Turnkey MultiFamily Operators?

Question

Are any of you aware of any Turnkey Providers that focus on smaller- 2 to 4 unit- MF properties?

I know some may have opinions about Turnkey in general, but in order for me to get started that’s my best option.  It simply won’t happen if I have to do it all myself! LOL! Too busy.  However, I’ll take your opinion of MFR vs SFR, knowing that I’m looking for cash flow and the least number of closings as possible- my time is very limited.

Thanks!

Joseph Schweizer · Answer

Hi @Kristen Savino!

I invested in a turnkey property for my first investment in October 2020 (See post below). I went with a SFR for my property. I worked with Rent to Retirement for the property. Most of their available inventory is SFR. However, they do offer MFR occasionally as well. I would be happy to share more about my experience if you had any questions.

https://www.biggerpockets.com/forums/850/topics/895660-my-first-investment-property-an-out-of-state-deal

Best Wishes!

Kristen Savino · Answer

Account Closed hi again!  Thanks for reaching out, Zach did as well.  I'll review what you have below (thank you!) and we'll be in touch.

Account Closed · Answer

@Kristen Savino hello, I actually believe we spoke about a week ago.  Our inventory is very diversified and can change daily based on the different categories we offer.  Many of our properties, Turnkey Rehabs have recently been rehabbed and are being marketed for tenants.  Whereas Turnkey Existing Rentals may not have been recently rehabbed due to the fact that there is a tenant currently residing in the property.  Depending upon what day you looked at the inventory there could easily be more or less of one particular property type, in addition to the beautiful new builds we are currently doing in Cape Coral.  When placing a property under contract a scope of work can be provided in addition to the banks requirement for 3rd party inspections and appraisals to make sure everything is in line.  I would encourage you to reach out to more investors who have purchased our properties so you can get a good sampling of our work.  Have a great day and please feel free to contact me at anytime!

Below are some BP references:https://www.biggerpockets.com/users/ZacharyCole/references

https://www.biggerpockets.com/forums/92/topics/518583-feedback-on-renttoretirement-and-zach-lemaster

https://www.biggerpockets.com/forums/92/topics/765347-rent-to-retirement-review

https://www.biggerpockets.com/forums/850/topics/895660-my-first-investment-property-an-out-of-state-deal

https://www.biggerpockets.com/forums/92/topics/893621-rent-to-retirement-review?highlight_post=5222888&page=1#p5222888

https://www.biggerpockets.com/forums/311/topics/915728-experience-with-rent-to-retirement-turnkey?page=1#p5345200

https://www.biggerpockets.com/forums/92/topics/808479-rent-to-retirement-experiences

https://www.biggerpockets.com/forums/12/topics/533693-anyone-worked-with-renttoretirement-turnkey

https://www.biggerpockets.com/forums/92/topics/581730-rent-to-retirement-zach

https://www.biggerpockets.com/forums/48/topics/874096-reviews-on-r2r-and-nch?page=1&utm_source=Iterable&utm_medium=email&utm_campaign=Transactional:%20topic_notification&utm_content=Transactional#p5123754

https://www.biggerpockets.com/forums/311/topics/883772-turnkey-investing-renttoretirement-feedback-reviews?highlight_post=5171720&page=1#p5171720

Kristen Savino · Answer

Thanks Alvin!

Alvin Taveras · Answer

@Kristen Savino

If you are concerned about high operational/repair expenses, then you might want to consider going to new construction. With these, you'll be the first owner and will have the builder/manufacturer warentee. This might be the best way to quickly pull the trigger and have a more "hands-off" approach.

Let me know if I can provide any additional assistance!

Joseph Schweizer · Answer

@Kristen Savino Happy to share!

They offer a mix of full rehabbed properties and some properties with major repairs taken care of, but not a full gut rehab. My property was not a full gut rehab, but it has been going well for this past 9 months (which I know is not super long in terms of buy and hold RE). I believe they do this to be able to offer rentals at various price points, but that would be a question more for them. They also are working on some new construction projects as well, but they are not multifamily like you are looking for.

Kristen Savino · Answer

@Joseph Schweizer thanks so much for your response.  I spoke with RtoR two weeks ago, and was concerned with the lack of work they do to a property prior to selling it- it didn’t sound very “turnkey” to me; it seemed they are working more as just a real estate agent with the addition of  a few fixes.   I don’t want to get into a property that constantly needs repair.  Thoughts? Other TK companies do substantial rehab prior to seller to their investors.

Turnkey MultiFamily Operators?

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