Turnkey rental company suggestions

Olympia, WA · Member since 2019 · 8 posts · 0 votes

I know there is a very divided section on BP that either love or hate turnkey rental companies, however I would like to know what turnkey rental companies have a solid record of always performing to par and causing few to no headaches for people. Who have you worked with and had a good experience with?

Also, can anyone confirm/deny if Roofstock, Norada, or Homeunion/Investimate are good turnkey companies? Thanks in advance.

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Caleb Heimsoth

Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes

@Trevor Jacobs none of those companies are turnkey providers, they’re turnkey promoters. Good turnkey companies: memphis invest, turnkey investment properties, spartan invest and many others.

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Ryan Mullin
Real Estate Broker · Indianapolis, IN · Member since 2009 · 575 posts · 496 votes
7y
Isn't roofstock just a website?
Memphis Invest is probably the oldest TK company with the best reputation. There are quite a few others that have popped up and figured out how to buy, sell and manage with good returns and few headaches. Definitely not easy but it can be done.
If I were you I would be looking for companies that do management in house, rather than the marketers that sell a property and pass it along to another company to manage. just my 2 cents.
As far as either "loving or hating " the TK model... I think it simply comes down to who is able to execute the model vs those who put profit way before execution ( Morris invest / Oceanpointe ).
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Account Closed
Rental Property Investor · Brooke Park Drive · Member since 2018 · 1k+ posts · 2k+ votes
7y
Everybody take a shot of vodka when Tom provides article links!
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Vidit S.Business Member
Investor · NY · Member since 2018 · 101 posts · 18 votes
7y
Before you go with Morris invest, read this from couple of days ago -> https://www.nytimes.com/2019/03/25/business/fox-news-clayton-morris-indianapolis.html Also Roofstock is a marketplace and not all properties are ready to be moved into or have tenants.
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Caleb Heimsoth
Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
7y
@Trevor Jacobs none of those companies are turnkey providers, they’re turnkey promoters. Good turnkey companies: memphis invest, turnkey investment properties, spartan invest and many others.
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Caleb Heimsoth
Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
7y
@Michael P. That’s really funny lol
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Axel MeierhoeferPro Member
Rental Property Investor · Escondido, CA · Member since 2017 · 684 posts · 550 votes
7y
@Vidit S. @Travor Jacobs Good advise. The story around Morris is horrible. Here is the thread with all links, court cases etc. https://www.biggerpockets.com/forums/311/topics/689433-clayton-morris-morris-invest-house-of-cards-starting-to-fall?highlight_post=4075847&page=6#p4075847
I am a fan of turnkey and have good experiences but you need to be very selective who to work with.
One thing that does not work is a mindset of trying to get the best possible deal and wanting to find a turnkey for it. That goal and the business model of turnkey don't match.
If you want a solid deal with almost no headache and consistent returns, turnkey with the right partner is great
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Vidit S.Business Member
Investor · NY · Member since 2018 · 101 posts · 18 votes
7y
@Axel Meierhoefer Could you refer some turnkeys that you have had good experience with?
[email protected]617-716-9019
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Axel MeierhoeferPro Member
Rental Property Investor · Escondido, CA · Member since 2017 · 684 posts · 550 votes
7y
@Vidit S. I am working with Memphis invest and Bridge Trunkey right now and for years have a deal with a company caller Barker in Santa Fe, NM.
I know that Bigger Pockets threads are a little split on it. What is great though is to review what's been said about a company as people often share personal experiences and data.
From a perspective of considering TK as a concept, I highly recommend the book Chris Clothier wrote called "Turnkey Revolution". If someone follows those checklists and you find a company you consider, if they meet all the checks, you will probably have a good experience
I am sorry that I can't find the link anymore but someone created an amazing tool that compares tons of the best TK providers nationwide. I hope someone can find the link on BP for you
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James Wise
Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
7y
Originally posted by @Trevor Jacobs:
I know there is a very divided section on BP that either love or hate turnkey rental companies, however I would like to know what turnkey rental companies have a solid record of always performing to par and causing few to no headaches for people. Who have you worked with and had a good experience with?
Also, can anyone confirm/deny if Roofstock, Norada, or Homeunion/Investimate are good turnkey companies? Thanks in advance.
Well 1st thing to do is identify what type of Turnkey company you want to work with and identify if the companies above fit that mold. Roofstock is just like an MLS for rentals. Basically it's like a Loopnet. Homeunion was in my market (Cleveland) but it's my understanding that they have exited the property management space in my market and others with the goal of referring investors to local management companies. I cannot speak to Norada as I am unfamiliar with their business model. Considering they are in multiple markets I would assume they match you with local PM companies as well but I am not sure of this.
So of those three you have two (assuming my assumption on Norada's model) that are in the space of selling and then referring to on the ground teams owned by others. That is one model. Another model is that the company itself runs everything from sales to the PM. Both models have advantages & disadvantages. For instance a company that does everything from top to bottom has more control over the product & performance but a company that refers it out usually has access to more than one market.
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Melissa Nash
Rental Property Investor · Orange County, CA · Member since 2016 · 740 posts · 529 votes
7y
@Axel Meierhoefer FYI- I grew up in Escondido :)
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
7y
first rule of thumb with rental real estate no matter who what or why you buy it etc.
there is no such thing as perfect or no headaches etc.. there are great providers in most all markets.
But the end of the day the provider is not paying your rent or living in the home..
there is only so much anyone can do.. Rental business is like any other you will have ups and downs.. its human nature.
you could get a tenant that stays for 10 years and you never hear from them .. or you can get a property that the tenants leave every 12 to 24 months..
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Nick M.
Rental Property Investor · NY · Member since 2016 · 130 posts · 16 votes
7y
As has been implied, no matter who you select as a turnkey provider- always underwrite the numbers yourself.
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Joe RichardsonPro Member
Portage, MI · Member since 2015 · 40 posts · 14 votes
7y
To second what Jay said the headaches will be there. I made the mistake of “trusting the process” because I was to busy to confirm everything with my own eyes. I didn’t check things out with my own eyes and it’s cost me thousands of dollars over the last several months. It started with just a flat out bad contractor which I would have spotted had I taken the time to check into things. Then as I tried to get things right the blame game starts around who was supposed to do what etc. At the end of the day it’s my fault for not vetting everyone involved. No matter who you choose find the time and the money to see things for yourself and establish the relationships up front that you can be comfortable with.
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Tushar Shah
Chicago, IL · Member since 2017 · 96 posts · 12 votes
7y
@Trevor Jacobs Hey Trevor. I have purchased four turnkey properties over the last year from one provider. PM me if you want more details.
Tushar Shah
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Ashish Khera
Tustin, CA · Member since 2014 · 7 posts · 3 votes
7y
@Tushar Shah I would love to hear about you turnkey experience.
ashish
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Tushar Shah
Chicago, IL · Member since 2017 · 96 posts · 12 votes
7y
@Ashish Khera Hey Ashish. Feel free to PM me.
Tushar Shah
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Junior Soares
Contractor · San Jose, CA · Member since 2018 · 262 posts · 407 votes
7y
@Trevor Jacobs You will always have headaches in this business. At the end of the day it's just that.... A Business, nothing more, nothing less. More money, more problems! But it's better to have money problems than broke problems! Either way you will always have problems Haha! For me personally, you will likely find a better deal hunting for a property yourself or with an investor friendly agent. Most turn key companies will sell you something real nice but likely for exactly what its worth if not a little more since it comes to you wrapped in a package. Best of luck
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Henry StoltzfusPro Member
Honey brook, PA · Member since 2017 · 17 posts · 11 votes
7y
@Trevor Jacobs Good Morning Jacob. I bought my first property with mid south home buyers 4 1/2 years ago and now have a total of 3 property’s with them. They have a solid team in place. Feel free to contact me with questions. They do only operate in Memphis TN though.
Have a wonderful day.
Henry
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Casey Maeda
Rental Property Investor · 港区, Tokyo · Member since 2018 · 61 posts · 42 votes
7y
@Trevor Jacobs bought a TK through Norada - best in the business. So far so good, really feel like I bought a hassle free investment
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Tom Ott
Equity Raiser and Turnkey Provider · Cleveland, OH · Member since 2016 · 4k+ posts · 1k+ votes
7y
Originally posted by @Trevor Jacobs:

