Turnkey

3 Replies

I recently became aware of bigger pockets and it’s a great community for experienced and newbie investors like myself. I have read many posts from people that don’t like turnkey rentals or out of state properties.  First of all I live in California and the price on real estate is ridiculously expensive.  I also have a disability that limits my driving so a turnkey seemed to be for me.

My family and I bought two properties from Profit from Rentals and Justin Ericson.  Unfortunately, we had a theft and vandalism claim and the insurance company left us in limbo for a year and then denied us.  This left us with no cash flow and a vacant and damaged property.  I am on disability so I didn’t have the extra money to repair the rental. The owner Justin has been a tremendous help in not only helping to repair one of our units out of his own pocket, but in finding a lawyer and putting up the money to litigate.Being out of state is scary in not knowing who you can trust.  I think it is rare that a person shows integrity in the way Justin has treated myself and my family even after the sale.I know people have different tastes about turnkeys, but there are a few trustworthy companies out there.

Originally posted by @Ryan Wagner :

I recently became aware of bigger pockets and it’s a great community for experienced and newbie investors like myself. I have read many posts from people that don’t like turnkey rentals or out of state properties.  First of all I live in California and the price on real estate is ridiculously expensive.  I also have a disability that limits my driving so a turnkey seemed to be for me.

My family and I bought two properties from Profit from Rentals and Justin Ericson.  Unfortunately, we had a theft and vandalism claim and the insurance company left us in limbo for a year and then denied us.  This left us with no cash flow and a vacant and damaged property.  I am on disability so I didn’t have the extra money to repair the rental. The owner Justin has been a tremendous help in not only helping to repair one of our units out of his own pocket, but in finding a lawyer and putting up the money to litigate.Being out of state is scary in not knowing who you can trust.  I think it is rare that a person shows integrity in the way Justin has treated myself and my family even after the sale.I know people have different tastes about turnkeys, but there are a few trustworthy companies out there.

 This is a heartbreaking story!!! I recently liquidated some residential properties and have been in discussions with several turn-key providers.   I have no problem with the provider profiting from  the service they provide, however, I have not seen any stellar deals.  I do think there is some value going with a recognized turn-key versus finding the property manager and broker separately, if only for the extra due diligence and reviews.  

After reading your story I will look Justin up!!

Thanks for sharing.  Sorry to hear about the break in.  We've been using Simpli Safe alarm systems.  They are transportable and quite effective.  I'm not sure if this helps but I thought I'd throw it out there.  Also it's refreshing to hear that you are working with a turnkey provider that is still providing service after the sale.  We provide turnkey properties here in Columbus Ohio where we live and invest ourselves.  We've built our company on creating long term relationships and being fully transparent.  I think the 'not so good' turnkey providers have more of a 'middle man' mind set.  

Wow sorry to hear that - sounds like a tough situation but great that Justin is helping out so much. 

I had a question about crime rates in the area - is it a low crime area?  Can you share what some of the crime rates are in that area?

As someone thinking about getting a turnkey investment, I'm trying to understand all of the various factors I should be aware of. 

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