Investor · Coram, NY · Member since 2015 · 34 posts · 4 votes
My fiance and I have been searching every day for a duplex or triplex in our area. So far, we haven't found one that is workable. Orignially, we had thought that it would be better to landlord our property from close by. However, we started looking out of state and have been finding more opportunities. Now, our problem is figuring out how to get to see those houses in person without spending a lot of money on plane tickets; money which we feel is better saved towards the overall down payment on a property. How could see houses in other states? Are there other investors that would be willing to look at a place for us and give us their opinion of the property? We are willing to do the same in turn.
Turnkey is defined in different ways by different providers. As a turnkey investor myself, what I want is to be able to invest in a property that is fully rehabbed with tenants in place at closing. The property management is either under the same ownership as the seller, or closely affiliated. Very good property management is key to a successful investment.
Investor · Coram, NY · Member since 2015 · 34 posts · 4 votes
11y
Currently we are looking in Atlanta and found properties that are 80,000. We were approved for 180,000 in New York. Now buying a house for 180,000 here for multi family is tough. Alot of the places need a huge over haul. We are looking at properties in TX,GA,FL,MA,WA. I would be interested in some properties in MI.
Also I have heard of turn key but could you give me the definition of what turn key is again? Read about turn key in an article but I couldn't understand what it is.
Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
11y
TurnKey is where you invest cash/credit as a partner or investor, and the entire operation is set up and running for you by the "boots on the ground" in the area (state) of your choice...which is the way mine works. There are a number of different programs in many different states.
Investor · Coram, NY · Member since 2015 · 34 posts · 4 votes
11y
Ok cool now who is setting up the turn key for you? This is a program that is already set in place? I only ask because it sounds very interesting and something I'd be interested in getting started.
Ok cool now who is setting up the turn key for you? This is a program that is already set in place? I only ask because it sounds very interesting and something I'd be interested in getting started.
Yes. The program is already set up. You would just fit right into it as a Partner...or, you could just be the only owner and manage the PM, etc...from N.Y. I've set them up both ways, but you should be an experienced investor before you took it all on as the only owner. Usually, those just starting out come in as partners. They learn as the earn.
Investor · New York City, NY · Member since 2013 · 263 posts · 141 votes
11y
http://www.wegolook.com will take video and pictures of property for $58. You can also get a buyer's broker to assist. You can also network at the local reias or real estate groups of those areas and find someone to assist like a bird dog or wholesaler. Bird dogs may be illegal in some states but you can get around that by calling them by another name like location specialist and giving them a quarterly fee. Also get a credit card that has travel points and charge everything to it so that you can use them towards visiting property if you have to. You might even save if you join a travel club.
Ok cool now who is setting up the turn key for you? This is a program that is already set in place? I only ask because it sounds very interesting and something I'd be interested in getting started.
Yes. The program is already set up. You would just fit right into it as a Partner...or, you could just be the only owner and manage the PM, etc...from N.Y. I've set them up both ways, but you should be an experienced investor before you took it all on as the only owner. Usually, those just starting out come in as partners. They learn as the earn.
I like that. Now I would have to find my partner right? Where would be a good place for me look up turn key? Should I look the states I have stated or elsewhere? Thanks for taking the time to write me.
http://www.wegolook.com will take video and pictures of property for $58. You can also get a buyer's broker to assist. You can also network at the local reias or real estate groups of those areas and find someone to assist like a bird dog or wholesaler. Bird dogs may be illegal in some states but you can get around that by calling them by another name like location specialist and giving them a quarterly fee. Also get a credit card that has travel points and charge everything to it so that you can use them towards visiting property if you have to. You might even save if you join a travel club.
I was just looking at the site and it's pretty cool. Have you used this site often to look at properties or do you generally look at them yourself? Thanks for taking the time to write me. I see you live in NY so what's your take on our market?
Turnkey is defined in different ways by different providers. As a turnkey investor myself, what I want is to be able to invest in a property that is fully rehabbed with tenants in place at closing. The property management is either under the same ownership as the seller, or closely affiliated. Very good property management is key to a successful investment.
