No value-add MFR left, how about turn-key as a new strategy?

[Mark Neiger]

I've been absorbing as much info as humanly possible for the past year about multi-family. I've been looking and analyzing properties for 6 months. I don't have any experience in MFR; just SFR. The MFR market is crazy out there right now and the more people I speak with who know what they're talking about the more it seems that now is just not the right time for a guy like me to be looking for value-add buildings. I'm thinking my new strategy should be to look for a good starter property that a previous investor has already turned around and buy it as a turn-key MFR. I wouldn't realize any forced appreciation myself but could park some of my own money into it and effeciently run it for a few years until I have gained some experience and the market cools down (or bursts). I would need something that was secure and could at least give me a nice ROI where I could essentially protect my capital and have a nice cash flow to continue to build more. At the same time I could begin to find investors who would now see my track record and lenders would be more open to work with me as well. Everything I have been studying has been the value-add model and using investors to secure capital. I've never seen anyone on here talk of turn-key and not using outside investors. All my analyzers and courses have been this model so I'm not sure how I would go about looking for properties with this new strategy. Now I wouldn't have a 5-10 year exit strategy to refi or sell to pay back said investors. What might this new exit look like? I have about $150,000 tied up in mutual funds that I'd like to put to better use and I'm about to unload a single-family which should put around $75,000 in my pocket. I work a full time job and overtime with my family so I don't have nearly enough time to devote to the value-add/investor model that I've been trying to work with. I see lots of adds for turn-key SFR all the time but prefer to focus on MFR for economies of scale and time compression. I'm assuming I'd look at GRM for du/tri/quads and still look at CAP for anything bigger but now these numbers would be in a much different range for a place that needs no work and has solid tenants and management. Does anyone know what these numbers might look like, where I might start to look and if it's even a viable option?