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Updated 2 days ago on . Most recent reply
Out of state investing: Buy new build or turn key renovated properties?
Hello all,
For out of state investors whose goal is buy turn key single family homes in class B areas and hold them long term for cash flow and appreciation, 1) is it better to buy new build or a turn key renovated property from companies with good reputation like Spartan Invest, REI Nation etc.?
2) What are pros and cons of buying each type of property if goal is to hold them long term?
3) What is lifespan of turn key renovated properties?
Thank you in advance.
Most Popular Reply
Back in the day, I used to buy rentals that were $80,000 that rented for $900 in real class B areas in Birmingham. But that was back in 2012.
Fast forward 5-7 years later, even pre-pandemic, those same properties are $120-$140,000 renting for pretty much the same thing. Also at those same times, I would have said that going with a big brand turnkey marketer or in fact any turnkey marketer you just wouldn't be able to absorb the 5-10k extra bump in price that they add on top of their renovations.
Long story short, I think you just gotta find your own broker, and you may have to go to more C-class type of areas these days. Sorry you didn't get started 5-10 years ago, but you know, best day to buy properties is today, I suppose.