There is no such thing as turnkey. Check out more disaster photos… https://photos.app.goo.gl/R4PZLuOLGHONO5Rl2
Not saying that they are better than the stock market but just don't buy them cash only (without an appraisal) and not have a disinterested party tell you about the exact area.
What are your quick tips with finding turnkey rentals?
looks like a untidy tenant..
Wow Lane! That sucks but has happened in my non-turnkey rentals too.
Here's my Top 3 Tips for TK's.
1. Select a Market with greater than 1 Million population, consistent growth, good jobs, business friendly and good credit rating
2. Visit the City the TK Provider is in and go through a half dozen or more houses that they have available.
3. Talk to at least a half dozen or more customers to ask them their experience and to see their P&L
So much more but you asked for Top Tips :-)
@Lane Kawaoka Bummer. It happens to the best of us though. You have to roll with the punches. If it was that easy everyone would be a millionaire real estate investor.
Could be worse. I've had hot water tanks stolen on the way out, dead tenants left over (OD & or suicide typically) & even a couch through the 2nd story window.
On a side note for everyone else out there. Especially those who are green to the game. A rental property is a rental property. I deal with over 800 of these things & I would hope there isn't anyone out there that thinks a rental property being sold & or managed by a turnkey provider is not going to be subject to the same risks of the business as any other rental property.
The only difference is that with a turnkey company & or property management company you aren't cleaning up that mess yourself. You are paying them to do it. IMO Turnkey is more of a service then a product.
I think I am moving to syndication. The returns aren't as high but are infinitely scalable. Plus I got into this for the time... free time that is.
@Lane Kawaoka even with turnkeys I'd still recommend a minimum of 10-30 mins per month per property to verify your returns are doing what they should. and if there are issues, it will take more.
in my opinion no matter what real estate path you take, you have to mind your own business or someone else will and it won't be as good as you.
I just got hit with a $27K bill from the cleaning company! I added pics. @Hank Keller
@Lane Kawaoka - So sorry to here that. I've had a similar issue though not close to that extent. My response to my TK company was to increase the inspection frequency. we'll see how that goes...