All Forum Posts by: Maureen McCann

Congratulations @Josh Bagley!! As you said, this is the first of many real estate investments to come! Can't wait to hear about your next investments, as well!

Thanks for sharing! :)

Welcome to BP @Stephen McDonald!! You are in the right place to get help in reaching your goal! BP has an amazing community of investors and RE professionals. Take advantage of all of the resources BP has to offer!!

Best of luck!

Hi @David C., your list of potential markets is great, I would add in AL, too! If your FT job at the ad agency takes up most of your time and energy, turnkey is a great option for you. This way you won't have to do the rehabbing and repairs. I am a bit biased about the turnkey method, but your situation is a great example to choose this method. As you said, you can slowly transition to BRRR in the future until you get enough passive income from your turnkey properties.

Best wishes!

Welcome to BP @Nicolas Ake! Wow, 60 hours of work a week and you are looking to BRRR, great work ethic! That's an awesome goal, as well! If you are looking for passive income, turnkey may be a great option for you while you are working.

I am a bit biased about the turnkey method, but I like to throw it out as an option when I see it's appropriate. Having a few turnkey properties doesn't mean that you can't BRRR when you have more time, it just means that you have that passive income without using too much of your time and energy.

Best wishes!

Welcome to BP @Pravar Srivastava!! If you are looking for REI guidance you are in the right place! BP has some of the best resources and a very helpful community of investors and RE professionals. Also, you'll be able to give other newbies to BP advice with your previous experience in Dallas and Orlando. Take full advantage of what BP has to offer you!

Best wishes!

Hi @Candace McDowell, welcome to BP! I applaud you for your interest in investing in your future, YOU GO GIRL! So are you looking at turnkey or BRRR? There are pros and cons for both methods, with BRRR you have the ability to force appreciation and sell quickly, but with turnkey the company does all of the rehabbing and repairs.

For people who work a full-time job and don’t have a lot of time on their hands to rehab and do a full renovation, trading their potential for forced appreciation for convenience is more valuable. The turnkey company does all of the work on their time and dime. The turnkey company has
systems and networks in place to find the best properties and rehab to a high quality and
standard. This also means that you won’t have to worry about vacancy risk during the rehab
process. Investors who choose turnkey are probably looking for passive income or they live in more expensive markets. 

Nevertheless, if you have free time on your hands and are handy, and you know people and have a good network of people you can contract to do any extra work you don't know how to do, BRRR is a good option.

This all depends on your goals and what you would like from your investment. Before you decide on turnkey or BRRR or any other REI methods, have a discussion with yourself (and/or your partner) about what your objectives are in REI.

Best wishes!! :)

Welcome to BP @Ed Stelle!! Your real estate expertise will be very helpful for a lot of other newbies! Take full advantage of all of the resources and networks BP has to offer!

Best of luck!

Welcome to BP @Account Closed! There are pros and cons for both options. The issue a lot of people have with turnkey is that forcing appreciation and selling quickly for a profit has been removed. When you choose the turnkey method, the turnkey company has done this for you, this is how we make our money. The BRRR method is a great option for a person who has a bunch of free time, they're handy, and know people and have a good network of people who they can contract for any extra work. BRRR method can take a long time, the longer it takes, the longer you have to pay out of pocket for the mortgage - if you financed.

The turnkey method means that you don't need to do any of that work. The turnkey company does all of the work on their time and dime. The turnkey company has networks and systems in place to find the best properties and rehab to a high standard and quality. This also means that you won't have to worry about vacancy risk during the rehab process. Going with the turnkey option means that you've traded extra potential return from forced appreciation for the luxury of having your time and energy back and having someone else do the hard work for you.

Investors who choose turnkey are probably looking for passive income or they live in more expensive markets. This all depends on your goals and what you would like from your investment. Before you decide on turnkey or BRRR, have a discussion with yourself (and/or your partner) about what your objectives are in REI.

Best wishes!

Welcome @Debbie Wilcox!! I agree with @James Wise, the list of cities he outlines are the popular markets for OOS investors and he gave you very helpful advice. I thought I should add in a few tips you could use to choose a turnkey as an OOS investor. 

The number one priority is data- statistical data- on vacancies, maintenance costs-average length of stay, eviction rates and average move out costs, the list goes on. Don't put your money into a new market without getting a firm handle on the data first. Run your OWN numbers! Every turnkey company will provide you with ROI information, but not all of the information is equal. Double check that they have included insurance, vacancy and maintenance taxes, etc. Do research on the area the property is located in, sometimes a turnkey company will market a property as an A when it is actually a C. Doing a quick Google Earth search will give you BASIC view of the neighborhood.

I hope this is helpful for you!! Good Luck!!

Hi @AJ Hu, welcome to the BiggerPockets community!! You are correct, you can use Google Maps to get a basic picture of the neighborhood. I agree with @John Warren. An easy way to evaluate the class of a property is: 

Class A - where everyone wants to live

Class B - where average-income people with stable employment live, teachers, nurses, etc

Class C - where employed but lower income people live 

Class D - you don't want to walk in this neighborhood at all

Good luck! :)