Starting out in 2019

19 Replies

Hey fellow BP members I am a newbie here and to REI. While I have been interested in real estate for quite some time now, just recently have I started educating myself. I live in Los Angeles (gasp) and obviously I don't have tons of money to drop into a rental property here, so I have been looking into the many other options that may be available for people like me. From turnkey, out of state investing, to becoming a real estate agent, and finding really broken down properties to flip, I've been looking into all the options carefully.

I have found that I am very fond of having a passive income with buy and hold properties, which as of this point is the way I envision building my portfolio. BUT the "simple" options like turnkey don't seem like its worth it with the $100-$200 cash flow per month the websites are advertising. I guess my question is are these turnkey properties really worth it for someone like me living in an expensive market? and how likely is it that these properties will actually grow enough equity for me to sell or refinance? (considering our current market)

Another option I am interested in is finding out-of-state boots on the ground to partner with to find me great investment properties. This may be a real estate agent, property manager, or a fellow investor, but someone I can trust. BP members, from your experience what would be the best way to find someone out-of-state and how do you vet your potential partners to finding the best match?

My biggest fear of investing out-of-state would be the fact that I will not be able to be hands on when issues arise. I like to know everything that's happening with my business and investments and the thought of having investments so far literally freaks me out and I haven't even started yet. I'd love to here everyone's opinion!

I will hopefully update you all once I have purchased my first rental property!

Edward, it seems as though a certain book (that I just finished reading actually) was made to answer the questions you have regarding out-of-state investing. Long-Distance Real Estate Investing by David Greene has a TON of good tips that will help answer a lot of your questions and I would highly recommend it!

https://www.biggerpockets.com/...

Turnkey generally makes the most sense for people who have a lot of cash, live in expensive markets, and are very short on time to put their own deals together. You can always start with turnkey to learn the ropes, then start putting your own deals together. 

You can also consider note investing. @Dave Van Horn wrote a book on it, it seems to work well for distance investors.

I syndicate multifamily out of state, and we have boots on the ground property managers to handle the day to day. Ultimately though syndicating multifamily is a lot of work, and takes a lot of time and a decent amount of up front investment to get going as an active investor.

Originally posted by @Edward Hakobyan :

@Taylor L. In your opinion would it make more sense to pay off turnkey properties or get a loan on it?

Most real estate investing "works" due to leverage. If we had to pay cash for everything returns would be dismal 

@Edward Hakobyan Welcome to BP and congrats on deciding to start investing!

In order to make an informed decision you need to decide on a few things:

1) Are you currently making a lot of money (outside of real estate)
2) Does your current situation (job/business/whatever else you do) - allow you to spend at least 20 hours or more on real estate investing as it is a very involved business especially at the beginning if you plan to be active

3) How fast do you want to make money in real estate

There're many more questions, so let me share a few articles that will guide you in the right direction:

https://www.biggerpockets.com/member-blogs/10850/86621-six-steps-approach-to-getting-started-in-real-estate

https://www.biggerpockets.com/member-blogs/10850/84064-what-type-of-investor-to-be-when-i-grow-up-active-or-passiv

Originally posted by @Edward Hakobyan :

Hey fellow BP members I am a newbie here and to REI. While I have been interested in real estate for quite some time now, just recently have I started educating myself. I live in Los Angeles (gasp) and obviously I don't have tons of money to drop into a rental property here, so I have been looking into the many other options that may be available for people like me. From turnkey, out of state investing, to becoming a real estate agent, and finding really broken down properties to flip, I've been looking into all the options carefully.

I have found that I am very fond of having a passive income with buy and hold properties, which as of this point is the way I envision building my portfolio. BUT the "simple" options like turnkey don't seem like its worth it with the $100-$200 cash flow per month the websites are advertising. I guess my question is are these turnkey properties really worth it for someone like me living in an expensive market? and how likely is it that these properties will actually grow enough equity for me to sell or refinance? (considering our current market)

Another option I am interested in is finding out-of-state boots on the ground to partner with to find me great investment properties. This may be a real estate agent, property manager, or a fellow investor, but someone I can trust. BP members, from your experience what would be the best way to find someone out-of-state and how do you vet your potential partners to finding the best match?

