Keys to purchasing the right turnkey?

[Lucas Schneider]

Weighing the options of buying turnkeys due to a full time job taking up the entirety of my work week. I’ve heard a lot of bad things about turnkeys, but there has to be some good to them.

[James Wise]

Originally posted by @Lucas Schneider:

Weighing the options of buying turnkeys due to a full time job taking up the entirety of my work week. I’ve heard a lot of bad things about turnkeys, but there has to be some good to them.

Some best practices for you to keep your money as safe as possible when going the turnkey route are as follows

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 adverse real estate, (especially out of state) is not for you.