Turnkey home questions

[Jon Abadia]

Are turnkey  single family properties suppose to be already tenanted before and after closing on purchasing the home? DURING the property inspection... is there suppose to be a tenant present and no one from the turnkey company present ? Who can this be a turnkey property ?

[James Wise]

Originally posted by @Jon Abadia:

Are turnkey  single family properties suppose to be already tenanted before and after closing on purchasing the home? DURING the property inspection... is there suppose to be a tenant present and no one from the turnkey company present ? Who can this be a turnkey property ?

 A house is a house. No one set of rules. It's not really that complicated to buy out of state. It only becomes complicated when investors try to over complicate or over think everything. Whenever you are buying a property out of state you should do a few things to ensure it's as smooth as possible.

• Don't buy in the roughest neighborhood in the urban core. Pick a solid B-Class suburban area. Perhaps a nice 1950's built bungalow.
• Always hire a 3rd party property inspector to give you an unbiased feel for the home. The reports are 40-90 pages long and go through the entire house in great detail.
• Get an appraisal. If your using financing the bank requires this. This is good. The bank isn't going to let you blow their money. They have more skin in the game then you do.
• Make sure you get clear title. If using a lender this is a non issue. They will make you do this. It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.
• Make sure your property manager is a licensed real estate brokerage.
• Google Clayton Morris and/or Morris Invest for a cautionary tale of what not to d