Turnkey properties investing for my family.

Member since 2022 · 13 posts · 11 votes

This is my first time posting to the bigger pockets forum but I must say the education I've been getting from the BP podcasts has been amazing.

I live in California and have managed to put some money aside from my W2 job to hopefully get into my first rental property. As everyone is well aware the cost of investing in California is astronomical so I’ve turned my attention to long distance investing.
I work long hours at my job and have a 5 year old at home so my time is very limited. That said I’ve taken an interest in Turnkey properties with two companies in particular standing out which are Mid South Home Buyers and Rent 2 Retirement.
I’d love to be able to speak with some people that have invested with either or even both of these outfits.

I’m looking forward to starting this journey and securing financial freedom for my family for years to come!

1 Reply

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Adriana Collado Hudak

Denver, CO · Member since 2023 · 16 posts · 19 votes

Hi John, I purchased two properties (SFH's) from MidSouth - one in October 2023 and the other in March 2024. Both are in Memphis. I bought the properties in cash: one for $114k and the other for $123k. The market value for the one I purchased for $114k hovers between $139k and $142k, so I walked into that property with equity from the get-go. The market value on the other property is pretty stagnant and fluctuates between $119k and $125k. I receive rents totaling $1817 per month, after property management fees of 8% are deducted. So far, so good as far as I'm concerned. Here's what I've learned in my brief experience:

1. Turnkey properties are great for someone like me who lives in a state where cashflow is very hard to find and who has a busy career that doesn't allow much time for typical landlording duties;

2. Turnkey properties are better if you're planning to hold for a good while (5+ years). As you can see from my numbers, this is not a quick appreciation situation although I hope that equity will build over time;

3. ALWAYS conduct your own inspection, even if the property is turnkey.

Hope this helps - best of luck!!

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Benjamin AakerPro Member
Rental Property Investor · Brandon, SD · Member since 2015 · 1k+ posts · 1k+ votes
2y
Hi Jason, welcome to BP. No specific advice on these two companies. Purchasing a turnkey would hopefully mean you can still dedicate your time to your job and child. Make sure you look at potential deals with this in mind. Turnkey doesn't always have everything ready to go for you. There will still be some involvement you will need in the deal. They can be good long term holds though. Just don't expect the wild returns you see some on these forums report.
1 Reply
Taz Zettergren
Real Estate Agent · Memphis, TN · Member since 2019 · 365 posts · 264 votes
2y
@Jason Frink welcome to the forums and congrats on your first post! There are several great companies to work with in the Memphis area, I'd advise going with someone who owns the entire process from start to finish vs a referral source.
Best of luck investing!
3 Reply
Alex Evans
Memphis, TN · Member since 2022 · 230 posts · 99 votes
2y
Hey @Jason Frink
I agree completely with Taz. I recommend going with a company that is vertically integrated from top to bottom!
2 Reply
Adriana Collado Hudak
Denver, CO · Member since 2023 · 16 posts · 19 votes
2y
Hi Jason - I did a deep dive into turnkeys and MidSouth Home Buyers checked off all the right boxes. I bought my first property from them in September and am about to buy a second. So far, so good. They are responsive, professional, and pleasant to work with. Happy to share my thoughts/experience.
2 Reply
John Fleming
Investor · Rancho Cucamonga CA · Member since 2015 · 42 posts · 19 votes
2y
Quote from @Adriana Collado Hudak:

Hi Jason - I did a deep dive into turnkeys and MidSouth Home Buyers checked off all the right boxes. I bought my first property from them in September and am about to buy a second. So far, so good. They are responsive, professional, and pleasant to work with. Happy to share my thoughts/experience.