My biggest fear of investing out-of-state would be the fact that I will not be able to be hands on when issues arise. I like to know everything that's happening with my business and investments and the thought of having investments so far literally freaks me out and I haven't even started yet. I'd love to here everyone's opinion!

I will hopefully update you all once I have purchased my first rental property!

 The cash flow isn't the end game when it comes to owning rental properties. It's the principle pay down. With residential real estate you can easily quadruple your money without factoring in appreciation or cashflow which should both be considered icing on the cake. If you want to buy a $100,000 property you don't need $100,000. All you need is $25,000 and the bank will lend you the other $75,000. Tenants pay off the bank now you've a property worth $100,000 that you only paid $25,000 for. Do that multiple times throughout your career and you'll have built a very nice net worth.

Originally posted by @Alina Trigub :

@Edward Hakobyan Welcome to BP and congrats on deciding to start investing!

In order to make an informed decision you need to decide on a few things:

1) Are you currently making a lot of money (outside of real estate)
2) Does your current situation (job/business/whatever else you do) - allow you to spend at least 20 hours or more on real estate investing as it is a very involved business especially at the beginning if you plan to be active

3) How fast do you want to make money in real estate

There're many more questions, so let me share a few articles that will guide you in the right direction:

https://www.biggerpockets.com/member-blogs/10850/86621-six-steps-approach-to-getting-started-in-real-estate

https://www.biggerpockets.com/member-blogs/10850/84064-what-type-of-investor-to-be-when-i-grow-up-active-or-passiv

Awesome information Alina. Thank you

 

Originally posted by @James Wise :
Originally posted by @Edward Hakobyan:

Hey fellow BP members I am a newbie here and to REI. While I have been interested in real estate for quite some time now, just recently have I started educating myself. I live in Los Angeles (gasp) and obviously I don't have tons of money to drop into a rental property here, so I have been looking into the many other options that may be available for people like me. From turnkey, out of state investing, to becoming a real estate agent, and finding really broken down properties to flip, I've been looking into all the options carefully.

I have found that I am very fond of having a passive income with buy and hold properties, which as of this point is the way I envision building my portfolio. BUT the "simple" options like turnkey don't seem like its worth it with the $100-$200 cash flow per month the websites are advertising. I guess my question is are these turnkey properties really worth it for someone like me living in an expensive market? and how likely is it that these properties will actually grow enough equity for me to sell or refinance? (considering our current market)

Another option I am interested in is finding out-of-state boots on the ground to partner with to find me great investment properties. This may be a real estate agent, property manager, or a fellow investor, but someone I can trust. BP members, from your experience what would be the best way to find someone out-of-state and how do you vet your potential partners to finding the best match?

My biggest fear of investing out-of-state would be the fact that I will not be able to be hands on when issues arise. I like to know everything that's happening with my business and investments and the thought of having investments so far literally freaks me out and I haven't even started yet. I'd love to here everyone's opinion!

I will hopefully update you all once I have purchased my first rental property!

 The cash flow isn't the end game when it comes to owning rental properties. It's the principle pay down. With residential real estate you can easily quadruple your money without factoring in appreciation or cashflow which should both be considered icing on the cake. If you want to buy a $100,000 property you don't need $100,000. All you need is $25,000 and the bank will lend you the other $75,000. Tenants pay off the bank now you've a property worth $100,000 that you only paid $25,000 for. Do that multiple times throughout your career and you'll have built a very nice net worth.

 Great information James. As far as turnkey properties is it likely at refinancing, say 12 months after purchase, for appreciation to have taken place or its pretty risky considering where turnkey's are priced at? 

Originally posted by @Edward Hakobyan :
Originally posted by @James Wise:
Originally posted by @Edward Hakobyan:

Hey fellow BP members I am a newbie here and to REI. While I have been interested in real estate for quite some time now, just recently have I started educating myself. I live in Los Angeles (gasp) and obviously I don't have tons of money to drop into a rental property here, so I have been looking into the many other options that may be available for people like me. From turnkey, out of state investing, to becoming a real estate agent, and finding really broken down properties to flip, I've been looking into all the options carefully.

