Hello BP Community!
In efforts to give back to the community, I wanted to document the process of acquiring my first turnkey property through Spartan Invest. I know when I was first researching the forums, case studies like the one I am attempting to do were very helpful and provided me lots of insight into the process of acquiring a turnkey property through a full service turnkey provider.
Part I - Making contact
I first made contact with Spartan Invest by reaching out to them through a link I found on their website. The response time was great and I heard back from their VP Sales, Maureen within 24 hours.
Part II - The Discussions
From the time we made contact (almost a month ago) up until now, Maureen has been more than accommodating. Communication has been really good and any questions I had were answered. What I really appreciated about everything is that she was very transparent. There was a slight fall-out in communication a week ago but it was because Spartan Invest is currently growing very rapidly and it seems like their team is overloaded. They are now currently looking to hire new help in order to meet the demands. I just want to note that during the week where they dropped the ball on communication I began to worry and was considering crossing Spartan Invest (SI) of the list. I decided to reach out to the CEO @Clayton Mobley who is very active on the forums to see what was the cause and he was very responsive and explained the situation. Maureen (who spearheads all sales) was on a business trip and was swamped, but when she returned she made sure to reach out to me and explained everything. She was very transparent once again and openly took fault and owned up to the lack of service during that time. Not only did she admit to her lack of service, but also provided a solution to what SI was doing to remedy this. I personally really appreciated this "find solutions, not excuses" approach.
Part III - The Properties
Before being able to start seeing what properties were available, I had to provide pre-approval for a loan. SI recommended a lender that they typically use due to the familiarity the agent (Graham Parham) had with their type of deals. Of course, Maureen ensured that she was willing to work with any lender I chose as long as she was able to vet them before hand. Main reason for this was she wanted to make sure that the lender would be able to close the deal. I decided to go with Graham and up until this point the service and responsiveness from him has been excellent and their rates were what the market commanded as well.
Once I was pre-approved, I began to receive pro-formas of available properties. One thing I liked about SI was that their pro-formas were very well made and allowed the flexibility for you to change and add your own contingencies when doing financial analysis.
Part IV: Putting a Property under Contract
Once I found a property I was interested in and committed to get under contract, Maureen passed my off to Scott who would be my personal representative throughout the rest of the process. I want to note that before committing to getting the property under contract, I was provided with Scope of Work being done on the property, the PM agreement, and also a draft of their typical sales contract. As of now I am currently getting a contract underway this property. I shall update as I progress!
Cheers!
