what to look for in a turn-key rental

what to look for in a turn-key rental

Developer · Austin TX - San Jose, CA · Member since 2016 · 66 posts · 45 votes

I'm looking for my first deal and was thinking of buying a turn-key rental to get my feet wet. I've never been a landlord before and i'm not a contractor or well versed in fixing stuff or doing rehab. I live in the bay area and work full time so i don't have a lot of time to spend on rehab anyway and the entry costs for the bay area are too high for me. for this reason i was thinking of looking out of state. 

I've heard that buying an out of state turn-key is a big no-no especially for a first time investor and also to a lesser extent that buying a turn-key is a big no-no. I'm thinking of doing it for my first deal to get the experience of actually purchasing a property and then being a landlord. i would hire a property manager but would want to be in more constant contact to get a feel for the whole process.

does anyone have any tips on what to look for in a turn-key rental, especially out of state? does one go through the same inspections as in any other property. what are the red flags i should be looking for when screening potential turn-key properties?

any other advice is appreciated

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