having a really excellent team helping me through the whole process.  Someone from Memphis Invest made sure I was getting routine updates about the property, checking that I had my mortgage paperwork moving along, and confirming that I had inspections done.  I also had a chance to ask any questions, and could always reach someone at the office.

About a month after closing on the first property, I received a note from the Shelby County folks - it was a charge for cleaning up litter and waste on my property from before I purchased it.  I forwarded the letter onto Memphis Invest, and they took care of it.  Just like that.