New San Diego Member hoping to Turnkey

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New San Diego Member hoping to Turnkey

Gregory N.
Investor · Vista, CA · Member since 2016 · 35 posts · 17 votes

Greetings to all BP members from San Diego,

Thank you for taking the time to read yet another post from California! I am originally from Minneapolis, but have lived in California for the past 20 years. I am a medical professional and am interested in Turnkey properties. I have been educating myself and devouring the forums on this site and others in preparation for my first REI. At this point we're trying to choose which market to invest in. There seem to be so many that offer opportunity (KC, Indy, Memphis, Cinci, etc). Would be interested in knowing how others (particularly those based on the west coast) made their decisions. (I am not particularly familiar with any one of these cities any more than the other.)

This is really a means of diversifying our portfolio and retirement planning (we are both mid-40s), as well as being a long area of interest for us.  Looking for a full service, established (PM, repairs in-house) turnkey provider with a solid reputation and references, as this will be an out-of-state investment and we need people we can trust.  We are looking for singles here, not home runs.  Price range 100-150k seems to be the sweet spot.  Am perusing turnkey-reviews, but anyone with personal experience, advice, ideas, etc, I would very much appreciate hearing from you.

Thank you all for your time!

Best,

gn

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Alex CraigBusiness Member
Real Estate Professional · Memphis, TN · Member since 2009 · 1k+ posts · 1k+ votes
10y

Well, BP just said I was awesome with that last post b/c it was my 500th post.  I would like to thank Gregory N for Vista, CA for posting a topic that interested me enough to respond to get here.  I would also like to thank all the other BP forum posters who have responded my post which has certainly help me get to 500 post.  Lastly, I would like to thank my kids for going to bed at a reasonable hour which allows me to surf BP before I go to bed.  Looking forward to another 500 post.

901-848-9028
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  • Alex CraigBusiness Member
    Real Estate Professional · Memphis, TN · Member since 2009 · 1k+ posts · 1k+ votes
    10y

    Your inbox is about to be filled up! I would say the best advice is to listen to those who have invested TK to share their experiences with individual providers and what they did or did not like about the TK purchase process.

    901-848-9028
    2Reply
  • Alex CraigBusiness Member
    Real Estate Professional · Memphis, TN · Member since 2009 · 1k+ posts · 1k+ votes
    10y

    Well, BP just said I was awesome with that last post b/c it was my 500th post.  I would like to thank Gregory N for Vista, CA for posting a topic that interested me enough to respond to get here.  I would also like to thank all the other BP forum posters who have responded my post which has certainly help me get to 500 post.  Lastly, I would like to thank my kids for going to bed at a reasonable hour which allows me to surf BP before I go to bed.  Looking forward to another 500 post.

    901-848-9028
    3Reply
  • Steven Gesis
    Investor · Miami, FL · Member since 2015 · 1k+ posts · 390 votes
    10y
    Originally posted by @Gregory N.:

    Greetings to all BP members from San Diego,

    Thank you for taking the time to read yet another post from California! I am originally from Minneapolis, but have lived in California for the past 20 years. I am a medical professional and am interested in Turnkey properties. I have been educating myself and devouring the forums on this site and others in preparation for my first REI. At this point we're trying to choose which market to invest in. There seem to be so many that offer opportunity (KC, Indy, Memphis, Cinci, etc). Would be interested in knowing how others (particularly those based on the west coast) made their decisions. (I am not particularly familiar with any one of these cities any more than the other.)

    This is really a means of diversifying our portfolio and retirement planning (we are both mid-40s), as well as being a long area of interest for us.  Looking for a full service, established (PM, repairs in-house) turnkey provider with a solid reputation and references, as this will be an out-of-state investment and we need people we can trust.  We are looking for singles here, not home runs.  Price range 100-150k seems to be the sweet spot.  Am perusing turnkey-reviews, but anyone with personal experience, advice, ideas, etc, I would very much appreciate hearing from you.

    Thank you all for your time!

    Best,

    gn

    DISCLOSURE: I am a Turnkey Provider

    Hi Gregory-

    BP is a marvelous place to begin your REI experience and education. BP certainly offers a plethora of viable and tangible information, however it can be overwhelming. Being an out-of-state investor Turnkey is an excellent pathway to building a diverse alternative investment class, within your retirement portfolio. You should place value on culture, track record, transparency, meet the team, get to know the area, ask tough questions, be very diligent. Turnkey in its simplest form, should be able to give you simple and passive income from day 1 @ acquisition. Turnkey provider offering a comprehensive in-house service is certainly an excellent qualifier, this offers maximum accountability. Ultimatley, in theory a one-stop shop should offer you the most comprehensive sustainable results, you want the boutique Turnkey provider in your case. A full service provider, core concentration is not only the asset management but also the investor ROI management.

    Much success and happy wealth building!

    0Reply
  • Haim Mamane Palman
    Investor · San Francisco, CA · Member since 2013 · 147 posts · 97 votes
    10y

    I'm also from CA and invest in Memphis and Indy. Both are great cash flow markets and I recommend that you reach out to the turnkey providers and ask them a lot of questions about their services. Most of the reputable Turnkey companies are very active on BP and I'm sure they will jump on the thread. I personally purchased from Memphis Invest and had a very positive experience even though I paid premium for the property. It's been the most stable investment property that I have owned in Memphis. 

    Good luck

    0Reply
  • Rob Hoffman
    Oakland, CA · Member since 2016 · 104 posts · 47 votes
    10y

    I am a first time investor from california. I've done a bunch of reading, listening to podcasts, and talking to some very informative BP'ers including @Haim Mamane Palman.  It seems that what I'm hearing repeatedly is that whatever market you choose, what's really a important is having an excellent PM/Turnkey company.

    0Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    10y

    Welcome to the site @Gregory N.

    Good luck to you & I'll see you around the forums.

    0Reply
  • Steve Endress
    Sheffield, IL · Member since 2012 · 85 posts · 27 votes
    10y

    @Gregory N.I am from IL and have a sizable portfolio of properties in Indy, Memphis, and Texas.  Would be glad to share the do's and don't's with you.

    1Reply
  • Ali Boone
    Real Estate Coach · Venice Beach, CA · Member since 2012 · 6k+ posts · 3k+ votes
    10y

    Hey Gregory! I'm similar to you...I shoot for the singles over the homeruns! Homeruns can be fantastic, but they involve a lot more risk (which I'd be okay with) but also a lot more effort (that's where I lose interest. Lol.)

    I live in LA and have always bought turnkeys for myself. In terms of the markets, the one thing I'll say is to know that the main difference between every market is just what the offering is. Each market will offer a different property type (SFR vs MFR, age, size, location, etc.) and a different price range. Your price range is great and gives you a lot of options.

    So first task in deciding on a market- look at what each offerings and see if any of them strike more interest than another. Then once you have a feel-good property type, sometimes it just comes down to which turnkey provider gives you more warm fuzzies. There are bad turnkeys out there, but once you have a pile of good ones to choose from, some buyers just resonate with different providers more. 

    Not sure any of that helps much, but feel free to ask anything more detailed too!

    0Reply
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