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Updated 6 months ago on . Most recent reply

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Jaden Jung
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9
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Experiences in Roofstock, Doorvest, Norada, or other "Turnkey" solutions

Jaden Jung
Posted

Hi BP Community,

I work full-time and am interested in some of these turnkey solutions I see online that almost seem like one-stop-shop and hassle-free. It seems to be a good way to diversify my investment portfolio if the numbers make sense compared to other asset class options.

I can't buy in my current market, so I'm looking for more affordable options out of state.

I was curious about people's experiences using turnkey real estate investing solutions, and if anyone recommends a different tool.

Thanks!

Most Popular Reply

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8,835
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Drew Sygit
#1 Multi-Family and Apartment Investing Contributor
  • Property Manager
  • Royal Oak, MI
5,461
Votes |
8,835
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Drew Sygit
#1 Multi-Family and Apartment Investing Contributor
  • Property Manager
  • Royal Oak, MI
Replied

@Jaden Jung many newbies make the mistake (often financially fatal) that assuming investing in real estate is like investing in mutual funds. 

It's more like directly investing in non-Fortune 5000 (yes, that's 5000, not 500) stocks.
- What do you think will happen if you do this without a LOT of research? 
- How passive will it actually be?

Also, many newbies don't understand that most turnkey providers are selling them Class C rentals - yet the newbies are expecting Class A results.

If you go turnkey, you better be VERY careful and understand the risks - NOTHING is risk-free!
- Speak with @Engelo Rumora as he doesn't sugarcoat anything.

If you'd rather do a BRRR-type deal to add your own equity, check us out in the Detroit market.
- We've Class-rated the 183 Detroit Neighborhoods, which we're not aware of anyone else doing in any other market. 

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Logical Property Management.
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