Turnkey Feedback for current & future investors
I know if you search turnkey, you get a ton of various feedback. But I wanted to consolidate a bit here. Any recommendations and most importantly any recent horror stories of some.
The most obvious things I notice is a lot of Turnkey places offering inflated prices, which is fine, and I can respect that but really exaggerating on neighborhood quality. They'll say B+ in a C- area and just hope you don't research the area a bit harder. Hard to be B+ if walk score is low, school scores are low, etc. I've noticed that on ALL of the big name Turnkey websites.
Another trick they do is say property management free for 1 year, 8% for year 2 and on the pro forma show you make $200/mo cash flow with ppt mgmt at 0%. It's like year 2, I'm eating away all that "cash flow". They're hoping you don't do any future projections. These points go for all of them RtR, REI, JWB, Memphis Invest, Pinnacle Properties, Martel, etc. All the one's on this board.
For people that invest....feedback please? For one's that are on the verge of investing, thoughts? I know @Austin Fowler has great things to say about REI, which is good to hear. But I'd like to hear more, as an OOS, Turnkey is naturally a bit more inviting but doing basic due diligence is showing me that there's a lot of inconsistency. I'm cool with the mark up, go for it. But the neighborhood hoodwinking and pro forma cover up, that ain't going to fly.
Also, for any current investors, did you guys pay the properties a visit physically?