How was your experience buying turnkey properties?

Question

Hi, I'm interested in buying my first turnkey property. I wanted to learn more about your experiences with turnkey providers. I don't want to work with a network like Real Wealth or Norada. Would you buy a turnkey again? What did you like/not like? (I'm not going to BRRRR, don't try to talk me out of it :))

Joseph Crunkilton · Answer

@Elle Stevenson

I went through a turnkey provider for my first deal and would recommend @Zach Lemaster over at Rent to Retirement. The property I closed on was just highly renovated, had a tenant in place and is set to have great returns.

With living in a HCOL area, I wanted something lower risk for my first deal. Now I'm getting my feet wet with great returns. I'm happy to answer any questions if you'd like to know more on my experience.

Daniel K. · Answer

Hi,

My experiences have been pretty good but I've been "DIY Turnkey" not going through a turnkey provider. What I mean by that:

a) buy off MLS with the help of my broker/agent + property manager

b) property manager manages for me

It's been relatively hassle-free. The property manager pretty much takes care of everything for me. I buy from overseas.

To answer your question directly: if the above counts as turnkey, then yes. I would do this again.

Mark S. · Answer

@Elle Stevenson, I’m a turnkey investor and go directly to the providers.  Just curious, why are you opposed to a Norada or other type of network?  I haven’t used them but my understanding is it’s a cost to the seller that supposedly doesn’t increase your cost as a buyer (but provides the benefits of having a dedicated contact and strong network behind you).  The reason I haven’t used a network like that is because 4/5 properties are with one very reputable provider and the other is in the same geographical area so if that new provider didn’t work out, I could roll that house into my existing portfolio with reputable turnkey provider.

Zach Lemaster · Answer

@Joseph Crunkilton Thank you for the shout out!

@Elle Stevenson Please let me know if you have any questions on anything.  I typically like to start with an initial phone call to discuss your investment goals/experiences, answer any questions you have, and tell you all about what our company has to offer.  Please let me know if this is something you would like to schedule.

Also for your reference, here are some other forum discussions from investors that have worked with us in the past like Joseph.  I'm sure you'll find this informative.  Looking forward to hopefully connecting in the near future!

https://www.biggerpockets.com/forums/92/topics/808479-rent-to-retirement-experienceshttps://www.biggerpockets.com/forums/92/topics/518583-feedback-on-renttoretirement-and-zach-lemaster

https://www.biggerpockets.com/forums/92/topics/765347-rent-to-retirement-review

https://www.biggerpockets.com/users/ZacharyCole/referenceshttps://www.biggerpockets.com/forums/12/topics/533693-anyone-worked-with-renttoretirement-turnkeyhttps://www.biggerpockets.com/forums/92/topics/581730-rent-to-retirement-zachhttps://www.biggerpockets.com/users/ZacharyCole/references

Ali Boone · Answer

Most of them are in Atlanta. Email me at my email in my signature anytime and can chat there.

Elle Stevenson · Answer

@Ali Boone which network do you use and where are your properties?

Ali Boone · Answer

I would absolutely buy a turnkey again... they are all I'm really interested in and all of mine have done well so far (no property is perfect, but they've all been reasonably within typical standards for rental properties). But I won't buy a turnkey not going through a network like RW or Norada (I don't use either of them, but I do go through comparable companies). What's your opposition to going through them?

Lisa Tomita · Answer

@Mark S. I've heard horror stories about how the network doesn't step up when they need to. They'd rather collect the referral fee from the turnkey provider rather than help the client, so I don't really see the point in having them around. I've worked with Jason Hartman's group and they've been great but I have a lot of relatives/family friends who went with other networks, and the experience has been completely opposite. What market(s) are you in and who did you buy from?

How was your experience buying turnkey properties?

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