I have found that I am very fond of having a passive income with buy and hold properties, which as of this point is the way I envision building my portfolio. BUT the "simple" options like turnkey don't seem like its worth it with the $100-$200 cash flow per month the websites are advertising. I guess my question is are these turnkey properties really worth it for someone like me living in an expensive market? and how likely is it that these properties will actually grow enough equity for me to sell or refinance? (considering our current market)

Another option I am interested in is finding out-of-state boots on the ground to partner with to find me great investment properties. This may be a real estate agent, property manager, or a fellow investor, but someone I can trust. BP members, from your experience what would be the best way to find someone out-of-state and how do you vet your potential partners to finding the best match?

My biggest fear of investing out-of-state would be the fact that I will not be able to be hands on when issues arise. I like to know everything that's happening with my business and investments and the thought of having investments so far literally freaks me out and I haven't even started yet. I'd love to here everyone's opinion!

I will hopefully update you all once I have purchased my first rental property!

 The cash flow isn't the end game when it comes to owning rental properties. It's the principle pay down. With residential real estate you can easily quadruple your money without factoring in appreciation or cashflow which should both be considered icing on the cake. If you want to buy a $100,000 property you don't need $100,000. All you need is $25,000 and the bank will lend you the other $75,000. Tenants pay off the bank now you've a property worth $100,000 that you only paid $25,000 for. Do that multiple times throughout your career and you'll have built a very nice net worth.

 Great information James. As far as turnkey properties is it likely at refinancing, say 12 months after purchase, for appreciation to have taken place or its pretty risky considering where turnkey's are priced at? 

 Why would you be refinancing? No need to buy it in cash. Buy it with a 30 year loan up front.

Originally posted by @James Wise :
Originally posted by @Edward Hakobyan:
Originally posted by @James Wise:
Originally posted by @Edward Hakobyan:

Hey fellow BP members I am a newbie here and to REI. While I have been interested in real estate for quite some time now, just recently have I started educating myself. I live in Los Angeles (gasp) and obviously I don't have tons of money to drop into a rental property here, so I have been looking into the many other options that may be available for people like me. From turnkey, out of state investing, to becoming a real estate agent, and finding really broken down properties to flip, I've been looking into all the options carefully.

I have found that I am very fond of having a passive income with buy and hold properties, which as of this point is the way I envision building my portfolio. BUT the "simple" options like turnkey don't seem like its worth it with the $100-$200 cash flow per month the websites are advertising. I guess my question is are these turnkey properties really worth it for someone like me living in an expensive market? and how likely is it that these properties will actually grow enough equity for me to sell or refinance? (considering our current market)

Another option I am interested in is finding out-of-state boots on the ground to partner with to find me great investment properties. This may be a real estate agent, property manager, or a fellow investor, but someone I can trust. BP members, from your experience what would be the best way to find someone out-of-state and how do you vet your potential partners to finding the best match?

My biggest fear of investing out-of-state would be the fact that I will not be able to be hands on when issues arise. I like to know everything that's happening with my business and investments and the thought of having investments so far literally freaks me out and I haven't even started yet. I'd love to here everyone's opinion!

I will hopefully update you all once I have purchased my first rental property!

 The cash flow isn't the end game when it comes to owning rental properties. It's the principle pay down. With residential real estate you can easily quadruple your money without factoring in appreciation or cashflow which should both be considered icing on the cake. If you want to buy a $100,000 property you don't need $100,000. All you need is $25,000 and the bank will lend you the other $75,000. Tenants pay off the bank now you've a property worth $100,000 that you only paid $25,000 for. Do that multiple times throughout your career and you'll have built a very nice net worth.

 Great information James. As far as turnkey properties is it likely at refinancing, say 12 months after purchase, for appreciation to have taken place or its pretty risky considering where turnkey's are priced at? 