Hi Adriana
In what market are you buying, and what are you buying? Would you mind sharing some of the details/numbers?
john
0 Reply
Adriana Collado Hudak
Denver, CO · Member since 2023 · 16 posts · 19 votes
2y
Hi John, I purchased two properties (SFH's) from MidSouth - one in October 2023 and the other in March 2024. Both are in Memphis. I bought the properties in cash: one for $114k and the other for $123k. The market value for the one I purchased for $114k hovers between $139k and $142k, so I walked into that property with equity from the get-go. The market value on the other property is pretty stagnant and fluctuates between $119k and $125k. I receive rents totaling $1817 per month, after property management fees of 8% are deducted. So far, so good as far as I'm concerned. Here's what I've learned in my brief experience:
1. Turnkey properties are great for someone like me who lives in a state where cashflow is very hard to find and who has a busy career that doesn't allow much time for typical landlording duties;
2. Turnkey properties are better if you're planning to hold for a good while (5+ years). As you can see from my numbers, this is not a quick appreciation situation although I hope that equity will build over time;
3. ALWAYS conduct your own inspection, even if the property is turnkey.
Hope this helps - best of luck!!
6 Reply
Michael SmytheBusiness Member
Real Estate Agent · Metro Detroit · Member since 2023 · 4k+ posts · 3k+ votes
2y
@Jason Frink you can also look into Detroit and Toledo.
Been reading that Memphis is becoming saturated with rentals.
Logical Property Management4.9446 Reviews
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3 Reply
John Fleming
Investor · Rancho Cucamonga CA · Member since 2015 · 42 posts · 19 votes
2y
Quote from @Adriana Collado Hudak:

Hi John, I purchased two properties (SFH's) from MidSouth - one in October 2023 and the other in March 2024. Both are in Memphis. I bought the properties in cash: one for $114k and the other for $123k. The market value for the one I purchased for $114k hovers between $139k and $142k, so I walked into that property with equity from the get-go. The market value on the other property is pretty stagnant and fluctuates between $119k and $125k. I receive rents totaling $1817 per month, after property management fees of 8% are deducted. So far, so good as far as I'm concerned. Here's what I've learned in my brief experience:
1. Turnkey properties are great for someone like me who lives in a state where cashflow is very hard to find and who has a busy career that doesn't allow much time for typical landlording duties;
2. Turnkey properties are better if you're planning to hold for a good while (5+ years). As you can see from my numbers, this is not a quick appreciation situation although I hope that equity will build over time;
3. ALWAYS conduct your own inspection, even if the property is turnkey.
Hope this helps - best of luck!!

Thanks so much for all the info. On #3 - as an out of state investor, how do you handle that inspection?
0 Reply
Engelo RumoraBusiness Member
Investor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
2y
Quote from @Michael Smythe:

@Jason Frink you can also look into Detroit and Toledo.
Been reading that Memphis is becoming saturated with rentals.

No more investors in Toledo please.
We have had enough haha 😁
Podcast Guest on Show #89
Oz Realty4.5367 Reviews
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1 Reply
Engelo RumoraBusiness Member
Investor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
2y
Quote from @John Fleming:

Quote from @Adriana Collado Hudak:

Hi John, I purchased two properties (SFH's) from MidSouth - one in October 2023 and the other in March 2024. Both are in Memphis. I bought the properties in cash: one for $114k and the other for $123k. The market value for the one I purchased for $114k hovers between $139k and $142k, so I walked into that property with equity from the get-go. The market value on the other property is pretty stagnant and fluctuates between $119k and $125k. I receive rents totaling $1817 per month, after property management fees of 8% are deducted. So far, so good as far as I'm concerned. Here's what I've learned in my brief experience:
1. Turnkey properties are great for someone like me who lives in a state where cashflow is very hard to find and who has a busy career that doesn't allow much time for typical landlording duties;
2. Turnkey properties are better if you're planning to hold for a good while (5+ years). As you can see from my numbers, this is not a quick appreciation situation although I hope that equity will build over time;
3. ALWAYS conduct your own inspection, even if the property is turnkey.
Hope this helps - best of luck!!

Thanks so much for all the info. On #3 - as an out of state investor, how do you handle that inspection?

