Starting out with turn key

6 Replies

Looking for some feedback from those who have started out with a turn key provider. My wife and I are anxious to get started with our first property. We have been listening to many podcasts and reading quite a bit. The next step is buying our first rental property. We live in Massachusetts and both work busy full time jobs and have two young kids (and a dog who is a pain in the butt.) We have considered buying single family, or small multi, out of state with something that needs some rehab. We keep coming back to how much time we don’t seem to have and lean towards turn key. One of the biggest reasons we would go turn key is the support and relationships you’re able to have with some providers.

If you have started with turn key do you feel it was the right decision for you and why?

Would you do it again if you were just starting out?

Did you move on to buy on your own and how did turn key help you, if at all?

What do you feel the most valuable part of buying TK was?

Any other feedback is greatly appreciated!!

Turn key is one option. If you have enough money, I would even recommend you consider investing with a group like Paul Moore's Wellings Capital or Brandon's investment group (just examples, not recommendations). These are experienced investors that raise capital through private investors, they buy the property, you share in the return. It's a way to invest in real estate without having to deal with it.

I think most people who start with turnkey find it exactly as expected - boring with moderate to little cash flow. Usually unexpected repairs. Sometimes some added rehab taxes that were unexpected. And even when it goes well, it's just boring. Ask yourself why you want to buy turnkey in some random area when you can buy a condo near you which provides many more safeties over and above a turnkey.

If you have started with turn key do you feel it was the right decision for you and why? Yes it got me started... this goes for folks who make a professional salary and busy.

Would you do it again if you were just starting out?

Yes but get away from the expensive TK product ASAP.

Did you move on to buy on your own and how did turn key help you, if at all?

It helps build the team... I would try not to use the TK property manager and find a third party.

What do you feel the most valuable part of buying TK was?

Getting started... do it...

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