Begining of my real-estate journey with turnkey property purchase

[Phawis Thammasorn]

Investment Info:

Single-family residence other investment.

Purchase price: $305,000
Cash invested: $91,500

I buy this SFH as my first turnkey property from REINation on behalf of me and my brother. This purchase is the beginning of real-estate journey and done during a career break from tech profession. Not sure whether this is the best deal. But hope this would get us the knowledge of what to consider and what are steps that need to be done for purchasing a property.

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

We brothers look have two goals. As tech professionals who have been through the 2023 layoffs, we set our long-term goal to find some place we can accumulate our savings that is less volatile than the stock market with better payoff than CD and bonds. Our mid-term goal is to generate enough cashflow to replace our rents. We decide that SFH property is a good choice for our long-term goal and hope that future deals would help us reach the mid-term one.

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

We browsed Biggerpocket forums and called turnkey providers mentioned. We found that REI Nation (previously called Memphis Invest) is the most accommodating when it comes to explaining to the beginner on what to think and consider. The company also has reputation of hand-holding the client purchasing and managing process. The only drawback found is that they mainly focus on SFH and attain small cashflow. Nevertheless, this is suitable for us starters who have little knowledge the matter.

How did you finance this deal?

They help us reach out their preferred lender.