Looking for Referral Turnkey Properties

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Looking for Referral Turnkey Properties

Lauren Hay-Lavitt
Los Alamitos, CA · Member since 2020 · 18 posts · 13 votes

Hello BP! 

My husband and I are looking to acquire a couple of turnkey properties (debating a multi-family property as well) and are looking for feedback for either agents or companies that you may have worked with and can refer to. So far, we have been notified of Rent to Retirement but would like to call around to a few others. 

We have identified the following markets so far - 

Dayton 

Kansas City 

Memphis 

Indianapolis 

San Antonio 

Cleveland 

(if you have other markets to recommend, would love to hear it!)

We appreciate any time put into this thread and we're looking to getting started! 

7Reply
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Most Popular Reply

Zach LemasterBusiness Member
Rental Property Investor · Denver, CO · Member since 2015 · 1k+ posts · 3k+ votes
5y

@Lauren Hay-Lavitt

@Joseph Schweizer

Thanks for the mention!

Lauren, have we had a chance to actually connect yet?  I don't believe we have.  I'm more than happy to answer any questions you have, and to explain our operations in detail.

Have you looked at any new builds in FL or NC?  It's a great opportunity to get into a brand new built home in an A class area that both cash flows well, and has immediate equity?  Truly the best of all worlds which is extremely rare these days.  I'm happy to explain more details if you'd like.  Just let me know!

[email protected]800-311-6781Podcast Guest on Show How to Get 10%+ Off Your Next Real Estate Deal Right Now
Rent To Retirement5334 Reviews
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8Reply
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  • Caleb Brown
    Real Estate Agent · Kansas City · Member since 2018 · 4k+ posts · 3k+ votes
    5y

    @Lauren Hay-Lavitt

    Hey let’s connect

    2Reply
  • Timothy Lewis
    Investor · Miami, FL · Member since 2013 · 377 posts · 258 votes
    5y

    Have you looked into REI Nation? I keep hearing great thing about them

    3Reply
  • Marc RiceBusiness Member
    Real Estate Agent · Columbus Cleveland Dayton, OH · Member since 2018 · 2k+ posts · 1k+ votes
    5y

    @Lauren Hay-Lavitt

    Check out Columbus, Ohio! It’s a great market here with lots of appreciation and cash flow. Turnkey singles start around $80-100k where turnkey doubles around $120-150k.

    [email protected]614-363-2787
    Marc Rice | Investor Friendly Agent at Reafco Tailwind Team574 Reviews
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    2Reply
  • Gregg CohenBusiness Member
    Rental Property Investor · Jacksonville, FL · Member since 2011 · 143 posts · 136 votes
    5y

    I've been investing in single family rentals since 2006 and I love the Jacksonville, FL market. My perfect market is one that has low prices, high rents and above-average long-term home price appreciation. There are a number of markets out there that have low price and high rents but typically their home price appreciation rates fall below the national median. Jacksonville's home prices are 27% below, rents are .3% above and home price appreciation is 19% above the national average per year since 1991. Hard to find another market out there that checks all of these boxes but if you are planning on buying and holding for at least a full market cycle (10-20 years), this is your best bet to maximize your return on investment.

    We also offer turnkey properties and in-house property management specifically here in the Jacksonville, FL market so let me know if I can help. 

    904-677-6777
    Gregg Cohen, Not Your Avg Investor Show4.6237 Reviews
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    5Reply
  • Mark S.Pro Member
    Rental Property Investor · KY · Member since 2013 · 1k+ posts · 537 votes
    5y

    Mid South Home Buyers in Memphis, TN 

    3Reply
  • Joseph Schweizer
    Investor · Member since 2020 · 291 posts · 592 votes
    5y

    Hi @Lauren Hay-Lavitt!

    I closed on my first real estate investment this past October. It was an Out of state,SF, turnkey property in Kansas City, MO. I shared my experience in the post below. 

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

    Best Wishes!

    6Reply
  • Zach LemasterBusiness Member
    Rental Property Investor · Denver, CO · Member since 2015 · 1k+ posts · 3k+ votes
    5y

    @Lauren Hay-Lavitt

    @Joseph Schweizer

    Thanks for the mention!

    Lauren, have we had a chance to actually connect yet?  I don't believe we have.  I'm more than happy to answer any questions you have, and to explain our operations in detail.

    Have you looked at any new builds in FL or NC?  It's a great opportunity to get into a brand new built home in an A class area that both cash flows well, and has immediate equity?  Truly the best of all worlds which is extremely rare these days.  I'm happy to explain more details if you'd like.  Just let me know!

    [email protected]800-311-6781Podcast Guest on Show How to Get 10%+ Off Your Next Real Estate Deal Right Now
    Rent To Retirement5334 Reviews
    WebsiteView Page
    8Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    5y
    Originally posted by @Lauren Hay-Lavitt:

    Hello BP! 

