All Forum Posts by: Phillip Gainey

I read somewhere that the majority of millionaires in the U.S. did NOT inherit it. They made it on their own through brains, guts and hard work. Many in real estate.

This class envy crap is stale.

Better late than never.

I did biz with them. You are right, they are quite slick. I bought a couple properties from them. They pressured me to buy more. I finally just had to hang up on them when they would call to see if the could "be of assistance"

I had to fire the pm they recommended. Before I did, I let the pm know I was not happy and was thinking of selling. A couple days later, I get an email from Investor Nation. He wanted to gallantly offer his assistance in selling the freaking property i was have trouble with he had sold me in the first place!

Oh yeah. Obviously, this wholesaler and the PM i had to fire are "chronnies". I gues that is an agrument for finding a pm who is totally independent of the guy selling you the property.

Case in point. There is a "turnkey" guy listing Memphis properties for sale on the "properties" section of BP for for what anyone with any "market value" of memphis at all would know is over inflated.

Put on your shark repellant kids!

PG

Brandon,

Unfortunately, there is a lot of "incest" in Memphis between turnkey vendors and pm's. You can't trust any of them. It's a big "duck" club. And if you are out of state or country, guess what? You ain't a duck. Everyone in RE here knows each other!

For example. I let the pm I fired know (before I fired him) I was getting tired of Memphis and the deadbeats, and might want to sell. Well what do you know, a couple days later I get an email from the "turnkey" guy who sold me the property wanting to know if he can help me sell? Like some vulture looking to profit on the "back end" tipped off by his "cousin" the pm who let the ghetto queen rent my place in the first place. Pretty good set up, aye?

Hey, free country. People just need to know the story. Invest in your own neigbhorhood if you can. Or where there are fellow ducks you can flock with.

Hey, wanna buy a couple memphis rentals? I wann

Mark,

No offense, and i hope you have continued good fortune with your rental properties, but I see you sell memphis properties and work for one of the larger "turnkey" outfits.

If I could do it over again I would have talked to property managers in Memphis, or fellow long term hold investors who do NOT have anything to do with the sales side, I would have been better prepared. As stands now, there is a huge market in Memphis to sell rentals to out of state, and foreign investors. They are not being leveled with in regards to the overall quality of tenants, IMHO. Note the statements from pms in my previous post.

And I am sure it can be profitable renting to financially challenged renters in memphis if you have the stomach for it, or as one wholesaler told me, buy enough of them as to diversify the risk. Fine, but what if you can only buy a couple properties.

Continued good luck.

PG

I'm on my third Memphis pm. Tenants in Memphis are really bad! And that's saying a lot as tenants tend to suck in anyway.

I bought a couple from one of those "turnkey" companies. They go on and on about what a great rental market memphis is. What a large rental pool there is there... etc. You find out later why. Because the people there are financial basket cases. Here are some are some of the comments I've gotten from Memphis pms. Unfortunately, AFTER buy the marketing hype"

"We try to screen tenants best we can, but in Memphis that is a challenge. You'd be hard pressed to find a renter here without at least a few judgments against them!"

"Well, that's Memphis tenants for you!"

"We try not to rent to applicants with an eviction judgment against them in the last three years. That has proven to be challenging!"

I just fired my current PM, because he let the wife slip through on radar. She had 6 eviction judgments between 11/2007 and 12/2008. Would you want somebody like that in your rental? However, the pm only put the husband on lease (he had no judgments against him). Sure enough, we've made two trips in the last five months to eviction court! And, can you believe this, this pm tried to talk me into letting them stay! "Hey, so long as they end up paying up the back rent, late charges, and court costs, who cares if they stay?" I do.

Mind you, my properties are NOT in a war zone. The one above rents for $1200 a month. Its just a bad culture in Memphis, at least when it comes to financial responsibility!
Something the wholesalers and turnkey outfits don't tell you.

PG