List of Turn key companies

10 Replies

I’m fairly new and looking for some recommendations. I have purchased 3 properties, 1 on my own in my own market and 2 with morrisinvest.com as a turn key real estate company. I’m looking for a couple other companies who find, rehab and then do the property management for 2 reasons. 1. I’m not impressed at all with morrisinvest.com commutation and process so far. 2. I don’t want more than 2 properties within 1 city and they tend to buy mostly in Detroit. I’m looking for recommendations for any other company that does something similair. I spoke with memphisinvest.com. They seem very professional and organized but the roi are too low. Prices of the homes are too high compared to rents generating a net 7-8% whereas I’m looking for 9-10% range. I heard about buymemphisnow.com as well. I’d love to get a few recommendations of companies that you’ve had a approve experience with. Thanks!
Originally posted by @Trent Lee :
I’m fairly new and looking for some recommendations. I have purchased 3 properties, 1 on my own in my own market and 2 with morrisinvest.com as a turn key real estate company.

I’m looking for a couple other companies who find, rehab and then do the property management for 2 reasons.

1. I’m not impressed at all with morrisinvest.com commutation and process so far. 2. I don’t want more than 2 properties within 1 city and they tend to buy mostly in Detroit.

I’m looking for recommendations for any other company that does something similair.

I spoke with memphisinvest.com. They seem very professional and organized but the roi are too low. Prices of the homes are too high compared to rents generating a net 7-8% whereas I’m looking for 9-10% range.

I heard about buymemphisnow.com as well.

I’d love to get a few recommendations of companies that you’ve had a approve experience with.

Thanks!

 I did a side by side comparison of a couple of options at:

https://www.biggerpockets.com/forums/311/topics/62...

If you want more details just ask

There are multiple threads here on the forums about people having bad experiences with Morris Invest and the management company that they use or were using .. oceanpointe I believe it’s called .

I didn’t know Morris is selling homes in Detroit now ..  it seemed like they were selling properties in Indianapolis but maybe prices got too high there or they got run out of town .

I’ve heard good things about Memphis Invest , but haven’t looked into turnkey much .. most likely the cap rate is lower because the quality of the properties is likely better .  But in general with turnkey the trade off is usually a lower return for not having to fund a property yourself and doing the rehab etc . 

As prices have come up cap rates have gone down /compressed in markets nationwide . 

Have you looked at Roofstock ? They aren’t a turnkey company but more of an online market place that facilities turnkey transactions . Their site makes things seem pretty transparent , they have properties across the nation.  I’m not really interested in turnkey but if I was I’d probably go that route .  

Originally posted by @Trent Lee :
I’m fairly new and looking for some recommendations. I have purchased 3 properties, 1 on my own in my own market and 2 with morrisinvest.com as a turn key real estate company.

I’m looking for a couple other companies who find, rehab and then do the property management for 2 reasons.

1. I’m not impressed at all with morrisinvest.com commutation and process so far. 2. I don’t want more than 2 properties within 1 city and they tend to buy mostly in Detroit.

I’m looking for recommendations for any other company that does something similair.

I spoke with memphisinvest.com. They seem very professional and organized but the roi are too low. Prices of the homes are too high compared to rents generating a net 7-8% whereas I’m looking for 9-10% range.

I heard about buymemphisnow.com as well.

I’d love to get a few recommendations of companies that you’ve had a approve experience with.

Thanks!

 There are a ton on BP! Just be sure to search the forums for them. Make sure they are a REAL provider. They should own, renovate, and manage the property all under one roof. They should not use third parties unless it is for the home inspection! 

Lots and lots of turnkey companies in operation, many of them here on BP.  Morris Invest is not what I would consider a true turnkey company even if they were operating as promised (which they are not - just reference the many and extended threads about them here on BP).  

That is, by my definition, a turnkey company buys the property, rehabs it, and you buy it only after having a chance to have a third party inspection and appraisal.  They also place a tenant, usually before you take possession, so it can cash flow from day 1.

You can finance with conventional financing upfront. Memphis Invest is such a company and probably the largest in the country. But there are many more of all sizes. Whoever you consider working with in the future I highly recommend you thoroughly vet them, and that should include a visit to the market to meet with the team, see their work and the neighborhoods they invest in. And by all means check out the PM, because that element is going to be critical to your long term success on the investment. All best in your REI!

There are dozens of turnkey companies. I would look for a company that has done business for several years and has an in-house property management company. I would also suggest to travel to the city and meet the provider and see their operations. 

I would 2nd what @Tom Ott said. The word "turnkey" is often the most misused in REI circles. And, if you are in lesser priced properties (say under $70K), it's unlikely you're going to save much money by doing it yourself. The forced appreciation of a BRRRR is much more likely in properties with bigger spreads.

you can go to turnkey reviews and look at reviews of a hundred different TK companies in virtually all markets and there is live or for real inventory on the site that you can view without getting in a squeeze page etc.. kind of like the Yelp for turn key companies.. 90% of the prominent ones in the US are on the site.