Investing in Turn Key Properties??
Does anyone have strong opinions either way about purchasing turn key properties for buy and hold investment? Have you had success with them and stand by the model, or on the flip side, have you had a negative experience and would stay away at all costs?
My fiance and I are considering the model mainly due to our living situation. We are working 3-6 month contracts on the west coast for the next 5 years for lifestyle and income reasons. Currently we are in the bay area where housing is outrageous, and without a long term plan to stay here, we don't want to/cant get into this market. An idea we're thinking about is using the higher income we are making on the west coast to purchase turn-key properties in a mid west or south east (we are both from the southeast) market with strong cash flow opportunity.
Turn Key offers us a convenient way to put our money to work for us while we're moving all over the country. It also offers us a like minded team focused on investment property with access to professionals to source property, rehab if necessary, and manage. That being said, we would be putting complete trust in a company and market we wouldn't live in ourselves and will pay a premium for the convenience...
There are many more positives and draw backs to consider so I figured I'd open it up to the forums. Any input is welcome and very helpful. Thanks everyone.