Who are the best turnkey providers?

[Jacob Paulson]

I am in California and new to out of state investing and looking to get started with a turnkey property for my first buy and hold property. I'm connected with Memphis Investment Properties but who are some other turnkey providers you'd recommend? I'm looking primarily in the Midwest but open to other areas. My price range for a SFH is $90k - $120k.

[James Wise]

Originally posted by @Jacob Paulson:

I am in California and new to out of state investing and looking to get started with a turnkey property for my first buy and hold property. I'm connected with Memphis Investment Properties but who are some other turnkey providers you'd recommend? I'm looking primarily in the Midwest but open to other areas. My price range for a SFH is $90k - $120k.

 The house and market are more important than who you buy from. Turnkey is a marketing thing. Any house with a property manager and a tenant is turnkey. Buy right, get an inspection, appraisal and PM and you're good to go.

Follow the punch list below and you're going to be way ahead of the curve on mitigating risks.

• 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.
• Google Clayton Morris and/or Morris Invest for a cautionary tale of what not to do when buying turnkey real estate
• Understand you can not eliminate all risk, only mitigate it. If you are risk averse, real estate, (especially out of state) is not for you.