Property Manager · St. Louis, MO · Member since 2019 · 7 posts · 4 votes
Dear BiggerPockets Family;
I am relatively new to this site and still learning the basics of it all, but after listening to many of the podcasts, I kept hearing Brandon talk about posting on here as a great way to get involved. So here I go:
I currently live and work in St. Louis, MO as a Property Manager. I have been doing so for the past 2 years and over that time, come to the realization that I want to begin doing this for myself. I currently do not own any property but am interested in getting started. With that being said, I am wary of starting off my investment career with a major project (foreclosure, LRA, etc.). Instead, I have looked more into turnkey rental properties as a means of getting my “feet wet” and learning the basics of property ownership. Once I have the basics down, I’ll then begin to look into more complex and intricate properties.
What are some of the major issues with investing in Turnkey properties?
Investor · Las Vegas, NV · Member since 2019 · 499 posts · 259 votes
7y
@Eric Lopez There are people investing turnkey in St Louis as well. Why don't you look for properties there? If your a PM, you have a huge advantage of knowing what areas rent and what areas to stay away from. If I were you I would take advantage of your knowledge and connections in St Louis and invest in your backyard.
Real Estate Broker · Detroit, MI · Member since 2014 · 384 posts · 149 votes
7y
@Eric Lopez In addition to analyzing the deal you have to evaluate the tenant. Just because the property is turnkey, does not mean you have a stable tenant. Verifying the tenant’s lease and payment ledger should be status quo.