Closed on Door #2
My wife and I are buy and hold investors from Happy Valley (Portland, Oregon). We've learned some lessons over the years, bought and sold several properties and always kept my wife's first home as a rental. We are just now getting back on track toward accumulating positive cashflow properties. My fellow investor buddy, JR Hinds turned me onto Turnkey opportunities last year and so I thought I would post a review of my first experience below:
I had an excellent experience with the Maverick Turnkey operator in KC. I flew into Kansas City in November and spent nearly two full days with him while he showed me around the city and walked me through several of his previous and existing projects. I have trust in his ability to deliver a fully rehabbed property. There was no hesitation on his part in taking care of the issues identified in the Home Inspection Report. (Sam DeRodes - Home Detective Property Inspections)
I closed on the property in February (Independence, MO). He placed a tenant successfully. My challenge was the length of time for them to set me up in their management system to access to their online reporting and awaiting the initial deposits into my bank account. In that sense, I was way too relaxed with them and should have been more forceful about my expectations. However, once I connected with their office manager, she seemed to get right to it.
I suspect you're most interested in the financials...
Purchase Price - $89,500
PITI - $547
Garbage - $35
Monthly Repair Reserves- $45
Monthly Vacancy Reserves - $50
Monthly Mgmt Fee - $80
Total Monthly Outflow - $757
Monthly Rent - $1,000
Positive Cashflow - $243
Overall, I was happy with my experience with Maverick. Here's a link to their site if you're curious: https://www.maverickinvestorgroup.com/ref?aff=2147...
Good investing to all of you!
Jeff