 Why would you be refinancing? No need to buy it in cash. Buy it with a 30 year loan up front.

 Would you not want to refinance to get a bit of cash back out so it can be put into another property?

Originally posted by @Edward Hakobyan :
Originally posted by @James Wise:
Originally posted by @Edward Hakobyan:
Originally posted by @James Wise:
Originally posted by @Edward Hakobyan:

Hey fellow BP members I am a newbie here and to REI. While I have been interested in real estate for quite some time now, just recently have I started educating myself. I live in Los Angeles (gasp) and obviously I don't have tons of money to drop into a rental property here, so I have been looking into the many other options that may be available for people like me. From turnkey, out of state investing, to becoming a real estate agent, and finding really broken down properties to flip, I've been looking into all the options carefully.

I have found that I am very fond of having a passive income with buy and hold properties, which as of this point is the way I envision building my portfolio. BUT the "simple" options like turnkey don't seem like its worth it with the $100-$200 cash flow per month the websites are advertising. I guess my question is are these turnkey properties really worth it for someone like me living in an expensive market? and how likely is it that these properties will actually grow enough equity for me to sell or refinance? (considering our current market)

Another option I am interested in is finding out-of-state boots on the ground to partner with to find me great investment properties. This may be a real estate agent, property manager, or a fellow investor, but someone I can trust. BP members, from your experience what would be the best way to find someone out-of-state and how do you vet your potential partners to finding the best match?

My biggest fear of investing out-of-state would be the fact that I will not be able to be hands on when issues arise. I like to know everything that's happening with my business and investments and the thought of having investments so far literally freaks me out and I haven't even started yet. I'd love to here everyone's opinion!

I will hopefully update you all once I have purchased my first rental property!

 The cash flow isn't the end game when it comes to owning rental properties. It's the principle pay down. With residential real estate you can easily quadruple your money without factoring in appreciation or cashflow which should both be considered icing on the cake. If you want to buy a $100,000 property you don't need $100,000. All you need is $25,000 and the bank will lend you the other $75,000. Tenants pay off the bank now you've a property worth $100,000 that you only paid $25,000 for. Do that multiple times throughout your career and you'll have built a very nice net worth.

 Great information James. As far as turnkey properties is it likely at refinancing, say 12 months after purchase, for appreciation to have taken place or its pretty risky considering where turnkey's are priced at? 

 Why would you be refinancing? No need to buy it in cash. Buy it with a 30 year loan up front.

 Would you not want to refinance to get a bit of cash back out so it can be put into another property?

 What money? There isn't going to be any money to be pulled out.

Originally posted by @James Wise :
Originally posted by @Edward Hakobyan:
Originally posted by @James Wise:
Originally posted by @Edward Hakobyan:
Originally posted by @James Wise:
Originally posted by @Edward Hakobyan:

Hey fellow BP members I am a newbie here and to REI. While I have been interested in real estate for quite some time now, just recently have I started educating myself. I live in Los Angeles (gasp) and obviously I don't have tons of money to drop into a rental property here, so I have been looking into the many other options that may be available for people like me. From turnkey, out of state investing, to becoming a real estate agent, and finding really broken down properties to flip, I've been looking into all the options carefully.

I have found that I am very fond of having a passive income with buy and hold properties, which as of this point is the way I envision building my portfolio. BUT the "simple" options like turnkey don't seem like its worth it with the $100-$200 cash flow per month the websites are advertising. I guess my question is are these turnkey properties really worth it for someone like me living in an expensive market? and how likely is it that these properties will actually grow enough equity for me to sell or refinance? (considering our current market)

Another option I am interested in is finding out-of-state boots on the ground to partner with to find me great investment properties. This may be a real estate agent, property manager, or a fellow investor, but someone I can trust. BP members, from your experience what would be the best way to find someone out-of-state and how do you vet your potential partners to finding the best match?

My biggest fear of investing out-of-state would be the fact that I will not be able to be hands on when issues arise. I like to know everything that's happening with my business and investments and the thought of having investments so far literally freaks me out and I haven't even started yet. I'd love to here everyone's opinion!