    My husband and I are looking to acquire a couple of turnkey properties (debating a multi-family property as well) and are looking for feedback for either agents or companies that you may have worked with and can refer to. So far, we have been notified of Rent to Retirement but would like to call around to a few others. 

    We have identified the following markets so far - 

    Dayton 

    Kansas City 

    Memphis 

    Indianapolis 

    San Antonio 

    Cleveland 

    (if you have other markets to recommend, would love to hear it!)

    We appreciate any time put into this thread and we're looking to getting started! 

    I would highly recommend checking out Columbus, Ohio and building your own turnkey team. 

    This article explains the importance of creating your core four. You will need to get a local, rockstar Realtor, contractor, lender, and property manager.

    https://www.biggerpockets.com/blog/core-four-real-estate-team

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
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    1Reply
  • Randy I Castillo
    Member since 2018 · 1 post · 0 votes
    5y

    @Gregg Cohen definitely interested. Will like to learn some more information. Thanks !

    0Reply
  • Lauren Hay-Lavitt
    OP
    Los Alamitos, CA · Member since 2020 · 18 posts · 13 votes
    5y

    @Caleb Brown Thanks! Sent you an invite. 

    @Timothy Lewis We have not! Thanks for the recommendation. Will check it out.

    0Reply
  • Lauren Hay-Lavitt
    OP
    Los Alamitos, CA · Member since 2020 · 18 posts · 13 votes
    5y

    @Marc Rice Will do, thanks!

    1Reply
  • Lauren Hay-Lavitt
    OP
    Los Alamitos, CA · Member since 2020 · 18 posts · 13 votes
    5y

    @Gregg Cohen Thanks Gregg! Will pm. 

    @Mark S. Thanks for the referral!

    0Reply
  • Lauren Hay-Lavitt
    OP
    Los Alamitos, CA · Member since 2020 · 18 posts · 13 votes
    5y

    @Joseph Schweizer Great read and congrats! Thanks for the referral as well. 

    @Remington Lyman Thanks! We just finished Brandon's book in investing for beginners and currently finishing David Greene's Investing out of State. Same emphasis so thank you for the additional resource!  

    3Reply
  • James Leigh
    Rental Property Investor · Jacksonville, FL · Member since 2021 · 42 posts · 23 votes
    5y

    @Gregg Cohen Hey Greg, I’m goin to start looking for my first rental property in a month or two (letting funds season in savings). Would it be ok if I message you to see your inventory when the time comes?

    0Reply
  • Ali Boone
    Real Estate Coach · Venice Beach, CA · Member since 2012 · 6k+ posts · 3k+ votes
    5y

    As far as what market to go for, a lot of it will depend on your budget and any preferences you have for a property. Things like-- what's more important? Cash flow, tenant quality, property quality, neighborhood quality, price range, appreciation potential, risk levels, etc. And then part of it for me too when I'm thinking of buying a turnkey is that a lot of the times I'll let the market I choose be dictated by which turnkey company I like the best. I can love a market but if there's not a good turnkey provider there, that doesn't help. So, different things to look at.

    Of your list, the only one I'd say something about is San Antonio. No cash flow there that I know of. Or at least not much, and not enough to sustain much for turnkey companies being there. 

    3Reply
  • Lauren Hay-Lavitt
    OP
    Los Alamitos, CA · Member since 2020 · 18 posts · 13 votes
    5y

    @Ali Boone Thank you! Sent you a pm. 

    0Reply
  • Mike D'ArrigoPro Member
    Turn key provider · San Jose, CA · Member since 2010 · 4k+ posts · 3k+ votes
    5y

    @Lauren Hay-Lavitt All of the markets that you mentioned can cash flow well, however, San Antonio will not cash flow as well due to the higher property taxes, insurance rates and home prices than the other markets. When evaluating and choosing market, it's important to look beyond just cash flow however. Look for markets with strong economic and demographic trends such as population growth, job growth and modern, diverse economies and industries. Personally, I like Indianapolis and Kansas City. Both markets have a good combination of strong economic/demographic fundamentals and cash flow whereas some of the others, although they cash flow well, have stagnant of declining populations and jobs. The table below shows key metrics for most of these markets and should be helpful. 

    4Reply
  • Collin Corrington
    Investor · San Antonio, TX · Member since 2016 · 242 posts · 126 votes
    5y

    Give me a call down here in SA.  We've got a bunch!

    0Reply
  • Lauren Hay-Lavitt
    OP
    Los Alamitos, CA · Member since 2020 · 18 posts · 13 votes
    5y

     @Mike D'Arrigo Thank you Mike! Looking forward to connecting. 

    0Reply
  • Gregg CohenBusiness Member
    Rental Property Investor · Jacksonville, FL · Member since 2011 · 143 posts · 136 votes
    5y

    @Randy I Castillo - Sounds great.  Just sent you a message.  I'd be happy to share more of my experiences of investing in Jacksonville. 

