Updated about 5 years ago on . Most recent reply
Any Successful No Rehab (Turnkey) Investors on here
As I’ve learned more and more about real estate, I’ve come to the conclusion that I have no interest in flipping or doing a full rehab on a property I’m interested in. I’m taking a “buy and hold” strategy with tenants approach.
With that being said, the houses I plan to purchase should be move in ready or a “Turnkey”. Of course this means I’ll end up paying more for the property and that’s okay.
It seems that more people are focused on finding wholesalers, getting a property flipped etc.
Am I in the minority? Where I live in Arizona, a decent house will be $225K or more.
I want my property to be move in ready on the day of acquisition and if I have to pay that, it seems like the cost of doing the business I prefer. Thoughts? Suggestions?
Most Popular Reply
There is absolutely nothing wrong with buying turnkey properties. If the numbers work for you and your goals, fits your style and comfort level as an investor then it's perfectly fine.
When I first set my goals to paper I estimated things using the idea of buying turnkeys to establish the baseline of how long it would take me to get there even though I knew I was going to attempt to BRRRR to speed things along and it was surprising to me how quickly I would have gotten there.
My first rental property (that I actually bought with the intention of it being a rental) was turnkey and has done nothing but print money for me since I bought it even though it has a 15 year note on it. I've built up enough equity in it since then to have since established a LOC that I now use to finance BRRRR deals.