First Turnkey Property OOS

[Ryan Planchon]

Investment Info:

Single-family residence buy & hold investment in Memphis.

Purchase price: $75,000
Cash invested: $22,141

3/1 SFH. This property was an older frame but a complete remodel. Everything brand new! Plumbing, AC/Ducts, Electrical, Kitchen, Bathroom. This one broke the ice to keep me going to my next property.

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

Miami's buy and hold investment numbers don't work right now. Had to go where the numbers work. Attempting to BRRRR OOS was going to be a bit much. So decided to get in the market Turnkey style.

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

I worked with a Turnkey Company in Memphis, TN. They were a complete purchase, renovate and manage under one roof turnkey company.

How did you finance this deal?

Conventional Loan. 20% down, Purchased Points to get the rate to 2.875.

How did you add value to the deal?

It was a fully renovated property at purchase.

What was the outcome?

14.44% COC Return. $266.66 Cashflow.

Lessons learned? Challenges?

Started with Turnkey to learn what working with a property manager would be like. OOS BRRRR podcasts that failed and plenty of other forums posts pushed me to start with Turnkey Model. Didn't want to start this journey loosing money. It was a fairly simple process mostly paperwork.

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

www.turnkeyinvest.com @stephaniejones is completely and totally awesome.