All Forum Posts by: Adam Widdicombe

@Matt Scott

I had the pleasure of making the mistake of investing with a TK company out of Kansas City. I won't go into the boring details here, but PM me if you want the full write up. 

Overall, I think if you are willing to put in the time, energy and research....you can build a team and establish yourself and keep the equity in a property without buying something and leaving the equity with the TK provider. 

I know people will argue and say that TK is just fine and you will be fine and you will cash flow...but why not cash flow and have some security of the equity. 

Find a rock solid realtor and use their contacts to build a team. Unfortunately its easier to find a TK provider on here than a good realtor. But do some digging and build YOUR real estate empire, NOT theirs. 

Good Luck!

Adam

I was wondering if someone in MN could tell me how much they usually get charged for a commercial appraisal?

I am closing on a 7 unit in New Prague and feel like the bank is charging a lot. 

Thanks!

@Ray Loveless

That is all you can do George, just research the heck out of a few places and go with it. 

My only piece of advice would be to truly build your own team...a Turnkey company is not a team. I would avoid them like the plague. 

Good Luck!

@Blake Brose

Good and Turnkey might not be able to be used in the same sentence! LOL. 

I would just work on a referral system with a PM company...that way you can focus on actually finding good quality deals and making sure the repairs are done right.

@Blake Brose

I would somehow figure out a way to not use the term Turnkey...I think most investors that are not new to the REI game have now figured out that this option really does not make sense.

I would market yourself as someone who wants to help out of state investors build a team that they can trust. 

From your recommendations on PM, contractors, banks, inspectors...etc...people will see that you know the area, recommend good, solid and reputable companies and will keep coming back to you to purchase the property from you. 

My thought has always been, maybe the buyer and the person who finds the deal go in on it together and once the rehab is complete the buyer pays the realtor a % and then is out of the deal. The buyer is left with some skin in the game and uses a PM company NOT connected to the realtor or Turnkey company. 

Hello All, 

I am looking for a handyman or company in the KC, KS area to do a small project. 

To be more specific, I bought a Turnkey property from Bridge Equity that when the house was being redone they did not think this part all the way through...so they put the washer and dryer hook-ups in the kitchen. There is a half bath that is located right outside the kitchen. I would like to have the sink in the bathroom removed and the washer and dryer hookups moved to the half bath. 

If you know of any one or are a person that could do this, please let me know. 

Thanks,

Adam

@Jennifer Krupp

Having purchased TK properties in the past..I am in the boat with anyone that says DON'T do it. Now I am not saying these companies are dishonest, but what you want to accomplish for retirement should not be done with a TK provider and any one of them that is reputable would tell you that up front. 

No matter which company...you will be buying a property with no equity in it. What if the market crashes again? They will have sucked out all the worth on the property. 

My advice...build your own team. This site was built so people could connect and network. I am afraid it has also turned into a TK review type of site. 

Start with the most important piece...a location and a realtor. A realtor focused on investment clients won't recommend a bad property management company or contractor because they will want to keep you happy. 

Good luck...feel free to message me if you have any more questions.

@Larry Flanagan

My family and I(wife, 2 small kids, and mother-in-law) all live in the same house. We have rented our space out on numerous occasions and have not had any issues(knock on wood). 

We took the opportunity to get rid of and declutter a TON of stuff from our home. You would be surprised how much stuff in your house you don't use and do not need. 

So, when someone stays at the house...we lock one closet or area on each level. All of our personal things(clothes, sheets, etc) go behind the locked door. It takes us about a hour to empty our dressers and kids closets into plastic totes. We also do this with our bathroom items. Everything in a small stack-able plastic bin, then put into a larger tote. This way when we come back everything comes right out of those into the spot in the drawer or closet.

It may seem like a lot, but we are able to market the house as kid friendly and very clean. 

If you have any additional questions or your wife wants to talk to mine...let me know!

Adam

@Elaine Hester

I think a lot of the things you mentioned in your original post are accurate. You fly in...look at the house...etc. 

However, if you are already taking the time to fly somewhere and look at houses...all you really need is a good realtor. That realtor will hold the key to finding a DEAL, knowing contractors and introducing you to property managers. All of this and YOU still get to keep the equity in the property. 

I have posted this a few times...
"My experience with TK was not the best and I would always recommend staying away from it unless you absolutely have too.

My thought is with the internet and the ability to network and check people's backgrounds online you can set up and find your own team. The foundation to that would be a realtor...this person has contacts, can put you in touch with lenders, handymen, contractors and anyone else you would need.

The nice part is that they will want to treat you right so that you continue to invest and buy with them.

The TK companies are set up exactly for people like you though...live in CA, can't invest there but want to invest somewhere. Some cut corners and I can guarantee you that you will be buying a property with ZERO equity left in it.

The only company I dealt with was Bridge Equity out of Kansas City and I would definitely not use them".

Feel free to send me a message if you have any more questions...

@Todd Dexheimer

Congrats! Sounds like a lot of headache but the reward will hopefully be worth it. 

Got any opportunities in the Twin Cities area? If so, message me.