John,
Check out Inspectify.
Even in our local market we use them for pre-purchase inspections, draw inspections, PM quarterly inspections.
They are a saving grace.
You're welcome hehe 🙏
Podcast Guest on Show #89
Oz Realty4.5367 Reviews
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1 Reply
Account Closed
Rental Property Investor · Brooke Park Drive · Member since 2018 · 1k+ posts · 2k+ votes
2y
Quote from @John Fleming:

Quote from @Adriana Collado Hudak:

Hi John, I purchased two properties (SFH's) from MidSouth - one in October 2023 and the other in March 2024. Both are in Memphis. I bought the properties in cash: one for $114k and the other for $123k. The market value for the one I purchased for $114k hovers between $139k and $142k, so I walked into that property with equity from the get-go. The market value on the other property is pretty stagnant and fluctuates between $119k and $125k. I receive rents totaling $1817 per month, after property management fees of 8% are deducted. So far, so good as far as I'm concerned. Here's what I've learned in my brief experience:
1. Turnkey properties are great for someone like me who lives in a state where cashflow is very hard to find and who has a busy career that doesn't allow much time for typical landlording duties;
2. Turnkey properties are better if you're planning to hold for a good while (5+ years). As you can see from my numbers, this is not a quick appreciation situation although I hope that equity will build over time;
3. ALWAYS conduct your own inspection, even if the property is turnkey.
Hope this helps - best of luck!!

Thanks so much for all the info. On #3 - as an out of state investor, how do you handle that inspection?

Yes always get an inspection. As far as how, google home inspection company recommendations in X city, then call one to set up an inspection.
0 Reply
Account Closed
Rental Property Investor · Brooke Park Drive · Member since 2018 · 1k+ posts · 2k+ votes
2y
Quote from @Engelo Rumora:

Quote from @John Fleming:

Quote from @Adriana Collado Hudak:

Hi John, I purchased two properties (SFH's) from MidSouth - one in October 2023 and the other in March 2024. Both are in Memphis. I bought the properties in cash: one for $114k and the other for $123k. The market value for the one I purchased for $114k hovers between $139k and $142k, so I walked into that property with equity from the get-go. The market value on the other property is pretty stagnant and fluctuates between $119k and $125k. I receive rents totaling $1817 per month, after property management fees of 8% are deducted. So far, so good as far as I'm concerned. Here's what I've learned in my brief experience:
1. Turnkey properties are great for someone like me who lives in a state where cashflow is very hard to find and who has a busy career that doesn't allow much time for typical landlording duties;
2. Turnkey properties are better if you're planning to hold for a good while (5+ years). As you can see from my numbers, this is not a quick appreciation situation although I hope that equity will build over time;
3. ALWAYS conduct your own inspection, even if the property is turnkey.
Hope this helps - best of luck!!

Thanks so much for all the info. On #3 - as an out of state investor, how do you handle that inspection?

John,
Check out Inspectify.
Even in our local market we use them for pre-purchase inspections, draw inspections, PM quarterly inspections.
They are a saving grace.
You're welcome hehe 🙏

Haven't heard of inspectify what makes them better?
0 Reply
Engelo RumoraBusiness Member
Investor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
2y
Quote from @Account Closed:

Quote from @Engelo Rumora:

Quote from @John Fleming:

Quote from @Adriana Collado Hudak:

Hi John, I purchased two properties (SFH's) from MidSouth - one in October 2023 and the other in March 2024. Both are in Memphis. I bought the properties in cash: one for $114k and the other for $123k. The market value for the one I purchased for $114k hovers between $139k and $142k, so I walked into that property with equity from the get-go. The market value on the other property is pretty stagnant and fluctuates between $119k and $125k. I receive rents totaling $1817 per month, after property management fees of 8% are deducted. So far, so good as far as I'm concerned. Here's what I've learned in my brief experience:
1. Turnkey properties are great for someone like me who lives in a state where cashflow is very hard to find and who has a busy career that doesn't allow much time for typical landlording duties;
2. Turnkey properties are better if you're planning to hold for a good while (5+ years). As you can see from my numbers, this is not a quick appreciation situation although I hope that equity will build over time;
3. ALWAYS conduct your own inspection, even if the property is turnkey.
Hope this helps - best of luck!!

