Turnkey market in and around Richmond Virginia?

[Rick Delgado]

Hi everyone,

I've been reading and learning about the different ways to invest in real estate for a few weeks now.  I finally got my hands on a little money for a 20% downpayment=closing cost and a little money to operate.  I'm a little skeptical as to how to proceed with my investment being someone that owned both a successful and a failing business.  The idea of a turnkey operation sounds like a good way to start (Is it really?).  On the other hand, overseeing a renovation is not what I've been looking for so far for lack of experience managing this type of project and also, I don't have a lot of money.  Is anyone familiar with this area that can give me some words of advice about what is a good way to get started here in the 2017 RVA market?  

[James Wise]

Originally posted by @Rick Delgado:

Hi everyone,

I've been reading and learning about the different ways to invest in real estate for a few weeks now.  I finally got my hands on a little money for a 20% downpayment=closing cost and a little money to operate.  I'm a little skeptical as to how to proceed with my investment being someone that owned both a successful and a failing business.  The idea of a turnkey operation sounds like a good way to start (Is it really?).  On the other hand, overseeing a renovation is not what I've been looking for so far for lack of experience managing this type of project and also, I don't have a lot of money.  Is anyone familiar with this area that can give me some words of advice about what is a good way to get started here in the 2017 RVA market?  

 Don't over complicate things. If you want to get involved in the day to day & make an active business buy a distressed property cash, renovate it & refinance. If you are just looking for a passive way to park some money while earning a hefty return and quadrupling your investment in 30 years go the turnkey route. 

Turnkey is simply paying a premium to have someone else do the work for you. Just like going to a steak house instead of firing up your grill.