Rental Property Investor · Honolulu, HAWAII (HI) · Member since 2011 · 4k+ posts · 2k+ votes
I have bought a bunch of turnkey rentals and never once did I buy with a wait list. For those of you who don't know wait lists are, when you the buyer are forced to wait in a queue for a property and is first in line for purchase a property you have first right to purchase or pass it to the second person in line.
Psychologically this creates a limit on supply and propels the buyer to purchase whatever comes up and to pay asking price. Not saying that the pricing is not fair but it's just seems a little messed up when there is this seemingly artificial supply manipulation. Just saying. If supply is so limited what respectable business does not ramp up supply or put on another crew to account for demand.
Real Estate Coach · Venice Beach, CA · Member since 2012 · 6k+ posts · 3k+ votes
10y
I work with a ton of turnkey providers and none of them have a wait list. Unless you want a very specific type of property, you might have to wait until they find one that meets that criteria, but otherwise no real need for a wait list?
Real Estate Broker · Indianapolis, IN · Member since 2014 · 3k+ posts · 2k+ votes
10y
I would look at another provider. While this is a great situation for the TK company. It can put the investors in a rough spot. I typically have a few go to guys who I'll give first shot on my deals before I put them out to everyone. I take care of the guys who buy from us all the time. But I also let them haggle. The pay asking or move out of the way... Sounds a little "guru" style to me.
I have bought a bunch of turnkey rentals and never once did I buy with a wait list. For those of you who don't know wait lists are, when you the buyer are forced to wait in a queue for a property and is first in line for purchase a property you have first right to purchase or pass it to the second person in line.
Psychologically this creates a limit on supply and propels the buyer to purchase whatever comes up and to pay asking price. Not saying that the pricing is not fair but it's just seems a little messed up when there is this seemingly artificial supply manipulation. Just saying. If supply is so limited what respectable business does not ramp up supply or put on another crew to account for demand.
Any thoughts?
Hello Lane,
I agree with you! Having a "wait list" is not a proper way to work with investors. It makes them feel mistreated and not cared for. A professional turnkey provider would not over do it like that. They should be able to keep up with supply and demand. Maybe you should try looking elsewhere? It might help. It seems like you have the experience anyways.
Feel free to send me a message if you have any questions.
Real Estate Coach · Venice Beach, CA · Member since 2012 · 6k+ posts · 3k+ votes
10y
I work with a ton of turnkey providers and none of them have a wait list. Unless you want a very specific type of property, you might have to wait until they find one that meets that criteria, but otherwise no real need for a wait list?
Investor/RE Broker · Eugene, OR · Member since 2014 · 3k+ posts · 968 votes
10y
Wait lists by a turnkey company are all about creating a (usually false) sense of scarcity and thus forcing the hand of the buyer to act without due consideration. I avoid companies that have wait lists.
Wait lists by a turnkey company are all about creating a (usually false) sense of scarcity and thus forcing the hand of the buyer to act without due consideration. I avoid companies that have wait lists.
Larry when folks realize a lot of wording is used for marketing. High pressure sales,are just as bad.
I think the best are the rental guarantees, and repair guarantees in year one. Ask for rental guarantee in year 3 , repair guarantee in year 5.