Cleveland or Memphis - Martel Turnkey is the BEST

Cleveland or Memphis - Martel Turnkey is the BEST

Rental Property Investor · Centreville, VA · Member since 2019 · 1k+ posts · 799 votes

Hi All, Just wanted to share my WIN on my 1st turnkey purchase scheduled for end of this month. I joined a mastermind call sometime during end of July, Antoine Martel made a presentation on Turnkey rentals and while I had heard of the concept before, I was really impressed with the market research that Antoine had done for the rentals in Cleveland and Memphis. He had talked to most of the banks, realtors, wholesalers, property managers and insurance providers in his market and created the best team out of it for the investors.

I had made a note of this and had been researching properties on Martel Turnkey website and I landed on a property outside Cleveland in a town called Maple Heights. The website has a built in ability to place an offer on the property which I did. Within an hour, I got response from their sales person and she made introductions for me to the Lenders, Insurance agent, Title company and Property Management. The next day I was able to provide my information and they set up a closing date for me. 

The main incentive of a turnkey is that you are cash flowing the day you purchase the property. Overall, really impressed with the Martel Turnkey team and would definitely recommend them to anyone who is interested in buying rentals from them.


7Reply
351 views

Most Popular Reply

Investor · Singapore · Member since 2013 · 1k+ posts · 3k+ votes
5y

Not to rain on your parade but this is as much a 'WIN" as buying a few shares of GOOG on eTrade! You paid asking price online for an asset. It may or may not work out for you in the long run. Its an average kind of Turnkey deal.  I think its too early to tout the company based on this experience so far. See how it goes...

See this reply in the discussion

94 Replies

Jump to latestLatest
  • Austin, TX · Member since 2018 · 2 posts · 2 votes
    5y

    Great to hear your success, Aj! Congrats on the property!!

  • Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
    5y
    Originally posted by @Aj Parikh:

    Hi All, Just wanted to share my WIN on my 1st turnkey purchase scheduled for end of this month. I joined a mastermind call sometime during end of July, Antoine Martel made a presentation on Turnkey rentals and while I had heard of the concept before, I was really impressed with the market research that Antoine had done for the rentals in Cleveland and Memphis. He had talked to most of the banks, realtors, wholesalers, property managers and insurance providers in his market and created the best team out of it for the investors.

    I had made a note of this and had been researching properties on Martel Turnkey website and I landed on a property outside Cleveland in a town called Maple Heights. The website has a built in ability to place an offer on the property which I did. Within an hour, I got response from their sales person and she made introductions for me to the Lenders, Insurance agent, Title company and Property Management. The next day I was able to provide my information and they set up a closing date for me. 

    The main incentive of a turnkey is that you are cash flowing the day you purchase the property. Overall, really impressed with the Martel Turnkey team and would definitely recommend them to anyone who is interested in buying rentals from them.


    Great to learn of your success in this! Invest in Columbus, great CF and appreciation! Its less affordable but you get what you pay for! both of my properties I have here have appreciated more then $100,000 each in the past year!

  • Rental Property Investor · Centreville, VA · Member since 2019 · 1k+ posts · 799 votes
    5y

    That is great to hear @Steven Foster Wilson. I have only explored the Cleveland market because Martel Turnkey is only active in that market but would love to explore the Columbus market as well. $100,000 appreciation is wild !!! Good luck on your investment journey. 

  • Rental Property Investor · Centreville, VA · Member since 2019 · 1k+ posts · 799 votes
    5y

    @Roshan Shah Thank you!! Just getting started lol 

  • Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
    5y
    Originally posted by @Aj Parikh:

    That is great to hear @Steven Foster Wilson. I have only explored the Cleveland market because Martel Turnkey is only active in that market but would love to explore the Columbus market as well. $100,000 appreciation is wild !!! Good luck on your investment journey. 

    Next time your in the Midwest stop by and ill show you what we've got.  

  • Rental Property Investor · Brooke Park Drive · Member since 2018 · 1k+ posts · 2k+ votes
    5y
    Originally posted by @Aj Parikh:

    Hi All, Just wanted to share my WIN on my 1st turnkey purchase scheduled for end of this month. I joined a mastermind call sometime during end of July, Antoine Martel made a presentation on Turnkey rentals and while I had heard of the concept before, I was really impressed with the market research that Antoine had done for the rentals in Cleveland and Memphis. He had talked to most of the banks, realtors, wholesalers, property managers and insurance providers in his market and created the best team out of it for the investors.

    I had made a note of this and had been researching properties on Martel Turnkey website and I landed on a property outside Cleveland in a town called Maple Heights. The website has a built in ability to place an offer on the property which I did. Within an hour, I got response from their sales person and she made introductions for me to the Lenders, Insurance agent, Title company and Property Management. The next day I was able to provide my information and they set up a closing date for me. 

    The main incentive of a turnkey is that you are cash flowing the day you purchase the property. Overall, really impressed with the Martel Turnkey team and would definitely recommend them to anyone who is interested in buying rentals from them.