    @James Leigh - Congrats on getting started!  I'd be happy to connect you with my team when the time is right.  Generally speaking, you probably want to start having conversations with your turnkey providers while your funds are seasoning.  No reason to wait as it will generally take 30-60 days to close your loan anyways once you decide on the turnkey partner and put the property under contract.  I'd move forward with your due diligence now so it gets you to positive cash flow quicker.

    904-677-6777
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    0Reply
  • Gregg CohenBusiness Member
    Rental Property Investor · Jacksonville, FL · Member since 2011 · 143 posts · 136 votes
    5y

    @Ali Boone - Hey Ali, I've heard your name come up in similar circles and have always heard great things!  Is your facebook group open for all to join?  I'd love to check it out as well. 

    904-677-6777
    Gregg Cohen, Not Your Avg Investor Show4.6237 Reviews
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    0Reply
  • David Shapira
    New to Real Estate · Brookline, MA · Member since 2019 · 26 posts · 15 votes
    5y

    @Gregg Cohen I've heard good things about Jacksonville as a place to invest. Are signs pointing to appreciation there continuing into the foreseeable future? 

    @Ali Boone I'd also be interested in joining the Facebook group. It's difficult in my area for a beginning investor and I'm looking for alternative paths in my REI journey.

    0Reply
  • Mike D'ArrigoPro Member
    Turn key provider · San Jose, CA · Member since 2010 · 4k+ posts · 3k+ votes
    5y
    Originally posted by @Lauren Hay-Lavitt:

     @Mike D'Arrigo Thank you Mike! Looking forward to connecting. 

    You're welcome Lauren. Here are some key things to watch out for when you're are evaluating any turn key company. Be sure to do your due diligence on whoever you work with.

    • *Don't allow financing or a finance contingency (it can be a good indication they are selling above market value)
    • *Don't allow for your own independent property inspection
    • *Are not realistic with their pro forma's (i.e. they don't include vacancy or maintenance projections or use unrealistically low vacancy factors)
    • *Require you to pay for any renovation upfront
    • *Sell only in cheap. low end neighborhoods
    • *Don't accurately represent the neighborhood/property classification
    • *Don't have consistent rehab standards for all properties
    • *Don't provide a scope of work for the property
    • *Can't provide references of repeat investors
    1Reply
  • Chris ClothierBusiness Member
    Rental Property Investor · memphis, TN · Member since 2009 · 2k+ posts · 3k+ votes
    5y

    @Timothy Lewis, I really appreciate the kind words, especially from someone who has invested in Memphis, but has not done business with my families' company to date.  Best to you -

    @Lauren Hay-Lavitt you have already received some advice on and from some really good companies.  I can tell you that I am familiar and in some cases personally know each of these companies. From Mid South Home Buyers to JWB, Pinnacle and Rent to Retirement, each of them has a solid reputation and it is tough to find poor reviews or upset clients.  They are each operated by good people and that is a major plus in my book.  The other positive is that many of the markets you are interested in are covered between the companies you've been given advice.  

    I do want to throw in a good word too for the little sister city in Texas. I love San Antonio and pushed for us to expand into the market for several years. San Antonio is the 3rd largest city in Texas behind Houston and Dallas (the city, not the metroplex) and for five straight years has been one of the leading destination cities (Texas has been one of the top 2 states for the past 6 years) for one-way U-haul destinations. I love San Antonio and, finally, REI Nation recently expanded and made San Antonio our 9th city of operation. I have expanded in a thorough White Paper we published on the market to our clients when we announced, but this is not the place to link that article. I will put it up on our BP blog at some point, but also happy to share if you'd like.

    I personally think you can find value in any city if the best team is in place.  Of course, not every investor is going to value the same things, so not every city is right for every investor.  And remember, cash flow is nothing but a mathematical equation.  There are no "cash-flow cities", just as there are not "appreciation markets".  There are opportunities for patient and well-informed investors in just about every market depending on how they want to structure their deals and what their tolerance is for risk.  Too often when discussing cash flow, it is talked about like it is some guaranteed thing that only happens in certain cities and happens exactly as some piece of paper stated it would happen.  In truth, both positive cash flow and appreciation are outcomes that occur when investors take their time and weigh their expectations against the very real risks of real estate.  

    My advice is to be patient.  You've done a great job by asking this question right here on BP. Now, all you have to do is remain patient and keep asking good questions and you will grow in confidence about which way to go.  Best of luck to you!

    Podcast Guest on Show #224
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  • Mike D'ArrigoPro Member
    Turn key provider · San Jose, CA · Member since 2010 · 4k+ posts · 3k+ votes
    5y
    Originally posted by @Collin Corrington:

    Give me a call down here in SA.  We've got a bunch!

    Collin, I'd love to hear what you're doing in San Antonio.

    0Reply
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