turnkey properties

12 Replies

I live in the New York area and nothing cash flows here.  So i have looked into turnkey properties.  I understand i will pay more for the property, but i am looking to speak with anyone who has done this successfully, or not to successfully.

thanks JJ

@JJ GONZALEZ II

I have been investing in out of state turnkey properties for the last several years. So far, so good, but I do encourage you to be selective, and to do your due diligence. Nothing is ever going to go 100% smoothly over time, but you want to make sure that any turnkey provider you are consider working with, can really live up to what they promise. It is best to start slow, plan to travel to the area before you close on that first property, and get to know the provider well enough to build a foundation of trust. All best in your REI journey.

Originally posted by @JJ GONZALEZ II :

I live in the New York area and nothing cash flows here.  So i have looked into turnkey properties.  I understand i will pay more for the property, but i am looking to speak with anyone who has done this successfully, or not to successfully.

thanks JJ

 What's up JJ!

I purchased a out of state property using a Turnkey company and I had a great experience. I talked to the company about what I wanted and we narrowed it down to the property I ended up purchasing. I bought in the Midwest and being from CA....two totally different markets. I wasn't focused on purchasing a property where I was speculating appreciation I wanted something with atleast steady appreciation but more importantly positive net cash flow per month.  I like the fact that the property is completely rehabbed head to toe with the big tickets items all new (roof, electrical, plumbing, windows, water heater and HVAC. It fit my needs and im looking to do a few more to add to my portfolio!

Good luck!!!

when going turnkey, I suggest finding a provider that is also local to the area that you are purchasing in.  Many companies are out of state, just like the buyers, and they merely act as marketing companies.

@JJ GONZALEZ II

Turnkey-reviews is a great site to check out. This site has some great investors/agents/property managers on here. 

I am glad to answer any financing questions on here as well.

Have you considered owner occupying in your area and purchasing a multifamily?

@JJ GONZALEZ II I would love to sit down, maybe grab a coffee. I am a New Yorker also, I buy Multifamily and always looking to meet fellow BP members interested in getting into Real Eatate. I was a commercial broker in Brookly/Queens selling Multifamily for Marcus and Milichap so I know cash flow is not easy to find, but I buy Multifamily outside NY and cash flow is great. Let me know if you interested in a quick chat. 

JJ GONZALEZ II I got my start through turnkey back in October. Like mentioned earlier there are plenty of posts here on BP about this topic. Great debates on them as well. Some like them and some don't. I am a strong advocate for Turnkeys as a beginner, and out of state investor. I enjoy talking about my experiences so PM me if your interested in hearing more.

@JJ GONZALEZ II

  reputable provider is a must.. along with bullet proof PM.. those are your tickets to success, along with buying IMHO the best property you can afford.. you want to be careful with buying the lowest price rentals in a market.. those will be much more problematical. Tenants are like anyone else they want nice home good schools safe environment.. and the absolute cheapest houses in any given metro plex rarly provide this.

If the property doesn't cash flow then why don't you look somewhere an hour or two away for a property that will? Banking only only appreciation might not work well for you. Also paying more for a property that wouldn't cash flow to begin with seems counter productive. I get it if you are doing a non profit housing project of some kind. If travel for a cash flowing property is the issue then it might make sense to spend more time looking for one where there is margin for property management or looking into passive ways of investing in real-estate.
Originally posted by @JJ GONZALEZ II :

I live in the New York area and nothing cash flows here.  So i have looked into turnkey properties.  I understand i will pay more for the property, but i am looking to speak with anyone who has done this successfully, or not to successfully.

thanks JJ

Hey JJ,

I write a few blogs for BP a while back about investing in turnkey real estate.

Check the out and I hope you find them useful.

http://www.biggerpockets.com/renewsblog/2015/02/22/3-key-traits-reputable-real-estate-turnkey-company/

http://www.biggerpockets.com/renewsblog/2015/02/28/3-morekey-traits-reputable-real-estate-turnkey-company/

http://www.biggerpockets.com/renewsblog/2014/07/26/sight-mind-real-estate-investing-afar/

Thanks and have a great day.