Looking for first property should I use Turn-Key or Not

[Chad Kinsley]

I have just started my real estate research and haven't narrowed down yet exactly how to move forward on my first deal. When I say just started I mean less than a week in to my journey but will buy my first deal in 2022. Should I start out with a Turn-Key investment to just get started since they already have a team of professionals or try and find my own team right out of the gate? Should I look at single-family or multi-family? I have narrowed down my markets to three but asking for insight from BP members to maybe narrow that down even further. The current markets I am looking at are Fayetteville, AR, Fort Worth, TX or Oklahoma City, OK. What are any thoughts on these three markets and why you would choose one over the others? Any Turn-Key providers or real estate agents you would suggest in any of these markets. I am not looking at a home run although I would take one I just want a base hit to get in the game! Any help narrowing down my search to location or type would be greatly appreciated.  

[Davartay Miller]

@Chad Kinsley You have pinpointed some great markets above. Have you interviewed any turnkey companies? I think that's a start. As a property manager, I would say explore your options. You want a turnkey provider that navigates the market effortless! This is key to helping your properties perform in the best way imaginable. That's why cheaper isn't always better. You get what you pay for and I would hate for you to find out why one turnkey provider was cheaper than the other – once it's too late. Please make sure you do your research! Experience Matters! I would recommend interviewing local property managers and seeing a few things:

Do the company's values align with yours? ...

Does the company culture fit your personality? ...

Are the team members people you'd love to work with? ...

How long have you all been in business? ...

Is there a customer service department dedicated to clients and that's their only job? ...

What 'In-House' services do you provide and what do you outsource? ...

How many property do your company manage has a whole? ...

How many properties do your company manage in the city that I am interested in (in your case Fayetteville, AR, Fort Worth, TX or Oklahoma City, OK)? 

What is your average lease term? ...

Do you have a renewal department who's job is only to focus on renewals? ...

What is your average resident length of stay? ...

Do you all have resident surveys? ...

What is your average length of vacancy? ...

Etc ...

Best of Luck!