I was hoping to connect with a few of you who have purchased turnkey rentals from Nathan's team at Bridge Turnkey in Kansas City. I have done my best to research the market, visited KC and met the Bridge team, and have seen their properties mid-rehab and post-rehab.
Looking for some "third party" feedback on how your experience was during purchase and their management style/ tenant retention.
Thanks in advance,
Disclosure: they are a business member of my organization, they pay MAREI, my organization a membership fee
They are a business member (advertising member) of our organization here in KC at MAREI, not many of the turnkey providers are. And while I don't have first-hand experience with him, usually when we see someone doing a bad job or screwing people, as the leader of the organization, I get calls and complaints. And to date after about 2 years I think of them being members, I have yet to hear or read anything bad.
Hope that helps.
Note that there are bad guys out there everywhere, but the really bad guys that we heard about back in the day, well they have all packed up and gone home, for the most part, sites like this exposed the scammers and scammer wannabes ... but still, DO YOUR DUE DILIGENCE.
Thanks Kim! Having met the local team in KC, I have been impressed thus far with their transparency and professionalism. I am just hoping for some discussion with folks that have purchased buy and hold property through Bridge.
I have done a few deals with Nathan over the years.. he was truthful in his transactions so I am happy for him that he has grown in his company like this.
turn key reviews has also outed a bunch of these guys that were bad players @Kim Tucker and KC had a bunch of them.. just like all these markets.. most of the not ready for prime time guys went the way of the dodo bird during the crash and could not restart.. and or too many complaints or ended up in Orange is the new black like a Marquis et al. that's Chad Duecher.
Thanks Jay, a nod from you goes a long ways. I have enjoyed Brianna’s turnkey podcast as well and have been utilizing the turnkey-reviews site. Very helpful!
well enjoy this great fall weather whilst it last !!!
@Andrew Korver Hi Andrew, I am also really interested in Kansas City and I have been researching to find a reputable and reliable turnkey property there. Have you finally bought a property from them?
@THANH NGUYEN We just went under contract yesterday as a matter of fact. Rehab to finish and deal to close early February. I would be happy to share my experience along the way and my thoughts on flying to KC in July if you are interested.
Disclosure: They are competitors
I consider them to be a competitor and have never heard anything negative. I normally hear about the ones that aren't doing a good job.
@Andrew Korver Hi Andrew, first of all congrats on your purchase. Was wondering how things are going with Bridge and property management? I have joined their buyer's list and will be meeting with Nathan Brooks later this month.
I currently own 2 properties in KC, managed by Voepel, which I understand is one of Bridge's PM partners. I bought them just recently through a local realtor. Let me know if there is something I can do to help you while I'm in KC, I'll be there April 21-24th. Thanks!
I’m local and very active as a investor and realtor. I have talked to Nathan a few times. We have mutual contacts that speak well of him. I know a lot of the “turn key” guys here and I won’t trust many of them. If your looking to invest with a turn key company I think you found one of the better companies... maybe the best in kc. At the end of the day you need to run the numbers and double check their market research. It appears they do better work than most. Best of luck.
Just a quick follow up as I get quite a few PM's from this thread. I did buy a property through Bridge Turnkey (and also through one of Mike D'Arrigo's partners) and the experience was as advertised.
A few hiccups along the way (within expectations), but nothing that would prevent me from our next purchase.
Quick tip- Call local home inspection companies and ask which TK companies are doing a quality rehab vs a poor rehab. They may have some great tips to share!
@Andrew Korver That is a great tip - asking Home Inspection companies. I bet if you call all of them and average the received info you should have a fairly accurate grading of the TK operators.
Were the hiccups you spoke of something that could have been avoided on the part of the Bridge Turnkey team? Or were these hiccups something out of their reasonable control in your opinion?
Thanks for the help
@Tyler Barker the "hiccups" surrounded a transition from internal PM to external PM at Bridge. I believe that my property got caught somewhere in the transition period and their initial PM recommendation had the property for 3+ months without placing a tenant. After giving the external PM many "second chances" we got the property transferred over to Voepel and a tenant was placed in less than 3 weeks.
To answer your real question, @Nathan Brooks and his Bridge team were a constant partner through this process. They took ownership, communicated well, and made me 100% whole once the dust settled.
@Nathan Brooks it seems consistent feedback that your team always does things with integrity from what I have seen. I would never expect perfection, but integrity is the most important thing in my opinion. Thanks for reaching out on this thread.
@Andrew Korver other than the "hiccups" you mentioned surrounding the PM how has the rest of your experience been with Bridge? Checking in about a year later is the same tenant still in place? I've heard stories of about tenants other turnkey providers place not panning out, essentially they just threw any old tenant in the property and then turn it over to you and its your problem. That doesn't sound like the way Bridge operates, but I just wanted to ask anyway.
Overall it sounds like you had a good experience with Bridge. Would you purchase another property from them (or have you already)?
@Nathan McQueen tenants were screened and placed via 3rd party property management and have been great. While there is incentive for Turnkey providers to place a tenant quickly to reduce carrying costs, many will have a fairly decent warranty (repair, workmanship, vacancy, etc) into the first year of management. As such, they would be acting against their own interests to place a bad tenant.
Yes, I would certainly buy another property from Bridge if the right deal came along.
@Andrew Korver you mentioned you would buy another property if “the right deal came along”. What is the “right deal” for you? Is there a checklist of things you have to have in a deal?
@Jacob Fotu great question and happy to elaborate. I would imagine that you and I would have different perspectives on what would construct a "great deal" depending on our financial goals. For me personally, another Turnkey purchase would be a blend of great cashflow and a property that I am comfortable with (location, layout, etc). My goal is to invest in cash flow to take pressure off my 9-5 income. While I have the funding for more conventional loan down payments, I am also in the middle of a cost-intensive remodel here in my home state. That being said, if the "right deal" came along from a Turnkey provider that had great cashflow, I wouldn't hesitate to pick it up.
After a year with a few turnkeys, I would be looking to be more conservative with my assumption numbers (capex, repair, vacancy, PM, taxes, insurance, etc) and be looking to clear $100-$200 after those built in costs. Anything below that and I may have more creative uses for my cash at the moment. I haven't seen anything lately from the local providers that I am connected with that meets that benchmark, so for now I am in a holding/saving pattern. That doesn't mean that the local KC providers aren't supplying quality turnkeys, it just means that at this specific point in time I am being more conservative.
I hope this helps and feel free to PM me if you have any specific questions. What criteria are you using to consider a "good deal"?
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing