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Updated almost 6 years ago,
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Buying a Long Distance Turnkey as a first investment?
I just read pages 181 - 185 in The book of Long Distance Real Estate which basically says that buying a long distance turnkey is not that great of an idea, and might be riskier to do than just doing the rehab yourself. This part thoroughly shook me...I am currently thinking about buying a long distance turnkey property as a first investment (I live in Cali, so properties are too expensive for me...). My thought process is that I need to have the first dip in the water and get to know the home buying process first before I go into the rehab process. If I was to be buying a fixer-upper and managing contractors and the rehab process as well as learning how to buy a home. Am I crazy? I would assume that buying a turnkey property is a good start and I would be able to use the capital after that to go deeper and work on the rehab process…
Any opinions?