All Forum Posts by: Venkat S.

@Curt Davis, 

It is sad that you feel that way because in my experience I feel that there is nothing turn-key I found with the company.

@Curt Davis, At the time of break-in I made multiple calls and emails to you, company owner and none were returned to me from any of you even till now. You also mentioned that i was given as chance to walk away from the purchase but that was when we had a discussion about the delay of the Rehab for more than 2 months, believe me i would have never purchased the property if i knew there was a break-in history from a sqatter even before the purchase.

When the first break-in happened i was patient enough and did not say anything. However during my second break-in the tenant himself wrote a review that the break-ins are happening because of the poor quality of the windows and they are not secured properly.  I took the snap shot of this review and forwarded to the company owner but i did not hear anything. Not sure why a buyer should bear these expenses for fixing these windows if he is buying a turn key property as he is expecting the property to be in rent ready condition with proper security for the tenants, which is missing here according to the tenant himself.

@James Wise Yes i was told that all aspects of the turnkey warranties will still be in place post sale expect for outsourcing the property manager and all of this happened within the warranty period, this is why i am battling this here.

This is definitely a wrong assessment with regards to my case as being an out of state investor i would definitely not purchase any properties from a private seller or Real Estate broker out of state. To elaborate even more i would never buy from any turnkey company which would not return my calls after a sale that is not what i signed for here. I feel the same what Tony felt that you are responding to a completely wrong thread as this post is about traditional Turnkey company where the companies have warranties and relationship with buyers post sale as we are offering a premium price when compared to buying properties using MLS and from real estate brokers.

@James Wise You are free to have your opinion but please read the whole experience before jumping into conclusion, also neither i am looking to catch any argument here. Anyways i wanted to reiterate here why i had to create this post,

- The Break-in history was there for this property before i purchased this also but i was not told about it.

- My tenant told in his review that the break-in happened because the property is not secured properly (windows used are of very low quality according to him).

- After my second break-in turnkey provider stopped communicating with me completely, all my calls and emails are not answered even this now.

@Alex Craig First of all I would like to thank you and your PM company for really taking care of things for me instead of pointing fingers at crucial times with excellent communication. I would like to leave your questions for expects to answer as I have mentioned everything in this post here about my experience.

As an owner I would like to mention couple of things here regarding why I had to create this post:

• During the time when break-in happened for the second time being an out of state investor I was terrified seeing my investment tank with all the expenses and tenant walking off, at this crucial time I made calls and emails to BMN wanting to know what happens next but no one answered and till now no one returned my emails or calls. This terrified me even more.
• For this property barring up the windows and securing the property I feel is the responsibility of the turnkey provider as it has break-in history even before me buying this property. I purchased this property back in June and even now I am paying this mortgage on my own not to mention the break-in expenses. So I would leave the expects to decide how long it would take for me to recover from this experience on paper and this is my first investment experience so don't have multiple properties to scale.

Thanks @Manish A.

I wish it was a dream! As mentioned in my previous posts communication was fine until the second break-in happened, calls and emails were not answered after that. So far I am having an excellent communication with CB Properties!

@Blair Poelman Thanks for reaching out. I thought Memphis has better cash flows when compared to here. You are right I should have probably done that instead of going out of state.

As @Curt Davis mentioned this has been eventually rented out again for the second time (first time as explained in my OP I had to lose the tenant because of the break-ins). Thanks to CB properties for re-renting this soon! Hopefully the squatter would never return to this property again!

Buy Memphis Now from whom I purchased this property might have done the rehabs fine I am not saying that part has gone wrong. My problem here is..

• The Break-ins were happening from the Day 1 even before me buying the property. These would have hopefully not have happened if the property is secured as per standards in the first place, this is not me saying but the first tenant whom I had lost said this as per their google review. I already lost security deposit and one month rent from the first tenant as they decided not to move in. Now on top of that I spent money from my pocket to fix these windows to stop these break-ins, these should have actually been the turnkey expenses not mine.
• As mentioned before communication has gone real bad after the second break-in. When everything is happening as per plan communication was fine but when something goes wrong (as in my case after the second break in) communication was totally lost and I was not able to reach any person in Buy Memphis Now even after repeated calls and emails. This is a big thing for me as an Out Of State investor I had to go through a real nightmare that day when I heard from the management team about the break-ins. This experience of mine where I have no tenants and paying mortgage on my own for 4 months and on top of that I had to deal with break-in expenses with no communication from turn key company made me believe I had no real Turn Key experience with the company..!!