Philadelphia Weekly

REAL ESTATE

'Turnkey model' for bulk REO sales a win-win for contractors, community

Tennessee firm manages rehab and renting for hundreds of homes

By Inman News Feed

Add Comment | Comments: 1 | Posted Feb. 17, 2012

I spoke with two of Memphis Invest contractors.

One, Tony Scott, owns with his wife The Lock Man in Cordova, Tenn. They and two technicians are the company's only employees.

"Plenty of work? That's an understatement. It's a tremendous amount of work. They are the biggest company I work for," Scott said. "And they are the best company I work for because of their integrity, the way they treat vendors and the way they pay on time."

Steve Matlock, president of Southern Comfort Air, Heating and Plumbing in Memphis, has worked with Memphis Invest for about six years. "They provide a lot of work and always pay on time. You turn your invoices in on Wednesday and you get paid on Friday. That kind of certainty is unheard of in this industry."

Memphis Invest plans a huge increase in acquisitions this year, to somewhere around 450 to 480 properties. That will mean a huge amount of renovation work, and Scott and Matlock are gearing up.

Scott's company runs two vans, but as he told me, "I'm in a position to buy a new van."

Matlock has his eye on two more trucks. "Memphis Invest said it is going to do a lot more work than it has in the past, so we are ready to gear up," he said.

"We are like the engine at the front of the train," said Clothier. "As our business has grown, everyone that comes along has grown. If they provide good service, quality work and stand behind their work, we can do a lot of business together."

Steve Bergsman is a freelance writer in Arizona and author of several books. His latest book, "Growing Up Levittown: In a Time of Conformity, Controversy and Cultural Crisis," is now available for sale on Amazon.com.