Portland, OR · Member since 2019 · 16 posts · 0 votes
Just learned about turnkey investment companies like Roofstock. I was curious if anyone has worked with them; Any horror stories or is it a legit way to invest? I ask because it sounds like it could be a good option for out-of-state rental property investing.
At the end of the day, Roofstock and other TK companies are shortcuts to buying and renovating properties. It does not eliminate the need to do your own due diligence - inspection, appraisal, etc. It is really important that you visit any market you are interested in, look at some sample properties and streets firsthand, and do a deep due diligence on the property management company, because it is their ability to put a good tenant in place and collect rent that makes or breaks your investment, and there are no guarantees.
Shortcuts can be helpful, and a big time saver, but you have to be very careful when doing so.
You'll find plenty of info on them if you search the forums...
I bought two last year from MemphisInvest and had a fantastic experience. I think turnkeys are a great way to start. You’ll need to do all your own due diligence of course. For me it was a great way to ease into real estate investing.
@David Mills Turnkey investments I believe are a good option for investors who are very busy. We purchased our first rental in 2011, rehabbed, rented and managed it. Found out we were wimpy landlords. Ended up selling it, and started 2 businesses. After a couple three years begun learning more real estate investments. This time because of very limited time decided to try turnkey.
After 1 year of research, visits, interviews with property managers and some of their investors, picked one. Good decision. Turnkey company communicates well, properties rehabbed well, payments are regular and tenants taken care of.
Heyy,
Do you mind sharing the name of the one you went with?
@Sam Sala When they expanded they changed their name to Turn Key Property Providers LLC. If you want to try them or anyone else take your time and give them a call or a couple of visits. I'd even ask them to show you some of their houses and call a few past/present clients of theirs before going with anyone.