Hanford, CA · Member since 2013 · 5k+ posts · 1k+ votes
11y
trust me spend the money and go put your eyes on the place! Even as a season investor I almost got burned because I didn't !!
We are buy and hold investors all over. Just make sure you are looking at all the costs including Property management, taxes, insurance etc.
My husband is active duty so "local" is relative to our current set of orders. If it wasn't I honestly would buy local. Even though we are super efficient in long distance management I find that we still pay a premium. Personally I would rather lower returns at higher prices with all that moeny going into my home
Ok cool now who is setting up the turn key for you? This is a program that is already set in place? I only ask because it sounds very interesting and something I'd be interested in getting started.
Yes. The program is already set up. You would just fit right into it as a Partner...or, you could just be the only owner and manage the PM, etc...from N.Y. I've set them up both ways, but you should be an experienced investor before you took it all on as the only owner. Usually, those just starting out come in as partners. They learn as the earn.
I like that. Now I would have to find my partner right? Where would be a good place for me look up turn key? Should I look the states I have stated or elsewhere? Thanks for taking the time to write me.
I like MI...but I'm bias...and successful. GreatBuy/hold state.
Turn key provider · San Jose, CA · Member since 2010 · 4k+ posts · 3k+ votes
11y
@Paul Scalcione Jr I define a turn key differently than @Joe Villeneuve. I define a TK as a property that is fully renovated, has a tenant in place, is under professional property management and cash flowing from the start. There doesn't have to be any partnership involved. We sell turn keys in both Indianapolis and Kansas City which I think are among two of the best cash flow markets in the country. Atlanta was a great market 3-4 years ago but that train has left the station for the most part. Prices have been driven up where they ROI is not that attractive anymore. You can also get more for your money in other areas. Anything for $80K in Atlanta today is usually not going to be in a very good area. Feel free to contact me if you'd like more info on Indy or Kansas City.
@Paul Scalcione Jr I define a turn key differently than @Joe Villeneuve. I define a TK as a property that is fully renovated, has a tenant in place, is under professional property management and cash flowing from the start. There doesn't have to be any partnership involved. We sell turn keys in both Indianapolis and Kansas City which I think are among two of the best cash flow markets in the country. Atlanta was a great market 3-4 years ago but that train has left the station for the most part. Prices have been driven up where they ROI is not that attractive anymore. You can also get more for your money in other areas. Anything for $80K in Atlanta today is usually not going to be in a very good area. Feel free to contact me if you'd like more info on Indy or Kansas City.
I define it the same way. Some Out of State investors are looking for the "Added" benefit of a partner with boots on the ground that adds "skin in the game" to make them feel more comfortable when REI out of state. It gives the OoS Investor a chance to learn about that state while not having to feel the pain of doing it blind.
Residential Real Estate Agent · Atlanta, GA · Member since 2009 · 381 posts · 134 votes
11y
Hi, I'm here in Atlanta and for my out of town clients, I usually take quick videos, pictures, basically boot on the ground.
But, there are several great northern states to invest in. Double check Michigan and Ohio. Those states offer great buy and hold areas and would be a "doable" drive from New York to inspect the property before purchase.
Real Estate Coach · Venice Beach, CA · Member since 2012 · 6k+ posts · 3k+ votes
11y
Philly and Trenton are both good cash-flowing options for duplexes and triplexes, if you want to stick to somewhere you can drive to. Otherwise, I'd stick to flying to see properties, at least to get started. You don't want to put something that big on a stranger, maybe a family member combined with a property inspector would be okay, but be very careful about just trusting someone random!
Investor · Coram, NY · Member since 2015 · 34 posts · 4 votes
11y
I really appreciate the helpful advice. I will check out those areas to see what is doable. I want to get started but I want to do it right. There is so many ways to go. I could probably do a single family property here however I still wouldn't get a good property that way. I have seen houses here and I continue to believe I can have more than what I have seen. Which is why I want to look out of state. Thanks for taking the time.
Las Vegas, NV · Member since 2015 · 3 posts · 0 votes
11y
Go and see what you found on the internet. It will turn you off on buyning propeties sans boots on the ground.
Trusting people you never met who say they have turnkeys for you will only lead to heartache. You dont know what their angle is? Selling you only their listings? Overcharging? the list goes on and on and on.
Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
11y
Originally posted by @Account Closed:
Go and see what you found on the internet. It will turn you off on buyning propeties sans boots on the ground.
Trusting people you never met who say they have turnkeys for you will only lead to heartache. You dont know what their angle is? Selling you only their listings? Overcharging? the list goes on and on and on.
Correct Steve. Then there are the good ones. Trouble is, when you are in a state (market) that isn't good at all (some even bad)...out of state is your best option. Just do your D.D. completely before you leap, and keep your ASSet protection in place at all times.
Investor · Coram, NY · Member since 2015 · 34 posts · 4 votes
11y
All I'm saying is that the market I'm in doesn't allow me to do what I want to do which is why I feel I have to go out of state. If I wanted to get a better house I'd have to put more money down. What I'm approved for isn't good here, it is good for a different market. A least that's how I see it. I'd also be working with private investors or hard money lenders. If prefer not to do that. I feel the time is now to buy.
All I'm saying is that the market I'm in doesn't allow me to do what I want to do which is why I feel I have to go out of state. If I wanted to get a better house I'd have to put more money down. What I'm approved for isn't good here, it is good for a different market. A least that's how I see it. I'd also be working with private investors or hard money lenders. If prefer not to do that. I feel the time is now to buy.
You're right Paul. Remember that the Market Picks you, you don't pick the Market.
Investor · New York City, NY · Member since 2013 · 263 posts · 141 votes
11y
@Paul Scalcione Jr
As for http://www.wegolook.com, a friend of mine who lives in NY and invests in Memphis recommended them. I called them and they seem legitimate. Since I belong to a real estate group I had someone do the same thing for me plus they went with a contractor who gave me a bid.
The NY has many submarkets. On a whole the state is not landlord friendly which is a turnoff for me. NYC is expensive and competition is rough. LI and Westchester taxes are too damn high. Some areas near Niagara and Buffalo have very poor soil which means there are going to be foundation problems and I would not be surprised if the people come down with cancer because it was used by the military for disposing hazardous material a long time ago.
The other option I forgot to mention is to do a joint venture or partner with someone that lives in the area where you want to invest.
As for http://www.wegolook.com, a friend of mine who lives in NY and invests in Memphis recommended them. I called them and they seem legitimate. Since I belong to a real estate group I had someone do the same thing for me plus they went with a contractor who gave me a bid.
The NY has many submarkets. On a whole the state is not landlord friendly which is a turnoff for me. NYC is expensive and competition is rough. LI and Westchester taxes are too damn high. Some areas near Niagara and Buffalo have very poor soil which means there are going to be foundation problems and I would not be surprised if the people come down with cancer because it was used by the military for disposing hazardous material a long time ago.
The other option I forgot to mention is to do a joint venture or partner with someone that lives in the area where you want to invest.
Thanks for helping me out with that site. I like the idea of going out of state. There's just so many more options. I am currently looking at properties that I can drive to. Such as CT and PA. I completely agree with you when it comes to the NY market. I can't get anything half way decent for 180000. I got people saying to just save and wait. I don't want to do that. I think the time is now and I plan on looking at some properties next weekend. I'm trying get a bunch together that I can look at in one day.
If all else fails I like the idea of a partner. I'm having trouble knowing whether I can trust someone. I don't have friends or family that would want to do this. So meeting a stranger is fine but who is trustworthy.
Investor · New York City, NY · Member since 2013 · 263 posts · 141 votes
11y
@Paul Scalcione Jr
Trust is something that has to be developed. I go to the REIA's and look up real estate meetup groups in the cities that I am interested in. I also look at the profiles of people on biggerpockets and facebook. I meet the people in their office or a public space. Then I communicate by email and phone at least once a month. I ask for references or look for testimonials. If they are a builder or contractor or work with these people then I ask to see their work. I look to see if they are on BBB or Consumer Affairs and verify licenses if any are needed. Does all this avoid scams? not necessarily. Its a chance I take. If I feel comfortable and the deal meets my criteria then I look at the numbers and consider my exit strategies. I set things up so that if I do get scammed I can still make money even if I lost some during the process.