First Investment Property - Turnkey in Memphis, TN

[Jake Fahey]

Investment Info:

Single-family residence buy & hold investment in Memphis.

Purchase price: $122,500
Cash invested: $32,000

I bought this through a turnkey provider earlier in the year and am just updating my profile with it now! Excited to be in the game and was a huge fan of going turnkey for my first deal. I'll likely keep buying turnkey to keep my deal flow coming, but also look for more value add deals as I become better at this.

What made you interested in investing in this type of deal?

I am investing for cash flow and the Memphis market for single family homes is great for this. I went turnkey to make my first purchase a bit easier, especially out of state, and to get a recently renovated home with lower likelihood of major repairs needed in the early years of ownership.

How did you find this deal and how did you negotiate it?

I found a turnkey provider through a referral. They don't negotiate prices but align them for investors to begin with. I just simply waited until the right deal was listed on their available properties and made my move.

How did you finance this deal?

Convention loan with 20% down

How did you add value to the deal?

N/A

What was the outcome?

So far so good! Cash flow is coming in!

Lessons learned? Challenges?

Working with a good turnkey provider makes buying your first property a breeze. You still need to be careful and do your due diligence, but if you trust who you are working with it can be a great way to get started and to continue to have a consistent source for deals.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Peter Skaggs at innovativerates.com was my lender and he is great!