Make sure to speak to current & former clients of theirs before signing up with them. Or, at least double-check their rent rates with a local professional before purchasing from one of these companies. There's one company out of Dallas who keeps selling SA area properties to out of area investors promising outrageously high rent rates. We stopped taking referrals from this company due to the number of upset clients we were receiving from them.
I don't. However, deal with about 5 turn-key providers in my day job in multiple states. Please, please, please do LOTS of homework on whoever you select. Some of them are GREAT. Some of them will screw you. I've seen both happen.
Again, I don't do anything with the San Antonio market, but this goes for turn-key investing, and investing in general: INSPECT what you EXPECT. Preferably twice. And mentally prepare yourself to get a plane ticket at some point.
I use a company that does turn key rentals in Indy, St. Louis, charlotte and Dallas but not in San Antonio... (Still of interest)?
Been using them for three years with God returns.
I am looking for a turn-key company. Does anyone know of good ones in San Antonio?
Hello,
Searching for turnkey companies is a very important task. You need to make sure you find a true provider, and one who is not just claiming to be one. Make sure you do your research and ask the right questions.
Make sure to speak to current & former clients of theirs before signing up with them. Or, at least double-check their rent rates with a local professional before purchasing from one of these companies. There's one company out of Dallas who keeps selling SA area properties to out of area investors promising outrageously high rent rates. We stopped taking referrals from this company due to the number of upset clients we were receiving from them.
@Adam Acord, do you work with turn key companies? Since I am out of state, I am searching for options. I heard that using them could be good. Can I run my own numbers, and evaluate the properties myself?
@Raluca G., Absolutely, you can run your numbers. They key is knowing what a property will actually rent for. To get that, you need someone on the ground locally; someone familiar with the local market. Before someone chimes in about the websites that do this, yes, they do exist, I know. An algorithm only gets you so far. An experienced human can tell you far more than these services. Feel free to reach out if you need local support.
Bottom line, do your homework and double check the data given to you by the person selling you the property. Make sure they're not just trying to get the sales commission and run. There are good people out there, but there are also some crooks. Just be aware.
Alpine Capital Solutions. Need to be above board and say that after having invested with them two years, i got my daughter a job there this January. They are great people (not just saying because of my daughter :-)) Feel free to email me if you have questions.
I've been working with turnkeys for almost 6 years now and I've only known of one in that time that was in San Antonio and we checked into them but weren't impressed. I can't even think of their name now (helpful, I know).
@Raluca G. Great points made by Adam above. This notion of "turn key" is been a buzz word flying around for a while and it would need some clear defining.
Another example to consider is "turn key" in a sense. We come across "Package Deals" all the time where reluctant landlords get fed up, need to free their VA loan, have a death in the family....whatever....and they decide it's time to sell NOW!
This "Package Deal" is turn key in my eyes as we can then offer an investor:
1) A home at below retail value with a reduced commission.
2) A current lease agreement and tenant that we screened and placed into the home.
3) Accurate figures for what the home is renting for NOW - and possibilities for improvements to the rental value later on. (Not we think we can rent for "x" numbers)
4) Continued Property Management services with little interruption to the tenant (maybe 1 or 2 inspections prior to closing).
My suggestion is to come up with your formula for what type of home you are looking at - or decide the types of Cash Flow numbers would appeal to you - and start asking around to Property Management companies either here or another market if they have those types of homes.
The "Package Deal" could be a great way for you to find that Turn Key investment.
I offer a bit of a hybrid for turn key properties.
We still own and actively manage (with professional property management) the properties since we are currently located in the locate market so we understand it very well.
once we have renovated and rented we sell off access to the rent roll. We are still in the deal so it is advantageous for us to make sure the property is renovated and managed well as we are financially liable for all repairs moving forward.
The returns are not as high as if you owned the property out right but this is about as hands off for real estate investing as you could get. You get access to the cashflow, you don't ever deal with tenants and toilets, and you get to capture appreciation over the long term.
If you would like more information feel free to shoot me a PM.
@Darwin Crawford Would you please share the other 3 turnkey providers that you have good experience with? @Raluca G Have you found any good turnkey provider?
I am looking for my first turnkey investment. I am in Denver right now and they are all over price or at least are not good investment in term of cash flow.
@Thanh Nguyen to "mention" someone, type the @ symbol and the first three letters of their name and wait. A drop down menu will appear with options to choose from. Pick the person you want to "mention". If you do it right, their name will appear in blue.
As for picking a turn-key provider, use the search feature in the upper right hand corner to find posts and members who provide those services. My advise would be to drill down on where you want to invest. Pick 2 or 3 and then locate providers in the areas and figure out who you want to work with.
I can't stress enough, to do you homework. BP is a starting point sort of like the yellow pages when looking for someone to do business with.