@Ron Hall Turnkey can be a good way to invest in buy and hold rentals that cash flow, but I doubt you can find such a company in Denver as the prices there are too high. Why not stick your own state, if not immediate area? For example Kansas City is a good market for turnkey investors as long as you work with a truly reputable and trustworthy company.
I am looking to start investing outside of my local area.
I have been considering looking at some turnkey companies.
I am looking primarily to invest in the Denver, Nashville, and Columbia, SC.
Wondering if anyone has any success or nightmare stories in those markets.
Investing in Turnkey can be a great way to get started in another market than your own! I always suggest looking for "pre-boom" cities that are crawling with investors just yet.
@Ron Hall Turnkey can be a good way to invest in buy and hold rentals that cash flow, but I doubt you can find such a company in Denver as the prices there are too high. Why not stick your own state, if not immediate area? For example Kansas City is a good market for turnkey investors as long as you work with a truly reputable and trustworthy company.
Hey Ron I'm an investor in Nashville, and with the market booming the way it is with the population increasing one thing a lot of investors say is the demand is high and the supply is low making this a sellers market. With the team we aren't having any trouble at all finding properties throughout the greater Nashville area.
I am looking to start investing outside of my local area.
I have been considering looking at some turnkey companies.
I am looking primarily to invest in the Denver, Nashville, and Columbia, SC.
Wondering if anyone has any success or nightmare stories in those markets.
It's important to note that you can run into a nightmare scenario in any market you invest in. Heck, you can easily run into them in your own backyard. 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.
Understand you can not eliminate all risk, only mitigate it. If you are risk adverse real estate, (especially out of state) is not for you.
@Ron Hall I see that you are from Joplin, Missouri. Are you looking for cash flow or appreciation? Because you are next to one of the best cash flow markets in the Nation, Kansas City!