All Forum Posts by: Kenny Lundgren

I have had multiple issues with Memphis investment properties (MIP, Reedy and company) even before Covid. I will not recommend them to anyone. check my earlier posts or message me. I just discovered another issue this past week i need to deal with today.

Update:  Now that the holidays are over we are moving forward again.  The attorney is drafting letters to the purchasers addressing the situation.  the first step will be to establish dialog and start receiving payments again, or hopefully they will refinance (or something) and pay off the loan.  if this does not work then we will continue with the foreclosure process and sell the building.  

Thank you for the replys.

@Mike D'Arrigo

Do you recommend bringing in a property inspector every time repairs are done prior to a new tenant being placed or are you referring to a purchase?  thank you 

@James Wise

Thank you for your reply.  I agree it is poor customer service.  Communication got better after i made some phone calls and emails to multiple people in the company.

Here is an update.  The House's rent ready repairs are completed and it is on the website as for rent.  I Was planning a trip for around the 20th, but had some family issues come up and may be hopping a flight tonight or tomorrow. 

I am going to try and sit down with a representative from the company and see what we can do to make things smoother in the future.  there are a few items that i would like discuss about my current properties and future investments.  I believe if i am having these concerns, than many other clients probably are as well.  I am not one to just complain.  I will show up with an open mind and address my concerns, as well as present possible solutions. 

I will also be contacting other property managers in the area and discuss my investment strategies with.  

Hello everyone,

The lines of communication are open and we have made progress with communication.  

After the email addressing the lack of communication for 9 days, that I sent to several people in the company, The ball started rolling in the right direction.  First, I received an email reply within 10 minutes, then the project superintendent called me within 1 hour.  I called client services to clear up a couple more items, got a voicemail, but, received a return call within 15 minutes of leaving a message.  

The conversations were pleasant and very constructive and my concerns were answered.  They agreed with my concerns and removed a couple items from the list of charges and are with holding the security deposit from the tenant for the damages they caused.  I believe that with the withholding of the security deposit and the adjustments, we have come to a fair and balanced agreement.

I'm still not happy with the delay in communications, it was blamed on someone leaving the company.  however, i am pleased that we are now headed in the right direction.  I have another property with a lease end date in march.  We will see how this one goes and if there are any problems.  

I am going to be in Memphis in January and will schedule a meeting with the company to discuss our situation and possible future with them.

For right now i am going to leave these two house under their property management and see how these rehabs and new leases and our meeting goes.  Hopefully this incident was a onetime over site on their part.  

I would like to thank everyone for their post and thoughts on this matter.  

I just received a response from the company on my first email.  It was about 10 minutes after i sent the 2nd email to multiple people.  Interesting timing of the reply (9 days later).  The email is telling me they sent a reminder to the maintenance team and are waiting on an answer from them to respond accordingly to my questions.  I will hope for the best.   

Thank you everyone for your replies. I did fly out there last January and talked to 2 of the Memphis turnkey / management companies. That is how I decided on the current company. I walked through my other Memphis rental, this one had recently been rented so we did a drive by viewing.  

They said all the right things and had a good selection of inventory (I was / am a new out of state investor).  I have called this company a couple times on other issues and they have not answered or called me back. I have not called on this one. I sent a second an email to multiple people in the company addressing my concerns.

@ Tom Ott

I bought it turnkey in January, it was rehabbed and rented, and they are also the property managers. The lease is up, and the tenant is leaving. This about a ready to rent scope for the next tenants.

@ Joe Splitrock

I am going out to Memphis in January I will be visiting my mom, checking on a commercial property situation I am involved in, setting up a meeting with the current company, and talking to possible new ones. I usually spend 5 to 7 days out there when I visit.

@ David Hutson

I know I am a small fish in a big pond. But I am selling my California rental I bought in 2002 and have never pulled any money out of it. I will need to 1031 exchange it and plan on rapidly building my portfolio. They may think they are going to make more on the turnover, but it will cost them a lot more in the long run

Nathan G. and Steve Rozenberg

Thank you, guys, for the reply, I figured it was an excessive amount of time without a response. I still haven’t heard anything from them yet.

I will be sending out another email, this time with all the email addresses I have for the contacts, the company gave me. I will explain my situation and concern with the lack of response. hopefully it will get to the right person. The original email was sent on 12-11, that was 7 days ago.

I am also going to request company policies on many items. I will be visiting Memphis in January to visit my mom, and check out more properties. I will try to schedule a meeting to discuss my future investment strategies with this company. I know there are many good companies in Memphis. They need to explain to me why they feel they are my best option for investing in Memphis.

I bought two turn-key properties in Memphis in the beginning of this year (2019) one at the end of January 2019 and the beginning of February 2019. My concerns are how long it takes them to reply to my why questions, how much is the tenant responsible for, and why is the rehab costing so much when it was supposed to be turn-key 11 months ago.

Here is the situation:

The one I bought in January just went vacant. I received a $2741 rent ready rehab estimate. The problem is a lot of the items on the list are in the scope of work I was told was repaired when I bought the rental, or it is tenant damage / neglect.

One of them is the A/C cage installation. The picture I received when I bought the residence shows it next to where the A/C would be installed and the picture for the rehab shows the cage still in the same place, next to the installed A/C. The cage was never installed even though it is on the scope of work. Another is for them to remove a lock box that isn’t theirs. Shouldn’t this be completed when they rented the residence out, not a year later.

It appears they are trying to charge me for a lot of the scope of work they completed prior to selling it to me. The house did not appraise for their asking price and they dropped the price for us to come to an agreement on the purchase price. I may be reading into this to much.

I do understand normal wear and tear. I also used to be in the construction industry in my 20’s. I sent an Email last Wednesday (Dec 11th) asking how much they withheld from the tenant’s security deposit and why many of the items were on the scope of work I received for the purchase. 

How long is to long for property management to reply to my questions or concerns.  It has been 4 business days not including the weekend. 

I am not looking for something for nothing, but I am looking for a fair and balanced solution / agreement. If people would like I could post the estimate (removing all company and personal info). I am not going to name the company at this time. I will let everyone know what the outcome is and will decide then, if I will name the company.

Just a quick update.  We have retained an attorney and are waiting for him to gather more information.  Once the information is gathered, he will direct us on the best way to settle this matter.

I hope everyone had a great Thanksgiving

I have been in touch with an attorney that I was referred to.  This looks like it is going to be a legal matter.  I will post more information as this situation unfolds.