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Updated over 7 years ago on . Most recent reply

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5
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Justin V.
  • Pacifica, CA
3
Votes |
5
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Newish Investor, New to BP - Hello!

Justin V.
  • Pacifica, CA
Posted

Good morning BP!

I'm a newish investor looking to invest more heavily in Kansas City in 2018 - I bought a turnkey there this year, and so far it's going fine, but I'm looking for higher returns and will try the BRRRR strategy next year. So far I've got a lender, PM and GC lined up, but I'm just starting to talk to realtors, so if anyone has any suggestions, I'd love to hear them. (Piggybacking off of Gerry's post, Matt K, would it be ok if I reached out to you? Also, not sure how to do mentions with this system).

Beyond that - I live in the Bay Area and also have a turnkey in Memphis (through MidSouthHomeBuyers).  I bought my turnkey in Kansas City (Raytown) from Timothy Stauffer, and my current property manager is Voepel Management.  I'd love to meet up with anyone who's investing in Kansas City, either here, or in Kansas City (the next time I go down there; probably in January).  Also, you think there's anything I can do to help you (such as if you're curious about any of the the previous) please let me know.

Edit: uh, to be clear, I am _not_ asking for a mentor.

- Justin 

Most Popular Reply

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Mike D'Arrigo
  • Turn key provider
  • San Jose, CA
3,023
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4,856
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Mike D'Arrigo
  • Turn key provider
  • San Jose, CA
Replied
Originally posted by @Cara Lonsdale:

Welcome to BP @Justin V. !  It sounds like you are already on your way to being a savvy investor!  How did you decide on Kansas City, and which property?  Did you go through a turnkey website?  I am leary of those, so I would love to hear about your experience.

Cara, just like with anything, there are good turn key companies and bad ones so be careful not to generalize and lump them all in to the same category. Unfortunately, you tend to hear the horror stories of the bad ones which gives the turn key model a bad reputation in some peoples minds. It's not hard to sort out the good from the bad. 

In general, the ones to avoid are the ones that:

  • Don't allow financing or a finance contingency (it can be a good indication they are selling above market value)
  • Don't allow for your own independent property inspection
  • Are not realistic with their pro forma's (i.e. they don't include vacancy or maintenance projections or use unrealistically low vacancy factors)
  • Require you to pay for any renovation upfront
  • Sell only in cheap, low end neighborhoods
  • Don't accurately represent the neighborhood/property classification
  • Don't have consistent rehab standards for all properties
  • Don't provide a scope of work for the property
  • Can't provide references of repeat investors
  • Require you to close before a tenant is in place
  • Mike D'Arrigo
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