Does the BRRRR method exist with turnkeys?

[Summer Timms]

Hi, I am VERY new to REI. Thus far I have read a few books, practiced analyzing properties, scoured Zillow, Craigslist & the MLS, spent hours on BP and secured a HELOC. I am convinced there is money to be made but I live on Long Island and I haven't been able to get even 1 property's numbers to "work". I am considering out-of-state and have looked at numerous markets (Birmingham, Kansas City, Baltimore, etc). My question is: does the BRRRR method work with true turnkey properties? I would love to hear from some successful out-of-state and/or turnkey investors. Thank you!

[Jason D.]

Not usually because turnkey, by definition, has no value add. You are buying at, or near, retail price, so there is no way to force the value higher through renovation.