    Glad you are having a good experience SO FAR. What matters most is retaining QUALITY tenants LONG TERM. If you are doing a $4,000 turnovers every 12 months that will kill your investment.

  • Rental Property Investor · Centreville, VA · Member since 2019 · 1k+ posts · 799 votes
    5y

    I agree completely. I have talked with the Property Management company that Martel company recommended and I trust their screening process so that will keep the turnover to a low. 

  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    5y
    Originally posted by @Aj Parikh:

    That is great to hear @Steven Foster Wilson. I have only explored the Cleveland market because Martel Turnkey is only active in that market but would love to explore the Columbus market as well. $100,000 appreciation is wild !!! Good luck on your investment journey. 

     Yes, the Columbus market is super hot. Some places are experiencing 30-40% appreciation year over year.

  • Investor · Miami, FL · Member since 2013 · 377 posts · 258 votes
    5y

    Congrats your your success!!

  • Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
    5y

    @Aj Parikh. Where did you buy exactly? What are the numbers? Anything around 1 percent rule will be hard to cash flow long term. Turnovers will be expensive, so even if you have one every 2 years it’s going to be hard to cash flow. Really need tenants who almost never leave which is a hard model to hit

  • Robert EllisBusiness Member
    Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
    5y
    Originally posted by @Aj Parikh:

    Hi All, Just wanted to share my WIN on my 1st turnkey purchase scheduled for end of this month. I joined a mastermind call sometime during end of July, Antoine Martel made a presentation on Turnkey rentals and while I had heard of the concept before, I was really impressed with the market research that Antoine had done for the rentals in Cleveland and Memphis. He had talked to most of the banks, realtors, wholesalers, property managers and insurance providers in his market and created the best team out of it for the investors.

    I had made a note of this and had been researching properties on Martel Turnkey website and I landed on a property outside Cleveland in a town called Maple Heights. The website has a built in ability to place an offer on the property which I did. Within an hour, I got response from their sales person and she made introductions for me to the Lenders, Insurance agent, Title company and Property Management. The next day I was able to provide my information and they set up a closing date for me. 

    The main incentive of a turnkey is that you are cash flowing the day you purchase the property. Overall, really impressed with the Martel Turnkey team and would definitely recommend them to anyone who is interested in buying rentals from them.


    Tell us about your deal 

  • Rental Property Investor · Centreville, VA · Member since 2019 · 1k+ posts · 799 votes
    5y

    @Robert Ellis @Caleb Heimsoth 

    https://martelturnkey.com/prop...

    Purchase Price: $90,000

    Rent:$995/month

    Interest Rate: 3.75% 

    Cash Flow per month: $310 

    I agree that 2 turnovers in a year will kill the cash flow but I would still be breaking even so that's the risk I am willing to take. The way I look at it is, I was able to make a deal over phone and email. That is as Passive as it gets and you will be paying more when it comes to turnkeys for list price but since I have a 9-5 job, I won't be able to take the time for setting up a team for a long distance BRRRR.

  • Real Estate Broker · Redwood City, CA · Member since 2014 · 679 posts · 888 votes
    5y
    This property was sold in 8/12/2020 for 44k, and has a Zillow estimate of 71000.

    what is going on?

    Originally posted by @Aj Parikh:

    @Robert Ellis @Caleb Heimsoth 

    https://martelturnkey.com/prop...

    Purchase Price: $90,000

    Rent:$995/month

    Interest Rate: 3.75% 

    Cash Flow per month: $310 

    I agree that 2 turnovers in a year will kill the cash flow but I would still be breaking even so that's the risk I am willing to take. The way I look at it is, I was able to make a deal over phone and email. That is as Passive as it gets and you will be paying more when it comes to turnkeys for list price but since I have a 9-5 job, I won't be able to take the time for setting up a team for a long distance BRRRR.

  • Investor · Singapore · Member since 2013 · 1k+ posts · 3k+ votes
    5y

    Not to rain on your parade but this is as much a 'WIN" as buying a few shares of GOOG on eTrade! You paid asking price online for an asset. It may or may not work out for you in the long run. Its an average kind of Turnkey deal.  I think its too early to tout the company based on this experience so far. See how it goes...

  • Rental Property Investor · Centreville, VA · Member since 2019 · 1k+ posts · 799 votes
    5y

    @David Song This was a distressed property that was renovated and completed last week so zillow might not have the most updated price. But as a turnkey property, I am paying extra but this is in one of the most appreciating neighborhoods in the country right now. We will find out in 3 months if this was a good deal or not. 

  • Rental Property Investor · Centreville, VA · Member since 2019 · 1k+ posts · 799 votes
    5y

    @Account Closed Still new to real estate investing and I don't have much knowledge of the stock market so didn't buy shares. As far as working with the company goes, I have had a good experience till now and the communication has been thorough. You are right though, we will know in 6 months if there are any turnovers or property issues. Thanks for the insight. 

  • Rental Property Investor · Los Angeles · Member since 2018 · 844 posts · 1k+ votes
    5y
    Originally posted by @Aj Parikh:

    @David Song This was a distressed property that was renovated and completed last week so zillow might not have the most updated price. But as a turnkey property, I am paying extra but this is in one of the most appreciating neighborhoods in the country right now. We will find out in 3 months if this was a good deal or not. 

