All Forum Posts by: Sal Mazzone

Exploring the idea of investing in turnkey/out of state properties.  Before everyone starts bashing the idea, I've read enough on here to see there's 2 points of view- you either hate the idea or love it.  I believe I fall right in the middle.  I own rental properties locally in a very expensive market and would like to diversify my portfolio and explore several turnkey providers around the country.  

I've put together a list of questions to perform some due diligence on the turnkey providers and wanted to see if anyone can suggest anything else I am missing or should focus on.

Below is the rough list I put together.  Thanks!

Cities/Neighborhoods Available

Price Range by class

Pro Forma ROI

Neighborhood class range

Cap rate

Vacancy Rate

Average Rental rates

Management company (internal or external)

Years turnkey in business

Years management in business

Properties under management

Monthly Management Fee

Other Management fees

Tenant Screening process

Can properties be independently appraised?

Can properties be financed?

Available Inventory

Any Guarantees?

Crime Rate of Area

Market Growth

Originally posted by @Alexander Kleiman:

There are handful of crowdfunding lending companies emerged lately.

They all seem to share a need to be an accredited investor to start investing.

In order for an individual to qualify as an accredited investor, he or she must accomplish at least one of the following:

1) earn an individual income of more than $200,000 per year, or a joint income of $300,000, in each of the last two years and expect to reasonably maintain the same level of income.

2) have a net worth exceeding $1 million, either individually or jointly with his or her spouse.

3) be a general partner, executive officer, director or a related combination thereof for the issuer of a security being offered.

How strict is the accreditation requirement is being followed?

Is there any legal way to invest in this concept without being accredited as an investor per SEC rules?

I am not qualifying under those requirements, but still willing to invest about $50K…

 I was wondering this as well.  I'm just short of the income qualification but would still have to wait two years for that to season.  I'd consider myself in line with an "Accredited investors" since I work in the regulatory finance industry, and have worked at a security regulatory authority empowered by the SEC.  There should be an exception to this rule based on competence/education/work experience, but I guess that's hard to prove.

Hey Neil- I'm also an investor from Tarrytown. Would love to meet up and discuss helping you out. I'm always on Main Street at least 2-3 times a week. Maybe we can grab coffee. PM me.

Thanks Darren for hosting another great event. Looking forward to the next one!

All- Considering the weather and low response to my post last night I think we will be postponing this meetup. I'll try and be a bit more organized and provide more notice when we select a date. Sorry for the last minute notice but hope to meet everyone and network soon.

Hey everyone- if anyone is still interested we can meet at the following location tomorrow at 7pm.

7PM

Brazen Fox

175 Mamaroneck Ave, White Plains, NY 10601

We will be in the outdoor area in the back - weather permitting.

Hi all,

I've only received a few confirmations.  I'm proposing to move this to next thursday (june 16th) to allow for a few more people to confirm.  I'm also wrapping up a reno in my rental for me tenant to move in this weekend.

I received a few suggestions to hold the meet up at Brazen Fox in White Plains. They have a nice outdoor area.

Is everyone ok with next thursday?

If everyone is still interested please send me a private message with your email address and phone numbers. I'll gauge how many people can actually make it then determine the best location. Thanks!

Hi All,

Glad to see there's some interest!  

Any suggestions on the location - I'm sure it's dependent on how many confirmed attendees we get. Preferably near the White Plains area of Westchester. 

Everyone- BP advised me to post meet-ups in another location - 

here's the link:

https://www.biggerpockets.com/forums/521/topics/30...

@Alex Halimou @Michael Lane @Brian Hyla