My 1st month experience with out of state turnkey property... WTF

[Brandon Low]

I've been reading the forums and soaking up as much information as possible for the last 6-9 months. I finally decided to jump in and purchase my first turnkey property which closed about 2 weeks ago. Everything was smooth sailing in terms of working with the turnkey operator, getting financing, etc... Unfortunately, my "honey moon" phase did not last very long and I got a call at 5:30am from my property manager telling me that a car had driven into the side of my house. On top of that, there is a huge storm coming in so there's a good chance I will have water damage as well. 

I've always known that there were risks and headaches that I would naturally inherit as an out of state investor. But honestly, I was naive and thought that it wouldn't happen to ME or that I would somehow get lucky and dodge these problems. Well, I sure as heck have learned my lesson! It just sucks that it happened in the first 2 weeks of my REI journey, and by the looks of it, it looks like its going to be pretty expensive. I'm being tested in the early goings of my REI journey, but in the end, the fact that I still want to continue investing out of state gives me reassurance that I'm in the right business. I still love it and want to keep going!

[Dawn Anastasi]

Well this doesn't actually have anything to do with being out of state, or being a turnkey property, this could happen to anyone if you have a negligent driver.  But that's what insurance is for. When this has happened to a couple other people on the forums, someone recommended a structural engineer to check out the foundation on the building.  Not sure if you'll need that here.