Turnkey Property in Memphis

[JJ Espinoza]

Investment Info:

Single-family residence buy & hold investment in Memphis.

Purchased home from a turnkey company. Purchased for $195K and was appraised for $225K one month after purchase. Currently rented out for $1,320

What made you interested in investing in this type of deal?

I wanted to get started with investing out of state. During the COVID pandemic figured that a turnkey provider would make it easier.

How did you find this deal and how did you negotiate it?

Turnkey provider

How did you finance this deal?

Conventional Financing with 25% down

How did you add value to the deal?

Not a real value add, it was a turnkey what was rehabbed, but I did do my due diligence on the neighborhood, U.S. Census, and ran my own comps for price and rent.

What was the outcome?

Collecting rent at the moment

Lessons learned? Challenges?

Make sure that the account you use for your closing cash doesn't have a ton of large transactions on it. They will all be asked about by a lender, keep that account clean!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

REI Nation was my turnkey provider

[JJ Espinoza]

The home is between to JJ Brenan Park and Shelby Farms Park.  I'm looking to do additional deals in Memphis with a few partners from Los Angeles in the coming year!