I will hopefully update you all once I have purchased my first rental property!

 The cash flow isn't the end game when it comes to owning rental properties. It's the principle pay down. With residential real estate you can easily quadruple your money without factoring in appreciation or cashflow which should both be considered icing on the cake. If you want to buy a $100,000 property you don't need $100,000. All you need is $25,000 and the bank will lend you the other $75,000. Tenants pay off the bank now you've a property worth $100,000 that you only paid $25,000 for. Do that multiple times throughout your career and you'll have built a very nice net worth.

 Great information James. As far as turnkey properties is it likely at refinancing, say 12 months after purchase, for appreciation to have taken place or its pretty risky considering where turnkey's are priced at? 

 Why would you be refinancing? No need to buy it in cash. Buy it with a 30 year loan up front.

 Would you not want to refinance to get a bit of cash back out so it can be put into another property?

 What money? There isn't going to be any money to be pulled out.

Maybe I'm confusing refinancing with having equity in the property and opening a HELOC or a home equity loan? Correct if I'm wrong I still haven't figured this part out.

Originally posted by @Edward Hakobyan :
Originally posted by @James Wise:
Originally posted by @Edward Hakobyan:
Originally posted by @James Wise:
Originally posted by @Edward Hakobyan:
Originally posted by @James Wise:
Originally posted by @Edward Hakobyan:

Hey fellow BP members I am a newbie here and to REI. While I have been interested in real estate for quite some time now, just recently have I started educating myself. I live in Los Angeles (gasp) and obviously I don't have tons of money to drop into a rental property here, so I have been looking into the many other options that may be available for people like me. From turnkey, out of state investing, to becoming a real estate agent, and finding really broken down properties to flip, I've been looking into all the options carefully.

I have found that I am very fond of having a passive income with buy and hold properties, which as of this point is the way I envision building my portfolio. BUT the "simple" options like turnkey don't seem like its worth it with the $100-$200 cash flow per month the websites are advertising. I guess my question is are these turnkey properties really worth it for someone like me living in an expensive market? and how likely is it that these properties will actually grow enough equity for me to sell or refinance? (considering our current market)

Another option I am interested in is finding out-of-state boots on the ground to partner with to find me great investment properties. This may be a real estate agent, property manager, or a fellow investor, but someone I can trust. BP members, from your experience what would be the best way to find someone out-of-state and how do you vet your potential partners to finding the best match?

My biggest fear of investing out-of-state would be the fact that I will not be able to be hands on when issues arise. I like to know everything that's happening with my business and investments and the thought of having investments so far literally freaks me out and I haven't even started yet. I'd love to here everyone's opinion!

I will hopefully update you all once I have purchased my first rental property!

 The cash flow isn't the end game when it comes to owning rental properties. It's the principle pay down. With residential real estate you can easily quadruple your money without factoring in appreciation or cashflow which should both be considered icing on the cake. If you want to buy a $100,000 property you don't need $100,000. All you need is $25,000 and the bank will lend you the other $75,000. Tenants pay off the bank now you've a property worth $100,000 that you only paid $25,000 for. Do that multiple times throughout your career and you'll have built a very nice net worth.

 Great information James. As far as turnkey properties is it likely at refinancing, say 12 months after purchase, for appreciation to have taken place or its pretty risky considering where turnkey's are priced at? 

 Why would you be refinancing? No need to buy it in cash. Buy it with a 30 year loan up front.

 Would you not want to refinance to get a bit of cash back out so it can be put into another property?

 What money? There isn't going to be any money to be pulled out.

Maybe I'm confusing refinancing with having equity in the property and opening a HELOC or a home equity loan? Correct if I'm wrong I still haven't figured this part out.

 If you buy a turnkey property for $100k it's going to be worth $100k. You'll want to purchase this $100k property using a 30 year residential loan so that you only need to put down $25k.

