I've seen a few like Philly Income Properties but wanted to know if anyone had experience with any that are good. Also anyone know any turnkey providers in Maryland?
Listen to the "Memphis Invest" podcast from bigger pockets. Great resource. Probably a good place to start if your looking to go this route. From my limited reading/experience, there are some good companies, but a lot of exaggerators and frauds in the market as well.
There are lots of frauds in every market.
@Jimmy Klein where in MD are you looking?
Are you interested in the Baltimore market? What type of properties are interested in? What returns are you looking for? Will you need help with financing? Will you need help with property management?
I am looking at MD/DC area not necessarily Baltimore. Pretty much stuff around the 270 corridor going into DC. I am looking from that all the way up to Hagerstown/Frederick.
I am looking at single family. Could be condos or townhomes. Basically looking to meet the minimum 1% rule. I don't need financing, but will need a property manager that is experienced in the market.
Do you live in Ft. Lauderdale? I'm from there originally and absolutely love going back to visit there as much as possible! Great town. I don't see many people on here from there.
I don't know any in Maryland but I know some in Philly.
Hey @Jimmy Klein I'm not aware of any turn key properties along the 270 corridor. They are hard to find in the area but not impossible. Had a condo that was going to be for sale but owner decided to rent instead -
However in Baltimore turnkeys are available for way more than 1% rule. You just have to know which areas are ok. The properties are mostly townhouses/row homes that have been fully renovated. Prices range from 60K -120K depending on the property and area.
They usually rent for $1100-$1600 depending of the size of the property and program utilized ( Section 8, project place, project fresh start...etc) Leases range from 1-2 years and sometimes 3 years.
Jimmy there are plenty of quality turnkey providers, you should consider time in business, assets under management, projected ROI etc...
There are a ton of Good Turnkey companies out there. Try searching BP Forums for turnkey providers. Please do your due diligence in working with any company.
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