MERIDIAN REO-TO-RENTAL PROGRAM
Meridian acquires the largest portion of our inventory as distressed properties from banks, REO sales and auctions. As part of our turnkey real estate process Meridian renovates and stabilizes every investment property. Each property is acquired by Meridian with an all cash purchase and are in conditions that require renovations averaging $15,000-$20,000 per property. All renovations are managed internally and are typically completed in 2-3 weeks, depending on the scope of work required.
As part of the turnkey process provided to investors, all Meridian investments properties have been fully renovated prior to tenanting and sale.
Meridian’s focus during renovation is to:
- Update properties to high level to attract tenants and protect against vacancy
- Harden interior of properties to guard against normal tenant wear and tear
- Replace or repair major property systems to defend against costly failures
All of Meridian’s renovations are done by licensed, bonded and insured contractors and Meridian stands behind our quality of work with a 90-day, all inclusive home warranty for each property. As part of our turnkey investment, we renovate each property to the highest standards. This includes improving:
- Cosmetic appearance, inside and out
- Structural integrity: framing, walls, and roof
- Systems: electrical, plumbing, and HVAC
- Painting, flooring, countertops and fixtures
- Landscaping and outdoor structures
After renovation, we provide clients with a comprehensive due diligence report on all
MERIDIAN BUILD-TO-RENT PROGRAM
In addition to our existing REO-to-rental properties, Meridian has also currently building brand new construction, turnkey investment properties. Partnering with a home developer in our market, Meridian has recently capitalized on a unique opportunity to purchase a select and limited availability of in-fill lots in the Memphis area. These in-fill lots are found the same high quality locations that our existing build homes are located and create a very attractive investment product.
Meridian is purchasing these lots in subdivision that have already been built out, completed and sold in the last 3-5 years. These investment opportunities was created when, for various reasons, a developer was unable to complete the final lots remaining in a project. Depending on the location, Meridian has able to acquire anywhere from 5-25 lots in a subdivision and complete the project.
These brand new construction homes typically require 90-120 days to be built and then are leased and tenanted by our Meridian Property Management team creating a very attractive investment property for our Meridian clients.