Thanks so much for all the info. On #3 - as an out of state investor, how do you handle that inspection?

John,
Check out Inspectify.
Even in our local market we use them for pre-purchase inspections, draw inspections, PM quarterly inspections.
They are a saving grace.
You're welcome hehe 🙏

Haven't heard of inspectify what makes them better?

Google amigo
Podcast Guest on Show #89
Oz Realty4.5367 Reviews
Website View Page
0 Reply
Account Closed
Rental Property Investor · Brooke Park Drive · Member since 2018 · 1k+ posts · 2k+ votes
2y
Quote from @Engelo Rumora:

Quote from @Account Closed:

Quote from @Engelo Rumora:

Quote from @John Fleming:

Quote from @Adriana Collado Hudak:

Hi John, I purchased two properties (SFH's) from MidSouth - one in October 2023 and the other in March 2024. Both are in Memphis. I bought the properties in cash: one for $114k and the other for $123k. The market value for the one I purchased for $114k hovers between $139k and $142k, so I walked into that property with equity from the get-go. The market value on the other property is pretty stagnant and fluctuates between $119k and $125k. I receive rents totaling $1817 per month, after property management fees of 8% are deducted. So far, so good as far as I'm concerned. Here's what I've learned in my brief experience:
1. Turnkey properties are great for someone like me who lives in a state where cashflow is very hard to find and who has a busy career that doesn't allow much time for typical landlording duties;
2. Turnkey properties are better if you're planning to hold for a good while (5+ years). As you can see from my numbers, this is not a quick appreciation situation although I hope that equity will build over time;
3. ALWAYS conduct your own inspection, even if the property is turnkey.
Hope this helps - best of luck!!

Thanks so much for all the info. On #3 - as an out of state investor, how do you handle that inspection?

John,
Check out Inspectify.
Even in our local market we use them for pre-purchase inspections, draw inspections, PM quarterly inspections.
They are a saving grace.
You're welcome hehe 🙏

Haven't heard of inspectify what makes them better?

Google amigo

Damn not even 1-2 sentences to help out a fellow investor. That's cold. I guess right now its winter down under.
1 Reply
Engelo RumoraBusiness Member
Investor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
2y
Quote from @Account Closed:

Quote from @Engelo Rumora:

Quote from @Account Closed:

Quote from @Engelo Rumora:

Quote from @John Fleming:

Quote from @Adriana Collado Hudak:

Hi John, I purchased two properties (SFH's) from MidSouth - one in October 2023 and the other in March 2024. Both are in Memphis. I bought the properties in cash: one for $114k and the other for $123k. The market value for the one I purchased for $114k hovers between $139k and $142k, so I walked into that property with equity from the get-go. The market value on the other property is pretty stagnant and fluctuates between $119k and $125k. I receive rents totaling $1817 per month, after property management fees of 8% are deducted. So far, so good as far as I'm concerned. Here's what I've learned in my brief experience:
1. Turnkey properties are great for someone like me who lives in a state where cashflow is very hard to find and who has a busy career that doesn't allow much time for typical landlording duties;
2. Turnkey properties are better if you're planning to hold for a good while (5+ years). As you can see from my numbers, this is not a quick appreciation situation although I hope that equity will build over time;
3. ALWAYS conduct your own inspection, even if the property is turnkey.
Hope this helps - best of luck!!

Thanks so much for all the info. On #3 - as an out of state investor, how do you handle that inspection?

John,
Check out Inspectify.
Even in our local market we use them for pre-purchase inspections, draw inspections, PM quarterly inspections.
They are a saving grace.
You're welcome hehe 🙏

Haven't heard of inspectify what makes them better?

