All Forum Posts by: Alex Corral

Haha...I love this Kelly! Being pro-turnkey myself, I love that you are asking specifically for the good things about it. Most people ask 'should I go turnkey?' and then you only get the negatives in response. All the while, lots of people are having great turnkey experiences but they just aren't yelling about it on the forums.

So, okay, to answer your question. I started buying turnkeys in 2011. I've certainly had "learning experiences" over the years with them, I've had major wins with them...you name it. So in thinking of how to make the most of it and what you can do to tip the odds in your favor:

• The more people you have behind you, the better and the stronger your position. If you just show up at a direct provider's door and buy one property, you aren't bringing a lot of buying power. So the more people you know, the more people who will have your back, the more [unofficial] incentive for someone not to take you out to pasture because they would be risking ticking off a lot of people.
• Find out which TK providers people have had good experiences with and start there. The downside on that one is, at least from I've noticed, as soon as people have good TK experiences they are no longer really on these forums because now they know what they are doing and they aren't looking for more education or research. So they don't  often respond to forums that ask "who's had a good TK experience and who'd you use?". 
• Work through aTK promoter rather than a direct TK provider. I can think of a couple TK providers right off the bat that I would feel confident in someone going at it alone, but a turnkey promoter will work with several TK providers in different markets, so they can give you less biased advice about which market to invest and who to work with based on your own personal situation. Different markets and different buying opportunities are better for different people and goals. They can also add a tremendous amount of customer service for you (TK providers are rarely known for their customer service skills), and they add that 'power in numbers' factor that I mentioned in the first bullet. A TK provider would be stupid to mess with you if you are part of a larger buying power.
• Vet the PM that comes with the TK property as if you were shopping for PMs on your own. Turnkey providers are excellent at finding deals, rehabbing, all that stuff, but the reality is the PM side is just something they need to create to put with the offering. PMs = customer service = not TK's jam. They aren't all bad, but don't just trust them with your first-born child because they come with the property.
• Most importantly, don't go with the assumption turnkeys are 100% hands-off. They aren't, and they shouldn't be. You are responsible for due diligence and managing the management, so to speak. I've seen so many people just go to sleep on their property and then being irritated if something slacks off. Even with the best TKs and PMs....we are still talking rental properties here. They aren't always necessarily perfect, things can go wrong, and ultimately you are the boss so you might need to make decisions occasionally.

Hope that helps? Great question and maybe I'll come up with more. Reach out anytime if I can be of any help!