I know there is a very divided section on BP that either love or hate turnkey rental companies, however I would like to know what turnkey rental companies have a solid record of always performing to par and causing few to no headaches for people. Who have you worked with and had a good experience with?
Also, can anyone confirm/deny if Roofstock, Norada, or Homeunion/Investimate are good turnkey companies? Thanks in advance.
The companies you named aren't really Turnkey Providers. They are more like online marketplaces to buy properties.
A Turnkey Provider is a company that typically purchases a property, fully renovates it, places a tenant, and then sells it to an investor. After the investor purchases the property, the Turnkey Provider should stay on as the property manager. Pretty much, everything should be done in-house and under one roof.
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Mark B.
Rental Property Investor · Saint Paul, MN · Member since 2017 · 27 posts · 2 votes
7y
@Casey Maeda
In what market did you purchase through Norada?
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Mark B.
Rental Property Investor · Saint Paul, MN · Member since 2017 · 27 posts · 2 votes
7y
@Axel Meierhoefer
How has your experience been with Memphis and Bridge so far? I’ve bought 2 properties through the Roofstock platform in the last 2 years and enjoyed it, although technically not a turnkey provider.
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Casey Maeda
Rental Property Investor · 港区, Tokyo · Member since 2018 · 61 posts · 42 votes
7y
@Mark B. Dayton Ohio, great cashflow market. I can pm you details of the operator if you like, let me know
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Mark B.
Rental Property Investor · Saint Paul, MN · Member since 2017 · 27 posts · 2 votes
7y
@Casey Maeda
Do you know if they operate in the Cleveland market? I currently own one property in that area.
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Christopher Toth
Rental Property Investor · Denville, NJ · Member since 2017 · 107 posts · 54 votes
7y
@Trevor Jacobs I highly recommend Midsouth Homebuyers in Memphis. I’ve worked with a handful of TKP and they are in their own league. They have the best customer service and communication I’ve encountered. I’ve purchased from them twice, and have nothing bad to say. Give Liz Nowlin a call and tell her I sent you. They will take care of you.
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