Turnkey Properties - Property Management

3 Replies

After purchasing a turnkey property do you ever have control on which PM should take care of your TK?  In essence how much control do you have once you purchase on.

@Norm Somcio

It depends on the TK provider. 

If you're planning to buy TK property, you are buying their system. So it's typically their PM you're using.

You just have to manage the PM. However, you could ask for 2-3 backup PM just in case if the original PM doesn't work out. 

You have absolute control over who manages the property once you buy it. It's your property, you have full control. So much so, I recommend interviewing a few PMs in addition to the turnkey PM during your due diligence period. You can opt to have someone else manage it before you even close on it if you want. 

I actually wrote an article recently that talks about this. You'll have to scroll down some to get to it, but it specifies doing due diligence on the PMs.

https://www.biggerpockets.com/renewsblog/2016/07/1...

I think people get confused a lot on the turnkey concept. You are definitely not required to do anything specific with the property once you own it, because....you own it. You can live in it if you want even.

Chris, Ali - Thanks a Million!!!  A newbie!!

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