I am a AZ home owner looking to buy a rental property out of state. After doing a little research and reading long distance real estate, I want to buy turnkey properties, preferably in Southern states. Been looking through the forums not seeing much on it. Anyone have any suggestions on where I can start and/,or gave had experience with this?
Hey Marvell! Not sure if it meets all of your criteria but I highly recommend checking out the Fayetteville, NC market. Great market for a strong ROI and a large population of renters due to military and health care personnel. Let me know if you want any more details, hope this helps!
Check out metro Detroit!
@Marvell Dart I have purchased three investment properties using the turnkey model. I'm happy to chat more about my experience if you want. I think its a great way to get into real estate investing, especially for folks that don't have the time or desire to put in all the work required to do the work themselves or put together a team.
Best of luck and keep us udpated!
Hi @Marvell Dart !
I invested in my first property in October 2020 (see post below). This property was OOS and turnkey. I am currently saving for my next investment and I plan to go turnkey for that investment as well. I would be happy to share more if you have any questions about my experience!
@Kamil Baldyga Thank you for that suggestion. Are you working with any property managers that have properties with strong tenants in them? Interested in your expertise.
Hi @Marvell Dart . Before I answer, may I ask why you are looking to invest out of state?
@Taz Zettergren I have heard about REI Nation, I am definitely more interested in getting more information about this. Thank you.
@Doug Spence thank you for your feedback. I definitely am interested in chatting about your experience more.
@Joseph Schweizer your link is very helpful. I am interested in the details of your experience.
@Danielle Jackson Lower cash investment and same ROI.
My advice would be to go and physically see the market you want to buy turnkey properties in. I know several people who bought turnkey but didn't realize what the neighborhood was like, or what the quality of their property's rehab actually was. This may seem overly basic but you'd be surprised how many people do almost no due diligence. I'd also go and see properties that your potential turnkey provider has rehabbed and rented so you can see the quality of their work. Turnkey can be a good as long as you do it with care.
Hi @Marvell Dart ! I would recommend narrowing down you search to specific cities. Then reach out to agents in those cities. They can set up a search for you. If you're interested in Austin then I can help you. If you're looking for another city in Texas I'm happy to send you a referral.
Hey @Marvell Dart I also live in AZ and buy properties in Birmingham.
@Marvell Dart , l have recently had a bad experience with a turnkey provider regarding rehab. I bought two properties from them and both properties had foundation and plumbing issues. Feel free to connect with me for details. Hopefully, my experience can help you avoid doing business with this provider.
@David Nutakor , I've been researching two turn key providers in TN. I'm interested in your experience and would appreciate further details.
NEVER buy a "turnkey" property without getting YOUR OWN independent inspection done!
Do NOT use an inspector recommended by the seller!
@Marvell Dart I personally invest in the Midwest for cashflowing properties. If you're wanting to stay in Southern states, I work with investors that are buying up properties in the Carolinas, Florida, and Texas.
@Marvell Dart Check out Galveston, TX…I am a broker here on the Island & short term rental investments are my specialty! Message me if you would like to connect!
Hi Marvell, I also bought a couple of properties out of state in 2020 and they have been performing well. One was a turnkey in Cleveland, OH and the other was a SFH in Memphis, TN. The Memphis property was through roofstock and I would definitely recommend working with them if you are looking for a SFH. Let me know if you want to connect and talk about the turnkey property.