Thoughts on turnkey rentals

[Javier Kaufmann]

Hi everyone! I'm looking to begin my real estate investing within the next few months and I've been doing as much self-educating as I can with all my free time. I've read a lot about BRRRR but haven't seen much discussion about purchasing turnkey properties to make rental properties. Are there any big disadvantages to doing this that I'm not aware of? I'd greatly appreciate any input on this.

Thank you all in advance! 

[Adrienne Wilkins]

@Javier Kaufmann My first property is a turnkey single family. It works for me because I have a very busy job and I live in a very expensive market so doing something locally doesn’t work for me right now.

I qualified for 20% down but put down a little less than 30% down - my loan to value is 71% so when I want to buy another property I will refinance & pull out that equity for the next property.

As others mentioned there are pros and cons - turnkey only works for long term buy & hold because you’re purchasing at market value. I’m bringing in $350/mo in cash flow which isn’t a bad start in my opinion.