Need help/option to select a buy & Hold Turnkey SFM Market

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Need help/option to select a buy & Hold Turnkey SFM Market

William Yu
Rental Property Investor · San Francisco, CA · Member since 2015 · 4 posts · 1 vote

I currently have 2 TK SFM in Florida. Looking to purchase TK SFM in another market. Here is criteria:

Price range: 100K Maximum

ROI (cash on cash): 10% minimum

Neighborhood rating : B ( I know this is subject to different interpretation with different companies, I will certainly avoid high crime/low quality tenants/high turnover tenants area)

Here are several markets I'm looking at: Atlanta, GA; Austin, Dallas/DFW, Houston, TX; Indianapolis, IN; Memphis, TN.  I will eventually narrow down to invest in one of them.

Would you kindly give me your takes/experience/opinion, which will be great help to my research. Thank you!

William

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Andrew Cordle
Real Estate Consultant · Alpharetta, GA · Member since 2014 · 661 posts · 400 votes
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@William Yu

If you haven't already, I would for sure check in with @Jay Hinrichs  as well as @Brie Schmidt.

They recently released a very helpful website for nationwide turnkey buyers. They are not selling ANY houses themselves on it. It is just a place to go and get feedback from other investors who also purchase out of state turnkeys etc. Market info from other investors who buy turnkey etc

I think you would find it very helpful. 

FYI-- I HAVE NOT AFFILIATION OR RECEIVE ANY KICKBACKS WHATSOEVER. It just seems like a very helpful site for what you are looking for. 

Good Luck, 

Andrew

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  • Andrew Cordle
    Real Estate Consultant · Alpharetta, GA · Member since 2014 · 661 posts · 400 votes
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    @William Yu

    If you haven't already, I would for sure check in with @Jay Hinrichs  as well as @Brie Schmidt.

    They recently released a very helpful website for nationwide turnkey buyers. They are not selling ANY houses themselves on it. It is just a place to go and get feedback from other investors who also purchase out of state turnkeys etc. Market info from other investors who buy turnkey etc

    I think you would find it very helpful. 

    FYI-- I HAVE NOT AFFILIATION OR RECEIVE ANY KICKBACKS WHATSOEVER. It just seems like a very helpful site for what you are looking for. 

    Good Luck, 

    Andrew

    3Reply
  • William Yu
    OP
    Rental Property Investor · San Francisco, CA · Member since 2015 · 4 posts · 1 vote
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    @Andrew Cordle. Thank you for the info, I'm checking the turnkey reviews site too.

    My Best,

    William

    0Reply
  • Curt DavisBusiness Member
    Flipper/Rehabber · Memphis, TN · Member since 2008 · 5k+ posts · 2k+ votes
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    also understand that the new tk reviews site has only been truly up and running for a few days so though a great resource, it's not up to its full potential right now.  Use it as one of your resources for due diligence but also HSK out the providers in your target markets.  Good luck 

    Curt Davis - KAIZEN Realty538 Reviews
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  • Marco Santarelli
    Specialist · Orange County, CA · Member since 2008 · 2k+ posts · 623 votes
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    Hi @William Yu,

    Welcome to BiggerPockets! 

    Those are all great markets -- each with their own strengths.  Actually, the "best market" is one of the first questions investors ask us about.  The simplest answer is it depends on what your goals and criteria are.  Sometimes it's a short discussion.  I call this the "Top-Down Approach" to real estate investing, and is the best way to go about it.  See Rule #6 in my 10 Rules of Successful Real Estate Investing.

    Continues success!

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
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    @Curt Davis 

      Thank you for your comments we are peddling very fast to get up to full speed.

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  • Curt DavisBusiness Member
    Flipper/Rehabber · Memphis, TN · Member since 2008 · 5k+ posts · 2k+ votes
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    @Jay Hinrichs

    Sure thing, I think the site has a lot of positive potential.  I am going to message you as I have a few questions. 

    Curt Davis - KAIZEN Realty538 Reviews
    WebsiteView Page
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  • Tim Roos
    Investor · Portland, OR · Member since 2014 · 19 posts · 2 votes
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    @William Yu 

    I have a couple of duplexes available in Memphis, TN rented up, cash-flowing and ready to sell. You can get them both for less than $75k Maybe more C neighborhoods than B, but....PM me if you decide to invest in Memphis.

    0Reply
  • Ali Boone
    Real Estate Coach · Venice Beach, CA · Member since 2012 · 6k+ posts · 3k+ votes
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    Hey William! Of the markets you mention, you should be able to hit a 10% CoC (not caps, just to be clear) in all but Austin and Dallas. And that being if the CoC calculation you are using is assuming leveraging and not looking at all-cash purchases. If you are, you won't hit 10% in any good areas of any of those.

    If you are interested in other markets, Philly and Birmingham can easily get you 10% caps, so much higher CoCs than 10%. Great turnkey markets!

    1Reply
  • Account Closed
    Real Estate Investor · San Antonio, TX · Member since 2014 · 785 posts · 190 votes
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    I have a good contact in kansas city, I don't have property there yet but I know that is a really good, affordable market, too. 

    0Reply
  • Account Closed
    Real Estate Investor · San Antonio, TX · Member since 2014 · 785 posts · 190 votes
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    We get 12-15% cap rates on our properties here in town, the Alamo City. 

    0Reply
  • Connie Covert
    Real Estate Agent · Lawson, MO · Member since 2014 · 99 posts · 18 votes
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    If you have a Realtor/Buyer's Agent & experience working with investors, you should be ok. I also have a wholesale company, am licensed & 75% of my biz in working with investors.

    Let me know if I can help.

    0Reply
  • Jonathan Mednick
    Birmingham, AL · Member since 2013 · 149 posts · 44 votes
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    @William Yu If you are interested in Birmingham per @Ali Boone posting, we provide both completed turnkey properties as well as turnkey services in Birmingham, Huntsville and Montgomery. Most all are 10% net cap rates. Email me if you would like to see complete list of available inventory.

    0Reply
  • Harris Schoenfarber
    Professional · Salem, MA · Member since 2015 · 8 posts · 3 votes
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    Originally posted by @Jay Hinrichs:

    @Curt Davis

      Thank you for your comments we are peddling very fast to get up to full speed.

     Jay (and Brie)

    This is great news, as I (and many others on here) could truly benefit from turnkey provider reviews and information.  

    All the best,

    Harris

    1Reply
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