Google amigo

Damn not even 1-2 sentences to help out a fellow investor. That's cold. I guess right now its winter down under.

haha

You know I love you mate

They have various inspections

Cheaper

Digital and easy to understand portal

Best if you need to do more inspections over a year as all data is tracked and in the same place

No BS PDF’s

We love them mate

They are another component that we added in order to pretty much make our entire operation digital and to not be dependent on local and incompetent folks 👍
Podcast Guest on Show #89
Oz Realty4.5367 Reviews
Website View Page
0 Reply
Account Closed
Rental Property Investor · Brooke Park Drive · Member since 2018 · 1k+ posts · 2k+ votes
2y
Quote from @Engelo Rumora:

Quote from @Account Closed:

Quote from @Engelo Rumora:

Quote from @Account Closed:

Quote from @Engelo Rumora:

Quote from @John Fleming:

Quote from @Adriana Collado Hudak:

Hi John, I purchased two properties (SFH's) from MidSouth - one in October 2023 and the other in March 2024. Both are in Memphis. I bought the properties in cash: one for $114k and the other for $123k. The market value for the one I purchased for $114k hovers between $139k and $142k, so I walked into that property with equity from the get-go. The market value on the other property is pretty stagnant and fluctuates between $119k and $125k. I receive rents totaling $1817 per month, after property management fees of 8% are deducted. So far, so good as far as I'm concerned. Here's what I've learned in my brief experience:
1. Turnkey properties are great for someone like me who lives in a state where cashflow is very hard to find and who has a busy career that doesn't allow much time for typical landlording duties;
2. Turnkey properties are better if you're planning to hold for a good while (5+ years). As you can see from my numbers, this is not a quick appreciation situation although I hope that equity will build over time;
3. ALWAYS conduct your own inspection, even if the property is turnkey.
Hope this helps - best of luck!!

Thanks so much for all the info. On #3 - as an out of state investor, how do you handle that inspection?

John,
Check out Inspectify.
Even in our local market we use them for pre-purchase inspections, draw inspections, PM quarterly inspections.
They are a saving grace.
You're welcome hehe 🙏

Haven't heard of inspectify what makes them better?

Google amigo

Damn not even 1-2 sentences to help out a fellow investor. That's cold. I guess right now its winter down under.

haha

You know I love you mate

They have various inspections

Cheaper

Digital and easy to understand portal

Best if you need to do more inspections over a year as all data is tracked and in the same place

No BS PDF’s

We love them mate

They are another component that we added in order to pretty much make our entire operation digital and to not be dependent on local and incompetent folks 👍

I just did some Google research and it says Sydney today is 66° (in winter)
1 Reply
James WachobBusiness Member
Real Estate Broker · Memphis, TN · Member since 2015 · 1k+ posts · 887 votes
2y
Memphis holds a lot of great opportunities. I'd like to be your contact for anything REI in Memphis.
0 Reply
Douglas SkipworthBusiness Member
Rental Property Investor · Memphis, TN · Member since 2014 · 1k+ posts · 1k+ votes
2y
Quote from @Michael Smythe:

@Jason Frink you can also look into Detroit and Toledo.
Been reading that Memphis is becoming saturated with rentals.

Hey, Michael, I'm a big investor in Memphis. I'm just curious, where have you been reading that it's becoming saturated with rentals? I'm always looking for more info about the market.
Investor's Guide to Memphis Real Estate
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1 Reply
Kerlous TadresBusiness Member
Realtor · Columbus, OH · Member since 2023 · 1k+ posts · 1k+ votes
2y
Quote from @Jason Frink:

This is my first time posting to the bigger pockets forum but I must say the education I've been getting from the BP podcasts has been amazing.
I live in California and have managed to put some money aside from my W2 job to hopefully get into my first rental property. As everyone is well aware the cost of investing in California is astronomical so I’ve turned my attention to long distance investing.
I work long hours at my job and have a 5 year old at home so my time is very limited. That said I’ve taken an interest in Turnkey properties with two companies in particular standing out which are Mid South Home Buyers and Rent 2 Retirement.
I’d love to be able to speak with some people that have invested with either or even both of these outfits.
I’m looking forward to starting this journey and securing financial freedom for my family for years to come!

