Turn-Key properties in Florida

[Sean David Gibson]

I’m interested in connecting with a good Turn-Key company in Florida, specifically in the Orlando area.  Can anyone recommend a company they have used in the past?

[Mark Munson]

Hi @Sean David Gibson

      Just to clarify, you are looking to buy turn-key properties? I'm in Orlando, but more context of what you are seeking would be helpful. 

[Sean David Gibson]

Quote from @Mark Munson:

Hi @Sean David Gibson

      Just to clarify, you are looking to buy turn-key properties? I'm in Orlando, but more context of what you are seeking would be helpful. 

 Yes I’m looking to buy in Orlando.  

[Shawn McCormick]

@Sean David Gibson Would be happy to dive a little deeper into exactly what you are looking for. STR, LTR, multi-family. I'm in Orlando and certain I can assist you, but most of the companies that were buying, renovating and then selling turn-key rentals have gone away.

I might suggest looking into new construction communities if you want to avoid (not completely) cap-ex and have all your investments in one place with tenants willing to pay a little more to be in a new house in a 'nice' neighborhood. 

Feel free to reach out if you would like to go over more specific criteria.

Best of luck

[Drew C Grossman]

@Sean David Gibson just pm you. 

[January Johnson]

Our agents in Orlando are Wayde Hall and Holly Hudson.  Both are experts in STRs in the area, and our team teaches you how to self-manage for free.

[Tyler Gibson]

Quote from @Sean David Gibson:

I’m interested in connecting with a good Turn-Key company in Florida, specifically in the Orlando area.  Can anyone recommend a company they have used in the past?

 Are you looking for a turn key long-term rental or a turnkey short-term rental?

[Alice Horn]

We onboard "turnkey" properties all the time. In my experience, most homes are never really quite turnkey. It's really important to inspect the property from the property management and guest perspective. For instance, those dining chairs which looked fantastic in the real estate photos may actually be worn and wobbly. The home may need paint touch up, bedding upgrades, kitchen equipment, etc. Overlooking these things will result in bad reviews.

Most importantly, is the home themed and decorated for the WOW factor? Simply having tasteful contemporary furniture doesn't cut it in a competitive market like Orlando. The home will need impressive theming which can make it pop on the listing.

The bottom line: Even when buying a fully furnished home that has been recently decorated, make sure you budget some $$ for decorating upgrades. If you are buying a brand new home and hiring a decorator, make sure you hire one who is extremely knowledgeable about Orlando vacation rentals, and understands the management side.

[Sean David Gibson]

Here are more specifics.  I love real estate but just don’t have the time right now to be in the hunt game. We run 2 other successful businesses but love to see the benefit of real estate.  We want to play the long game so we are looking for LTR and small multi family.  We are looking for traditional financing.  

[Shawn McCormick]

Quote from @Sean David Gibson:

Here are more specifics.  I love real estate but just don’t have the time right now to be in the hunt game. We run 2 other successful businesses but love to see the benefit of real estate.  We want to play the long game so we are looking for LTR and small multi family.  We are looking for traditional financing.  

 Reach out whenever it is convenient for you and we can go over what the Orlando market offers based on your criteria and budget. 

[Ruchit Patel]

Maybe check out rent to retirement, not sure about Orlando, but there are enough threads of people buying turnkeys in Florida with Rent To Retirement. 

[Drew Sygit]

@Sean David Gibson

While investing via Turnkey Rentals sounds easy, you should understand that you will be paying full retail, often even more, for the properties.

Why? The Turnkey provider is looking to maximize their profits!

Also, there are numerous challenges dealing with Turnkey providers:

1) Terrible renovation work - we've taken over many properties that investor bought turnkey and they were shocked to learn the true condition of their property from our TakeOver video.
---So, get a GREAT property inspector NOT recommended by the turnkey company to avoid bias.

2) Misrepresenting Property Class - have seen many turnkey providers in Metro Detroit area sell OOS investors Class C properties as Class B.
---So, learn the neighborhoods where you plan to invest and use Google Streetview to virtually explore them.

3) Poor Tenant Screening - they typically can't sell a property until they place a tenant. So, they have a conflict of interest in waiting for the right tenant.
---So, insist on them providing the rental application and supporting docs for your review. This means YOU need to learn how to evaluate a rental application!

4) Poor Property Management - Where do you think a turnkey provider will put their best staff, on selling properties and making $5k+/transaction or on property management and making $80/month transactions?
---So, ask about their standard operating procedures and make sure your management contract has an easy termination clause.

What are your options if you experience one of the above? Everyone thinks they can sue to solve the problem.

Do you realize how much it will cost to hire an OOS attorney to sue the turnkey company?

Unfortunately, the majority of investors that experience terrible service from turnkey companies, figure out that it's not worth spending tens of thousands of dollars suing their turnkey provider and just move on - which allows the turnkey provider to not change their ways and stay in business:(

You should also check out this BP thread about the topic:

https://www.biggerpockets.com/forums/88/topics/976647-turnkey-company-suggestion?highlight_post=5648876&page=1#p5648876

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