Turn key rentals..value added or just overpriced?
Been reading some of the "So you think your a wholesaler" threads lately and both agree with most of whats said and see myself as one of the newbies.
I have had mediocre success with both a couple of rentals I currently own and several flips over the last few years, but have learned along the way.
I also went ahead and got my real estate license both to help with investing and generate additional income.
So my question is what are your thoughts on the market for turnkey rentals?
My market will be SW Michigan. Grand Rapids, Kalamazoo, and Battle Creek are all incuded in my mls area. Kind of ironic the attention Birmingham is getting for great cashflow rentals while I want to move away.
Unemployment and property taxes are both high in Mi, but there are some really wonderful deals. I have looked at houses that meet the 50% rule and the 2% rule while still being in nice neighborhoods. Rents seem steady from what I can tell.
My thoughts are that by finding properties, sprucing them up and having a tenant/pm in place I can offer a good value and make a little something on the rehab as well as on the property itself.
I would love to buy and hold for myself but cannot afford it, my goal here is to work one or two deals at a time and slowly build up some rentals for myself.