Hey Jason! Congrats on taking the first step to starting your investing portfolio. I invest here in Columbus, Ohio and I can tell you that is great area to get some decent cashflow and some really great appreciation. There are multiple big companies coming here to the Columbus area such as Intel,Google, and etc. Let me know if you have any questions about investing here!
[email protected]614-490-1163
Kerlous Tadres | Reafco Real Estate539 Reviews
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1 Reply
Engelo RumoraBusiness Member
Investor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
2y
Quote from @Douglas Skipworth:

Quote from @Michael Smythe:

@Jason Frink you can also look into Detroit and Toledo.
Been reading that Memphis is becoming saturated with rentals.

Hey, Michael, I'm a big investor in Memphis. I'm just curious, where have you been reading that it's becoming saturated with rentals? I'm always looking for more info about the market.

Doug doesn’t like me anymore 😞
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Douglas SkipworthBusiness Member
Rental Property Investor · Memphis, TN · Member since 2014 · 1k+ posts · 1k+ votes
2y

@Engelo Rumora, when are you going to come back and visit us in Memphis?! It's been too long.
Investor's Guide to Memphis Real Estate
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1 Reply
Engelo RumoraBusiness Member
Investor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
2y
Quote from @Douglas Skipworth:

@Engelo Rumora, when are you going to come back and visit us in Memphis?! It's been too long.

It would be an honor to see you again mate.

I'll shoot you an email.

Keep being great and speak soon
Podcast Guest on Show #89
Oz Realty4.5367 Reviews
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1 Reply
Account Closed
Rental Property Investor · Brooke Park Drive · Member since 2018 · 1k+ posts · 2k+ votes
2y
Quote from @Engelo Rumora:

Quote from @Douglas Skipworth:

@Engelo Rumora, when are you going to come back and visit us in Memphis?! It's been too long.

It would be an honor to see you again mate.

I'll shoot you an email.

Keep being great and speak soon

I think both Toledo and Memphis are around 50% rentals? That is just normal not saturated in those cities, lot of blue collar.
1 Reply
V.G JasonPro Member
Investor · Member since 2022 · 3k+ posts · 3k+ votes
2y
The excuses people make to invest at the most casual level is appalling.
I'm not going to sit here and compare lives, but trust me folks with 20x the amount of stuff on their plate can go out there and invest properly in RE by doing their diligence. You don't need a turnkey headache through a broker company. Go do the job yourself, go find a market and find a house. Buy it, form a team, and let someone manage it and grow properly. Don't buy turnkey when they are already factoring all the headache cost to you, and there's no guarantee a future headache won't happen.
Having a 5 year old, a W2 and living in Cali is nothing. So many of us have a lot more on the plate and get it done. Trying is failing, doing is going right.
0 Reply
Engelo RumoraBusiness Member
Investor · Toledo, OH · Member since 2013 · 4k+ posts · 2k+ votes
2y
Quote from @V.G Jason:

The excuses people make to invest at the most casual level is appalling.
I'm not going to sit here and compare lives, but trust me folks with 20x the amount of stuff on their plate can go out there and invest properly in RE by doing their diligence. You don't need a turnkey headache through a broker company. Go do the job yourself, go find a market and find a house. Buy it, form a team, and let someone manage it and grow properly. Don't buy turnkey when they are already factoring all the headache cost to you, and there's no guarantee a future headache won't happen.
Having a 5 year old, a W2 and living in Cali is nothing. So many of us have a lot more on the plate and get it done. Trying is failing, doing is going right.

Problem is mate nobody is willing to make that sacrifice.

That's why we have a job lol

I moved from Australia to the US in 2012 to follow my real estate dreams.

Folks have been born and bread here and still many don't want to do the work and would rather complain and blame me for any issues that occur from a turnkey investment standpoint ehhh 🤷‍♂️
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