Originally posted by @James Wise :
Originally posted by @Edward Hakobyan:
Originally posted by @James Wise:
Originally posted by @Edward Hakobyan:
Originally posted by @James Wise:
Originally posted by @Edward Hakobyan:
Originally posted by @James Wise:
Originally posted by @Edward Hakobyan:

Hey fellow BP members I am a newbie here and to REI. While I have been interested in real estate for quite some time now, just recently have I started educating myself. I live in Los Angeles (gasp) and obviously I don't have tons of money to drop into a rental property here, so I have been looking into the many other options that may be available for people like me. From turnkey, out of state investing, to becoming a real estate agent, and finding really broken down properties to flip, I've been looking into all the options carefully.

I have found that I am very fond of having a passive income with buy and hold properties, which as of this point is the way I envision building my portfolio. BUT the "simple" options like turnkey don't seem like its worth it with the $100-$200 cash flow per month the websites are advertising. I guess my question is are these turnkey properties really worth it for someone like me living in an expensive market? and how likely is it that these properties will actually grow enough equity for me to sell or refinance? (considering our current market)

Another option I am interested in is finding out-of-state boots on the ground to partner with to find me great investment properties. This may be a real estate agent, property manager, or a fellow investor, but someone I can trust. BP members, from your experience what would be the best way to find someone out-of-state and how do you vet your potential partners to finding the best match?

My biggest fear of investing out-of-state would be the fact that I will not be able to be hands on when issues arise. I like to know everything that's happening with my business and investments and the thought of having investments so far literally freaks me out and I haven't even started yet. I'd love to here everyone's opinion!

I will hopefully update you all once I have purchased my first rental property!

 The cash flow isn't the end game when it comes to owning rental properties. It's the principle pay down. With residential real estate you can easily quadruple your money without factoring in appreciation or cashflow which should both be considered icing on the cake. If you want to buy a $100,000 property you don't need $100,000. All you need is $25,000 and the bank will lend you the other $75,000. Tenants pay off the bank now you've a property worth $100,000 that you only paid $25,000 for. Do that multiple times throughout your career and you'll have built a very nice net worth.

 Great information James. As far as turnkey properties is it likely at refinancing, say 12 months after purchase, for appreciation to have taken place or its pretty risky considering where turnkey's are priced at? 

 Why would you be refinancing? No need to buy it in cash. Buy it with a 30 year loan up front.

 Would you not want to refinance to get a bit of cash back out so it can be put into another property?

 What money? There isn't going to be any money to be pulled out.

Maybe I'm confusing refinancing with having equity in the property and opening a HELOC or a home equity loan? Correct if I'm wrong I still haven't figured this part out.

 If you buy a turnkey property for $100k it's going to be worth $100k. You'll want to purchase this $100k property using a 30 year residential loan so that you only need to put down $25k.

So what you're saying is that if I buy a turnkey for 100k it is very unlikely that property will gain any equity in the future?

Also what if I negotiate for a lower price and do some rehabing, will that in turn raise the property's value?

Edward, as far as boots on the ground for long distance investing, family can be a good option. Where do you have relatives you can trust?

And I don't think James is saying you won't gain any appreciation. He's just saying that counting on appreciation and cash flow doesn't always work out like you'd hoped but that principal pay down always results in equity except on the short-term in a depressed market where property values are dropping.

And this is why Alina asked you what your goals are. If you need to make fast money, then maybe buy/hold isn't the right strategy for you. Buy/hold/rent is best used as a long term investment. 20 years can go by faster than you think. But what if you bought only 1 property per year as buy/hold/rent, only putting up the down payment each time and each of those are making the monthly payments on their own. Do you think that in 20 years you won't have a boat load of equity and net worth? You will. And that's why buy/hold/rent is so popular among REI's. It's the ultimate wealth builder next to business start-ups.

If you need fast cash, start out with a little bird-dogging or wholesaling and save your way up to your first flip. Then use that profit for a down payment on a buy/hold/rent. Then repeat or start trying the BRRRR method to fund your next rental.

And for flips in CA, I hear that adding sq ft to a property (maybe converting attic or garage to living space) is a good way for CA investors to create some quick equity.