    Did Martel's research lead you to the conclusion that this area is one of the most appreciating neighborhoods in the country? Have you looked at Wise's guide to grading Cleveland neighborhoods? Medium income in the area? I've been monitoring prices in the Maples Heights area for the past few years and I certainly haven't noticed any appreciation.  But that is what makes it suitable for a TK investment. 

    Look, I don't mean to discount what you did because making a purchase takes courage, time and initiative and I commend you for what you've done. I own turnkey properties myself and so I know what you're feeling. It's never easy to buy something that will have you financially committed for a long time. But to be blunt, anytime someone makes a TK purchase, it's hardly a "win" for the investor. It's a more of a win for the TK provider because you have essentially provided them with the last stage of their renovation and sell process. As you correctly mention, TK's are passive, and for this reason the provider's job is to make the purchasing process very easy. I've owned my TK's for a few years now and I can tell you without hesitation that 3 months is nowhere near long enough to evaluate how good of a purchase this is. I consider my PM one of the best in the industry, and still the rate of turnover will be a huge unknown. 

  • Rental Property Investor · Centreville, VA · Member since 2019 · 1k+ posts · 799 votes
    5y

    @Tony Kim I was not aware of Wise. But I am still new to the game and learning as I go. If this is indeed a bad investment, we will know within 2 years. I have accounted for the turnover cost so hopefully it doesn't hurt as much. Thank you for the insight though. This is exactly why I posted this on BP so that I can get some constructive criticism. Lessons learnt. 

  • Realtor · Silver Spring, MD · Member since 2017 · 55 posts · 36 votes
    5y

    Congrats @Aj Parikh on your first turnkey deal! I appreciate you sharing this and know that Martel Turnkey does great work in Cleveland. I wouldn't let the folks that say you didn't get a great deal by buying turnkey get you down. It is not the route for everybody, but the numbers look solid and you did your research and are working with a professional team. Turnkey may not be as "glitzy" as some other investment vehicles, but solid cashflow with some appreciation gravy over time will make for a solid investment every time. Congrats, and wishing you continued success!

  • Rental Property Investor · Orange County, CA · Member since 2016 · 512 posts · 374 votes
    5y

    @Aj Parikh

    You have achieved the 1% rent rule and if rental is rehabbed right, you should have less maintenance issues. You look to be a long term investor and things will work out. 

    you are right about zillow estimates. they are not accurate at all. 

    Yes, your turnkey provider made money and probably cleared 20 to 25k on the final sales price. but they are in the business of making  profit. 

    At least you have started your RE journey and dont waver even if this was a bad experience. I doubt every RE investor has hit a home run on every deal

  • Member since 2019 · 11 posts · 0 votes
    5y

    Hello Aj are you an out of state investor?

  • Rental Property Investor · Centreville, VA · Member since 2019 · 1k+ posts · 799 votes
    5y

    @AJ Singh Thank you very much. The numbers make sense, the pictures on the rehab look great, got a good interest rate. I ran it by Felipe Mejia and Diego Corzo from the Real Estate Rookie podcast and they liked what they saw. It's a turnkey property, so I knew I was paying higher than market price but as I said, the numbers make sense with PMI. We will learn in 2 years if it didn't go well.

    @Tim Robinson Thank you for backing me up on this. Getting beat up here lol. I have spoken with Antoine and his team and I really like their work so just jumped on this deal. Numbers made sense and didn't want to get stuck with analysis paralysis so pulled the trigger. 

  • Rental Property Investor · Centreville, VA · Member since 2019 · 1k+ posts · 799 votes
    5y

    @Eduardo Villa Yes, I am based in Northern Virginia. Cleveland fit the price range I was trying to buy properties in so just went for it. 

  • Rental Property Investor · Northern Colorado · Member since 2020 · 40 posts · 55 votes
    5y

    Congratulations on getting started, @Aj Parikh. I'd be excited too. I do hope you keep us all updated on how your investment pans out over the long haul.

    I have been thinking of dipping my toes in the Turnkey pool myself since I work 60+ hours a week with an unpredictable schedule. I just went out and looked at their properties and their FAQ and saw this:

    "The property managers we use charge 10% of collected rents. If a new tenant is signing a lease then the property manager takes 1st months rent as a fee. If a tenant is renewing a lease then the property management company will charge a nominal fee of $100-300."

    First month's rent? Ouch.

    Do most property managers charge this much for putting a tenant in a property?

    What incentive would they have in keeping the tenants happy and eager to renew their lease if the company profits more from turnover? I'm always on the lookout for conflicts of interest and this seems one.

  • Rental Property Investor · Inglewood CA · Member since 2019 · 50 posts · 12 votes
    5y

    @Aj Parikh

    Congrats on your first deal.

    I saw your post regarding PMI.

    Would you mind sharing how much you put down.

Join the conversationCreate a free account to reply, vote on answers and follow this thread.