All Forum Posts by: Adrienne Wilkins

@Zachary McDonough

Same as above, check out.

https://realinvestors.com/

Also just remembered this deals meetup as well: https://dealsmeetup.com/

@Daniel Pitta I’ve not attended one of these yet but I know this group is having regular e-meetings and online deal meetups. No charge to sign up for meetings and invites:

https://realinvestors.com/

@Samuel Bofferding I started at 71% and the tenant of course pays that down even more, so there will be equity to pull out.

I can’t compare my returns or strategy to someone doing this full time or doing everything themselves because that’s not what this is and that’s not what I’m trying to make it. Just sharing that there are some opportunities with turnkey, especially if you’re just getting started.

@Javier Kaufmann no problem, I went through REINation (formerly called Memphis Invest) - I had a great experience with them.

@Javier Kaufmann My first property is a turnkey single family. It works for me because I have a very busy job and I live in a very expensive market so doing something locally doesn’t work for me right now.

I qualified for 20% down but put down a little less than 30% down - my loan to value is 71% so when I want to buy another property I will refinance & pull out that equity for the next property.

As others mentioned there are pros and cons - turnkey only works for long term buy & hold because you’re purchasing at market value. I’m bringing in $350/mo in cash flow which isn’t a bad start in my opinion.

@Richard S Myers Have the people in your circle been successful at wholesaling? It’s really important to not take advice from people who haven’t been where you’re trying to go. If wholesaling is your goal and you know that it makes sense for you, then do everything you can to make it happen. You miss 100% of the shots you don’t take!

@Craig Boudy Thanks for jumping back in to give your feedback on the program. I haven't paid for any REI knowledge so far outside of books, and I didn't want to spend $1K on general info that I can find online for free lol. But your emphatic feedback to everyone AND the fact that you've actually taken action is extremely helpful and insightful.

@Dee Trucker I won’t say that a hard money loan can’t work, but it’d be tricky and your profits will probably be really slim. Turnkey real estate is best for long term buy & hold, so you aren’t going to get the type of returns upfront that a hard money lender would want to see. You could theoretically just use hard money for the down payment, a conventional loan for the rest and have your tenant pay back the loan and mortgage, but your cash flow would probably be relatively nonexistent.

I think hard money works best for investments with more upfront returns like flips, or for rental property that you source and improve yourself because then you’re guaranteed a higher appraisal. With turnkey property you aren’t going to get a high appraisal because the company has already done all of the improvements for you - you’re paying for convenience.

@Keleisha Carter If you’re looking to invest in Memphis I’d say checkout reination.com - they’re a turnkey company so they buy the house, rehab it, place tenants, and handle property management- they sell the properties to investors and all you do is collect the check (there is a fee for the services of course). They require a 20-25% down payment though. I’m closing on my first property with them tomorrow actually.

At a lower price point I’ve also looked into turnkeyinvestproperties.com - same setup but their homes are cheaper ($70-80K). Their inventory is low right now so this may be a better place to start if you want to jump in at a lower price point and you want to take your time picking a property.

I’m not local to Memphis and I actually traveled there to meet the team and to see the property - every went great.

Hope this helps!

@Tony Hill Nice! Congratulations - I’d be very interested in learning more about how everything goes once you wrap up.