All Forum Posts by: Ravi Chaudhari

Welcome Vickie!

Hey All,

I'm looking for a knowledgeable real estate professional to provide some insight on the Reno / Sparks / Carson City area.  I'm looking into the area to potentially make an investment in single family homes, multi-fams, or apartment buildings.

I'm going to be in the area in a couple of weeks and would like to see if anyone has any advice on areas that are growing in popularity and have a good value proposition.

Thank you!

Wow, thanks guys for the wealth of information.  I will take your advice and not rush into anything.  It's good to learn more about the TK business model.  It gives me an idea of what to expect from that asset.  Also, I agree with @Jay Hinrichs that I do not want to be regretting my asset.  I'd rather buy a quality asset and expect a lower return than be sold on great cash flow numbers.

I'll be doing more research, but thank you all for the help.

Ravi

@Ben G. I see what you're saying now.

@Account Closed   I definitely see your point about trying to buy turnkey properties on my own rather than through the turnkey companies.  What do you mean by "reach out to some BP investors and see if they want to do the deals for you and add a 10% fee for themselves"?  Is this a typical partnership that people do?  What work would be involved for them and what is the 10% fee calculated off of (is it a management fee going forward or an upfront finder's fee)?

Also, I have a question about turnkey property pricing.  Let's say I have two options: 1) paying retail to a turnkey company or 2) finding a turnkey property myself through a local realtor and then figuring out my own management company.  The property is the exact same.  Will the turnkey company charge more for that same property?

@Mike H.  and @Steve B. 

I appreciate that advice.  Honestly, I would love to have the know-how and network to pull that kind of a project off in the future.  However, for now, I'm looking for a hands-off experience.  I live in California, so even purchasing out of state at "retail" prices yields more of a return than what I can get in California.  But I completely follow with the property management advice you're giving.  That's the element I'm struggling the most to become comfortable with.

@Ben G. , what makes you say that turnkey property don't typically work in areas that appreciate?  Also, I agree about the advantage having someone local can offer you.  I have a friend who live in Philadelphia and I've noticed some turnkey companies offering properties there.  I was going to start looking into that market more to see if it makes a good fit for my needs.

Thanks all for the feedback.

Hey all, I've just started looking into out-of-state investing and have been reading about turnkey property companies.  I would like to hear about your experiences working with turnkey companies.  I can see the advantages, but I would like to hear more about the pitfalls and things to consider before choosing to work with one.

Also, if you've had success working with a turnkey, please provide your experience of what has made them a good partner for you.

Thank you.

Welcome @Account Closed , I'm an LA newbie too.  I'm also a Bruin alum and live near Westwood and work in Century City.  Let me know if you ever want to chat.  I haven't closed on any deals yet, but I'm looking to do that soon and I'm researching different markets for the near future.

Good luck!

@Greg W. I see.  Did not know about the tenant-friendly laws there.  Also, valuable insight on the new construction.  I'll keep that in mind.  Thanks.

@Lucas Wagner , It would be a total of 200K with financing, not in all cash.  With that budget in mind, are there any particular neighborhoods I should look into?  I appreciate the advice, by the way.

@Lucas Wagner I will keep that in mind.  I did notice that my budget was a little too low for any of the downtown properties.  If I were to increase my budget, lets say to 200K, are there any good buys or would you still steer me away from that market?  Honestly, I don't mind trading in some cash flow if there is a decent chance of maintaining/appreciating the overall property value.  I'd rather make a safer long-term investment than chase the highest yield.