Originally posted by @Edward Hakobyan :
Originally posted by @James Wise:
Originally posted by @Edward Hakobyan:
Originally posted by @James Wise:
Originally posted by @Edward Hakobyan:
Originally posted by @James Wise:
Originally posted by @Edward Hakobyan:
Originally posted by @James Wise:
Originally posted by @Edward Hakobyan:

Hey fellow BP members I am a newbie here and to REI. While I have been interested in real estate for quite some time now, just recently have I started educating myself. I live in Los Angeles (gasp) and obviously I don't have tons of money to drop into a rental property here, so I have been looking into the many other options that may be available for people like me. From turnkey, out of state investing, to becoming a real estate agent, and finding really broken down properties to flip, I've been looking into all the options carefully.

I have found that I am very fond of having a passive income with buy and hold properties, which as of this point is the way I envision building my portfolio. BUT the "simple" options like turnkey don't seem like its worth it with the $100-$200 cash flow per month the websites are advertising. I guess my question is are these turnkey properties really worth it for someone like me living in an expensive market? and how likely is it that these properties will actually grow enough equity for me to sell or refinance? (considering our current market)

Another option I am interested in is finding out-of-state boots on the ground to partner with to find me great investment properties. This may be a real estate agent, property manager, or a fellow investor, but someone I can trust. BP members, from your experience what would be the best way to find someone out-of-state and how do you vet your potential partners to finding the best match?

My biggest fear of investing out-of-state would be the fact that I will not be able to be hands on when issues arise. I like to know everything that's happening with my business and investments and the thought of having investments so far literally freaks me out and I haven't even started yet. I'd love to here everyone's opinion!

I will hopefully update you all once I have purchased my first rental property!

 The cash flow isn't the end game when it comes to owning rental properties. It's the principle pay down. With residential real estate you can easily quadruple your money without factoring in appreciation or cashflow which should both be considered icing on the cake. If you want to buy a $100,000 property you don't need $100,000. All you need is $25,000 and the bank will lend you the other $75,000. Tenants pay off the bank now you've a property worth $100,000 that you only paid $25,000 for. Do that multiple times throughout your career and you'll have built a very nice net worth.

 Great information James. As far as turnkey properties is it likely at refinancing, say 12 months after purchase, for appreciation to have taken place or its pretty risky considering where turnkey's are priced at? 

 Why would you be refinancing? No need to buy it in cash. Buy it with a 30 year loan up front.

 Would you not want to refinance to get a bit of cash back out so it can be put into another property?

 What money? There isn't going to be any money to be pulled out.

Maybe I'm confusing refinancing with having equity in the property and opening a HELOC or a home equity loan? Correct if I'm wrong I still haven't figured this part out.

 If you buy a turnkey property for $100k it's going to be worth $100k. You'll want to purchase this $100k property using a 30 year residential loan so that you only need to put down $25k.

So what you're saying is that if I buy a turnkey for 100k it is very unlikely that property will gain any equity in the future?

Also what if I negotiate for a lower price and do some rehabing, will that in turn raise the property's value?

 If it's turnkey then theoretically there isn't any work that needs to be done to it. I would imagine it's already been renovated to get the highest price that the comps would allow.

As for it appreciating, yea that's possible but that isn't a short term play. Most turnkey markets are in slow to no growth markets so you'd need to be extremely lucky or in a rising market or gentrifying neighborhood at the right time to be able to ride that wave in the short term.

If you are trying to get all your equity out after a year, turnkey is not the solution for you. BRRRR is based on buying a distressed asset not a stabilized rental. Being able to actually add value from across the country or across the state with all the moving parts of construction while still working at whatever job got you the down payment in the first place is easier said than done though.

@Edward Hakobyan developing a relationship with a team that's not stuck on one way to make you money might be helpful. Everyone is pointing to turnkey for you because it does sound like the best fit, but as @Lori Greene pointed out, it might help you progress faster if you choose a strategy/flex your strategy as your needs change over time! Just make sure to vet your provider via other investor's experiences with them.

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