Recommendations for Turn Key provider ***besides*** Morris Invest

22 Replies

@Amanda Whiteley Are you looking for true turnkey companies unlike MI? That is where you purchase the property only once it is rehabbed, inspected and appraised, and you can do so with conventional financing?  If so, like Caleb said lots of choices in different markets.  But be sure to do your due diligence on whoever you consider.  In my view that should include a visit to the market and a face to face.  

just curious if you got caught up in the standard MOrris SOP's  ?? or are you going to be OK..

I have never seen anything like it.. but I am glad your not sour on the whole industry.. MOrris is going to do some negative damage on out of area investing..

@Amanda Whiteley as @Jay Hinrichs said, it's nice to see you're not down on the whole industry after dealing with this Morris mess - we will all be doing a TON of damage control after the fall out from this.

As @Larry Fried mentioned, there are plenty of reputable true turnkey providers out there, you just have to narrow down the market and, most importantly, find the people you trust. I'm guessing that second piece will be your biggest hurdle after being burned, but luckily that just means you'll be extra careful, and you should be. The people you invest with make or break your investment, so vet them like your life depends on it.

As Larry said, a full-service provider will only sell you a rehabbed property - you shouldn't be closing until the rehab is done and inspections passed. You should also be able to use traditional financing if you want to, get an independent inspection, see comps for the area, and visit the provider. In fact, once you narrow down your choices, I highly recommend that you go visit your top one or two choices. Fly out to see the office, meet the people, tour the area, and see some of their work in action. Consider it an investment in your investment. Heck, even just asking to schedule a visit can get a scammy provider to show their true colors. 

I would also strongly recommend that you steer clear of C areas and Warzones like what Morris was touting - not to rub salt in the wound. For out of state investors, and new investors especially, there's too much risk involved even if the bargain basement prices seem enticing. Solid B/B+ properties are where it's at for cash flow. If you're looking more for appreciation, go B+/A . Your monthly income will be lower but appreciation potential is generally higher in nicer areas.

This topic comes up a lot, and there are tons of threads out there on how to vet a turnkey provider. This one is a bit old, but it includes some good info and list (not comprehensive) of questions you should be asking of any provider you consider: https://www.biggerpockets.com/forums/55/topics/361999-new-investor-from-glendale-ca

Way to keep a good attitude during a tough time. If you put in the research time you can use this experience to improve your vetting skills. Everyone has one tough lesson to learn in REI, at least you've gotten yours out of the way early ;)

Best of luck!

Clayton

Originally posted by @Amanda Whiteley :

@Larry Fried I completely agree with face to face business and a visit to the area.  I will do some research.  PS, your comment sort of made me laugh when you said "true turn key properties unlike Morris Invest." #toosoon for this girl!  Thanks again,

 #toosoon for this girl, I am glad I could put a laugh in your belly, unintentional as it was. :)

Hi @Amanda Whiteley

Why TK?  Once you have a reliable PM why not purchase, and have the Property Manager onboard the property.   I am a SoCal investor doing just this in Indy.  If you want me to share any of the resources I have send a PM and I am happy to help.

haha #toosoon girl #toosoon!!! I feel horrible for everyone burned by Morris Invest.

There are lots of great TK providers in America. Just find one who is hyper focused on customer service, and being awesome.

Hi Amanda! Like others have said, I'm glad you are still in the game despite anything that may have happened with other companies, and that you are smart enough to know that one company doesn't represent the entire industry.

I've primarily bought turnkeys since I started in REI, with only a couple exceptions, so I've been around them a lot and they are basically the reason I'm in REI at all... they fit perfectly with the idea that I have no interest in swinging a hammer. I say that to say- I think they are great for the people they are a fit for, and I never want someone getting burnt from the entire concept. So, props to you for sticking with it!

With that said- there are a lot of good providers out there. Different offerings, different price points, different returns, different perks, etc. Do you have a feel for any preferences and/or what's your budget? I can make some recommendations based on those. Or if you're just generally looking for some recommendations, I can do those too. Feel free to direct message me anytime.

Originally posted by @Amanda Whiteley :
I currently have two properties through Morris Invest and without going into detail I’m looking for recommendations for an alternative Turn Key provider. Do you have any recommendations?

 What areas are you looking to invest? We might be able to help.

@Joseph M. mostly minor cosmetic stuff.  I am OOS investing as an alternative to my companies 401k but haven't had the time to go through rehabs. My PM does have an in house renovation team so when I get some time I will start looking at some distressed buys that make sense for me.  

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