All Forum Posts by: Patrick Shawn Faherty

Hi @Ali Boone Thanks for the post. I've been talking to a lot of the typical TK providers that are recommended here. Markets like Tampa, Memphis, Indy, Cleveland, Cincy, etc. I have a call today with a provider that has a SFR that almost hits both of my numbers--hopefully optimistic.

Let do me know if you have something I should be looking at (I have looked at a few of yours in the past). 

Shawn

I found it odd on his latest FB post he hits on four things to be weary of in a TK provider.  One of them is "if they don't take financing...". I was certainly told that they strongly prefer cash...

@Dustin Cook Thanks again. Good advice! 

Thanks @Dustin Cook for the advice. I am leaning toward TK so that I don't have to worry with the GC, subs, etc. (And truthfully I think searching for a property on the MLS would probably be too wide of a net for me and lead to more confusion and analysis :) I do plan to visit the area and property prior to closing.

I tend to agree with Charlie above, I need to fish (vs. cut bait...).  The search continues...

Thanks @Jay Hinrichs I agree and I should probably be focussing on B class for now.  I'm interested to hear what people think are decent numbers for monthly cashflow after expenses and set-asides. 

It may be best to set up a separate business account for tracking purposes. It might be cleaner if you want to later move properties into an LLC, etc.

@Charlie Fitzgerald

@Daniel P Willis Not sure why the name tagging isn't working above (they are blue in my draft...)

@Daniel P Willis

Thanks. I'm going after TK b/c I don't want to deal with fixing it up and thought it would be easier to find a property out of my local area.  $150K here in the NOVA/DC area does not get you much for sure. I've listened to a ton of podcasts during my 1 hour (each way commute)! I originally thought I wanted MFRs, but am now focused on single family for at least my first few properties. 

@Daniel P Willis@Charlie Fitzgerald

Thanks any suggestions on what numbers are more realistic?

I'm currently in the market for a turn key property--my first investment property (I'm 52 and have owned several personal residences). I've engaged with several TK providers in multiple markets.  I just can't seem to find a property that meets my numbers. I'm searching for a SFR in an A to B- neighborhood in the less than $150k price range. The numbers I'm looking for are ~10-12% CoCROI and ~$280+/month cashflow after all actual and estimated expenses/reserves. I'm plugging the numbers into the BP rental calculator using 7% for vacancy, 7% for maintenance, and 10% for PM. Is that too much to ask? I see a lot of properties that are being sold but none seem to meet these marks. Am I in the analysis-paralysis phase?? Do I need to lower my expectation (and be more realistic)?

Thanks in advance for your advice. 

Shawn