Out of State Turnkey Investment with Martel Turnkey

25 Replies

Investment Info:

Single-family residence buy & hold investment in Cleveland.

Purchase price: $90,000
Cash invested: $22,500

1st out of state Turnkey Rental Property purchased from Martel Turnkey.

What made you interested in investing in this type of deal?

I wanted to explore out of state investing and also wanted to remain passive in my journey so turnkey rentals seemed the best way to explore that. The experience with Martel Turnkey has been amazing so far. We will know within a year if the investment was worth it.

How did you find this deal and how did you negotiate it?

Found the deal on Martelturnkey.com after listening to Antoine Martel on one of the mastermind calls

How did you finance this deal?

Conventional Financing

How did you add value to the deal?

Didn't add anything

What was the outcome?

Still to find out

Lessons learned? Challenges?

The closing date got pushed back 3 times because the renovations were not completed. I wish their website provided a better timeline of the whole process.

Thank you for sharing, we don't see enough turnkey investors sharing their experiences! How long have you had the property?

Originally posted by @Aj Parikh :

Investment Info:

Single-family residence buy & hold investment in Cleveland.

Purchase price: $90,000
Cash invested: $22,500

1st out of state Turnkey Rental Property purchased from Martel Turnkey.

What made you interested in investing in this type of deal?

I wanted to explore out of state investing and also wanted to remain passive in my journey so turnkey rentals seemed the best way to explore that. The experience with Martel Turnkey has been amazing so far. We will know within a year if the investment was worth it.

How did you find this deal and how did you negotiate it?

Found the deal on Martelturnkey.com after listening to Antoine Martel on one of the mastermind calls

How did you finance this deal?

Conventional Financing

How did you add value to the deal?

Didn't add anything

What was the outcome?

Still to find out

Lessons learned? Challenges?

The closing date got pushed back 3 times because the renovations were not completed. I wish their website provided a better timeline of the whole process.

AJ,

I followed another one of your posts on BP about buying your first property with Martel.  I think one of the more frustrating things about BP forums - especially with Turnkey real estate - is that so few commentators ask if your expectations are being met?  Are you happy with the process?  Are you happy that you made this investment?  Are you going to continue investing in this way? Etc., etc., etc...

Instead, so many commentators judge other investors’ investments and posts about them through their own lens of expectation and to be frank, can be quite callous and rude.  

I can tell from the posts that you have made that you went forward with an investment that you were highly confident in making.  You felt very comfortable with Martel Turnkey and were excited.  I haven’t seen you lose any of that enthusiasm, even with all of the poking and prodding and endless questions geared to make you second guess your decision.  Too bad there were not a lot more “congratulations!”.

I hope you hit you expectations with Martel and are successful based on how you measure your success!  Best ~

 

@Chris Clothier honest answer. And , at the end of the day, 100% correct.

I see and feel that in US everyone is getting contagious about these investments where you need to find a team, rehab etc. etc.

In Europe is not like that. People with a job keep doing their job, and if have some money buy from sellers or turnkey. In US, whoever have 20k want to be a millionaire investor that start buying and flipping, like its the easiest thing to do, when is not.

I believe every way works if is in line with your expectations. 

@Taylor L. I closed on this property on 10/29/2020 so not even a week. Its still early days on this Turnkey journey but I am excited. Let me know if you want to know more about Martel Turnkey's purchase process. We can get on a call and discuss. 

@Chris Clothier Thank you very much for the detailed response. Means a lot coming from an experienced investor like you. I can't control what people can write. All I can control is my mindset and how I view the feedback. My sole purpose of sharing that post was to get feedback from experienced investors who have been doing this for a long time and I was happy with all the responses I got. You will never know you made a mistake until you make it. Its still early days on this turnkey investment so I am excited to see how this turns out in a year. 

@Aj Parikh thank you, I am just a couple months behind you on this process and would love to reach out to you. Currently I am out in Seattle Washington with a good career and have always been interested in real estate investing. Jumping into an out of state turnkey seems like the easiest way to get some experience given my busy family and work life. After crunching the numbers on a spread sheet it really starts to snowball if I were to use my current savings rate and I am really excited in that kind of potential.

My biggest worries is that the rate of return they mention post capX/vacancy/management fees won’t be there. I would love to hear from other turnkey investors to see if they are getting the 200/door on these 80-90khomes after expenses.

