All Forum Posts by: Steve Donovan

Welcome to Bigger Pockets @Listiarso Wastuargo!  Please reach out if you interested in the Green Bay, Oshkosh, Appleton areas of Wisconsin.  

@Donald Loeper. Best of luck to you. Feel free to reach out if you need advice or help in Green Bay or Fox River Valley

@Nathan Raisbeck. Great for you to become interested in REI at such a young age, I sure wish I would have gotten started at your age. I'm in Green Bay and invest throughout the Fox River Valley. Please reach out if I can help you in any way. Best of luck!

Hello @Andrew Coulter  I totally agree with the assessment that turnkey means vastly different things to different people.  In terms of rehabbing the property, the workflow can range from throwing a coat of paint on a wall or two, to an entire gut of the mechanicals, windows, siding, and flooring.  Some providers take the approach that a furnace or water heater with several years of expected life shouldn't be replaced in the rehab, but that the final product should be priced accordingly.  That furnace will need to be replaced in the next few years, but just not yet...  Any turnkey investor should ask very probing questions of the turnkey provider regarding the condition of all mechanicals, roof and windows prior to entering into a deal.  As has been stated by others, there is no common definition of a turnkey property, and it can be very risky (and expensive) to make any assumptions.

The ongoing management of the property is another area of vastly different approaches to turnkey investments.  Some providers simply sell the property and the investor is left to find a management company, maintenance personnel, snow and lawn care providers, etc.  Other providers offer up recommendations for these services, and still other turnkey companies offer these services as part of their overall package.  The range of offerings is great, and no assumptions should be made; you need to ask very specific questions regarding who is to do what.

Best of luck to you with all of your investments!

Hi @Sam Rubenzer  I am affiliated with Safehold Property Services in Green Bay.  We are an investor focused property management company that manages throughout the Fox River Valley.  You can contact us at www.rentalwi.com  Best of luck in your investing!

Hi @Ruben Goodbear Anders  I think your best approach would be private/hard money until the property seasons and will become more attractive to conventional lenders.  Do you have enough in the deal to afford the higher cost of the private/hard money?  Send me some details on the deal, I can recommend some possible sources of funds.  Best of luck!

This is a great REIA and anyone in the area should plan to attend. Great meeting content and very active members.

@Kevin Haukom  Welcome to Bigger Pockets.  Feel free to reach out if you need a connection or advice in North East Wisconsin.  Best of luck in your investing!

@Naomie Moke  I recommend the Facebook group as well.  A great resource for finding tradespeople as well as networking and seeking advice from like minded investors.  Best of luck with your investing!

An advantage of turnkey is that it allows investors to participate in markets outside of their own.  Many areas of the country are very expensive and getting into an affordable deal is virtually impossible.  You could buy a project property in a far off place, but now you are managing a rehab from a distance.  Turnkey allows you to buy the property with the work having been done. You can have it inspected to ensure everything is done correctly and have a reasonable certainty that you won't have any issues.  The turnkey provider will oftentimes place tenants and will be aligned with a property management team to provide ongoing support. 

The downside is that you are paying a premium over doing all of this yourself.  Good luck!