Looking for Referral Turnkey Properties

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!

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Zach LemasterBusiness Member

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

@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!

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Gregg CohenBusiness Member
Rental Property Investor · Jacksonville, FL · Member since 2011 · 143 posts · 136 votes
5y
@David Shapira - Yes, we're expecting 8-10% home price appreciation in 2021 in Jacksonville. Months of inventory is a great leading indicator for pricing over the short run (6-12 months). This tracks the number of houses on the market divided by the number of homes that sold last month and establishes the number of months is would take to exhaust the current inventory on the market. History shows us that an equilibrium market is 6-7 months of inventory (MOI) and would indicate normal home price appreciation in that market. Jacksonville's historical home price appreciation rate since 1991 is 4.3% per year on average.
Above 7 would indicate lower than 4.3% home price appreciation and below 6 would indicate higher than 4.3%. We've been tracking MOI in Jacksonville since 2014 and it has consistently been between 3-5 months. That's one major reason why we've seen higher than 4.3% home price appreciation during those years.
I just pulled the number for December and we're at 1.3 months of inventory. I've never seen it that low. The previous two months were 1.7 and 1.5. Prices are going to continue to go up for the foreseeable future here in Jacksonville.
I understand there are a lot of people who are behind on their payments and that there will be more foreclosures but this won't stop prices from rising in 2021, in my opinion. Inventory is just too low and it takes time to build houses and get additional supply on the market. Who knows when banks will actually be allowed to start foreclosing and it will take the better part of a year at least from start to finish before they actually go through once they start so this won't affect 2021. Also, those who are going through foreclosure now have built-in equity so many will sell prior to going to the foreclosure auction and it won't negatively affect pricing as much as we saw it happen in The Great Recession. And now all the big money players are all-in on single family housing as an asset class so they're all waiting to buy whatever does hit the market.
With interest rates going up and prices going up in future years, positive cash flow properties are going to be harder to come by in Jacksonville (and across the country as well).
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Ali Boone
Real Estate Coach · Venice Beach, CA · Member since 2012 · 6k+ posts · 3k+ votes
5y
Originally posted by @David Shapira:
@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.

Hey David, I responded to this but the post was deleted because I said how to find the group. Not even sure I'm allowed to tell you to message me. I can give info any time, I think if I hear from you first.

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Chris ClothierBusiness Member
Rental Property Investor · memphis, TN · Member since 2009 · 2k+ posts · 3k+ votes
5y
Originally posted by @Ali Boone:
Originally posted by @David Shapira:
@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.

Hey David, I responded to this but the post was deleted because I said how to find the group. Not even sure I'm allowed to tell you to message me. I can give info any time, I think if I hear from you first.

David, there is a good group called turnkey rental properties that doesn't allow turnkey companies themselves. Just investors curious and wanting to connect with other investors and ask questions. I have a number of clients in the group and they appreciate the way the conversation goes on there. Sounds like another great resource and you may be able to connect with Ali on there.

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David Shapira
New to Real Estate · Brookline, MA · Member since 2019 · 26 posts · 15 votes
5y
@Ali Boone @Gregg Cohen @Chris Clothier thank you!
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James Wise
Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ 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!

Welcome aboard Lauren. Based on your list I've got some resources that should appeal to you and what you are trying to do The Ultimate Guide to Grading Cleveland Neighborhoods. I also have a similar guide for Kansas City, Missouri. and one that wasn't on your list that you may be interested in Birmingham, Alabama.

Good luck out there.

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