@Hunter Schulz That is great to hear. And congrats on taking the step towards financial freedom. The interest rate currently is very low so if you can lock in a good rate, your investment might improve. But if you are looking for pure cash flow, turnkeys are the way to go. Especially if your local market is expensive, turnkeys are a good way to get started. But let's chat offline and I can walk you over the few turnkey providers I talked to and Roofstock. 

@Hunter Schulz it’s not there. Numbers are good but you just have to be sure you are reading them correctly. What I’ve seen is the monthly cash flow number doesn’t include vacancy and maintenance. Once you add those 2 (5% each let’s say) just take a hundred bucks off that monthly cash flow number (give or take) and that gives you a better idea of what the monthly cash flow really is. I’ve seen different turnkey companies do the math w/vacancy and maintenance accounted for in their calculation of the monthly cash flow number they advertise and then I’ve seen them done without that included and advertising the higher number. Always a good idea to study whatever numbers you get from the company ur working with and crunch the numbers yourself :)

Hi AJ - I am in the process of acquiring my first property with Martel too. I would love to hear your experiences so far. I am most concerned about their 3rd party property management company in place. What I can gather from previous posts, their old prop. mgmt. firm was horrendous and they switched to a new one this year. It will be great to hear your experiences so far. Thanks.

Sunny

Hi AJ - I am in the process of acquiring my first property with Martel too. I would love to hear your experiences so far. I am most concerned about their 3rd party property management company in place. What I can gather from previous posts, their old prop. mgmt. firm was horrendous and they switched to a new one this year. It will be great to hear your experiences so far. Thanks.

Sunny

@Kay Sun The experience with the property management has been great. They did an onboarding call recently and went over every step of how they will manage the tenant, repairs, capital expenses, owner disbursements. Call / text me at 551-208-7095 and I can answer other questions you might have. I will be happy to help and just talk real estate. 

So nice of you AJ. I am liking BP community and everyone seems super helpful. I will definetely take you up on calling you to get your feedback. It is awesome to hear your feedback on prop-mgmt. 

Hello all, just wanted to share a little WIN and another example of why Martel Turnkey is one of the best turnkey providers in the country right now. I closed on the property on 10/29/2020 and the tenant was supposed to move in on 11/3/2020. But for some reason the tenant decided to move in on 11/16/2020. I brought this up with Martel team and they sent me the pro rated Rent payment of 11/1/2020 to 11/15/2020 in the amount of $535 and I received the check today. 

NO QUESTIONS ASKED. 

Call / Text me at 551-208-7095 or send me a direct message on BP if you are trying to close on your next turnkey property. I will be happy to walk you through my purchase. 

Updated 8 months ago

Hello all, just wanted to share a little WIN and another example of why Martel Turnkey is one of the best turnkey providers in the country right now. I closed on the property on 10/29/2020 and the tenant was supposed to move in on 11/3/2020. But for some reason the tenant decided to move in on 11/16/2020. I brought this up with Martel team and they sent me the pro rated Rent payment of 11/1/2020 to 11/15/2020 in the amount of $535 and I received the check today. NO QUESTIONS ASKED. Send me a direct message on BP if you are trying to close on your next turnkey property. I will be happy to walk you through my purchase.

@Rinku Sinha the property is performing really well. The rents are consistently on time and its cash flowing close to $275-300 / month. The tenant recently backed into the garage door and damaged it but the tenant's auto insurance covered all the expenses so I didn't have to pay for any of the damages. The property management was really good at monitoring the whole process and keeping me updated by sending photos on a regular basis. If you are thinking of investing with Martel Turnkey, definitely recommend working with them. 

@Daniella Steinberg I also purchased through Roofstock and that property is also performing well. Let me know what questions you have as far as working with Martel goes. I will be happy to answer. 

Originally posted by @Jon Parks :

All, please be aware that Aj does get paid to endorse martel, but he does not disclose this information.  He will pass out your information to them without asking you, and will get paid for it.  Read this thread here:

https://www.biggerpockets.com/...


this is disgusting, so many disguised OOS investors actually profiting from selling other people’s information. 
there are so many of those disguised “OOS” investors on BP. 

 

@Rinku Sinha @Daniella Steinberg

Please make sure to check market comps before buying any turnkey product. If the property does not perform well, you may not be able to sell to non turnkey buyers and have a major loss on your hands. 

Dont go for a cash flow home run. Go for a B class neoghborhood at least so that your rental investment journey starts on a good note.

I only get paid if someone closes on a property. I don’t pass any information to the turnkey provider. That is so wrong. If an investor reaches out to me, I share my purchase process, answer any questions they may have. I only send an email introduction to the turnkey provider.

I think you should stop following me if you are not happy with my comments

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