Hi all!
Apologies for the delayed response - I was in Europe for a while. It's been about 2 years now, and I'm happy to report it's been smooth sailing. There were a few things that have happened:
1) After the onboarding process was a little bumpy, although not too bad, it's been really smooth ever since. Each month, like clockwork, I get my payment deposited, I get my monthly statement, and there's only been minor maintenance
2) Hurricane Harvey. I was very worried during this time, as I knew Harvey hit the general area that my property was located in. Fortunately, there was NO storm damage or flooding, thank God! It was a lot of stress at the time. TTP would like to claim credit for that because, per their email pitches, "we don't buy in flood zones!" but I think Harvey hit indiscriminately, and I may just have been lucky. So take it for what it's worth. It really turned out to be a turning point for this investment. Prior to this, the home value was Zestimated at $84K, which seemed reasonable. After Harvey, with intact housing in sky-high demand, the Zestimate went as high as $130K which seemed high but I guess believable. Now the Zestimate is around $113K. Of course, I don't put too much stock into Zillow's Zestimates, but I do think it's reasonable that the house has appreciated at least above the $90K I purchased it for. Really, none of it matters anyway, since I'm not planning on selling.
3) My tenant renewed their lease for a second year. TTP had given me a 2 year rent guarantee at $1100. The renewal happened right before Harvey, from $1000 to $1100/mo. Had it occurred after Harvey, the market rent would have been $1250/mo, so I lost out a little bit, but am still happy to have a good tenant who pays on time. Tenant turnover is the worst.
Real property management, TTP's PM arm, was recently bought by another company. It's probably too early to really determine how good they are, but it's only been a month-ish. I received a phone call introduction from the property manager assigned to my property, and they called the next month just to check in on me and ask if I needed anything.
Overall, I do think Shawn's team does what is advertised. They're honest, which, after having a nightmare experience with a different turnkey company in a different city, makes me appreciate them all the more. Their prices might be a bit high, but if you're considering the turnkey route, it's par for the course. I'd rather pay a bit more in order to get the product as described with a pretty smooth process.
I would recommend Texas Turnkey Properties to people interested in a turnkey investment property in Houston. That being said, I probably wouldn't repurchase with them simply because I've started investing out of state by building my own team and found it to be less intimidating than I thought. So at this point in my real estate investing, if I wanted to buy more property in Houston, I would do it with my own agent. But I would still use the property management company.
