TurnKey vs. Starting from Scratch

[Dinah Tabora]

My husband and I are seriously interested in buying property out of state and then renting it out.

However, my question is what’s better to do? Start with TurnKey properties or start from scratch (buying the property, renovating, setting up property management, etc).

Pros of turnkey:

-less work on us.

Cons of turnkey:

-less return

Pros of starting from scratch:

- more return

Cons from scratch:

-more work on us.

Is it better to start from scratch and learn the whole process? Or begin with a turnkey to play it safe? Any advice? What are the sort of questions I should be considering if doing a turnkey property?

[Tom Ott]

Originally posted by @Dinah Tabora:

My husband and I are seriously interested in buying property out of state and then renting it out.

However, my question is what’s better to do? Start with TurnKey properties or start from scratch (buying the property, renovating, setting up property management, etc).

Pros of turnkey:

-less work on us.

Cons of turnkey:

-less return

Pros of starting from scratch:

- more return

Cons from scratch:

-more work on us.

Is it better to start from scratch and learn the whole process? Or begin with a turnkey to play it safe? Any advice? What are the sort of questions I should be considering if doing a turnkey property?

 I think it depends on what you are ready for and where you are investing. if you work a 9-5 or are looking to go OOS, then Turnkey is a great way to go. If you are investing locally and making it your full-time job, then going it alone is possible. It may take some time to learn the rules of the game though! Good luck!