All Forum Posts by: Aj Parikh

@Domenick Booker-Pomata I put 25% down on this investment and got a conventional loan for the rest. Total monthly payment = $531

Principal & Interest: $312.60 

Taxes & Insurance: $218.00

Let me know if you want to know more details. You can direct message me here on Bigger Pockets. 

@Steve Vaughan I had reached out to a few lenders to get a quote on interest rate and closing costs and it was no where close to what the lender with Martel Turnkey was offering so I just went with the lender they had suggested. I went with their inspector and he provided proper guidance on the property. I was going to purchase a different property but his inspection report made me choose otherwise. That gave me the confidence that I can work with him. 

Also, I had spoken to 2 other investors who had bought properties with Martel and they went with the same people I am working with and they didn't have any negative feedback. 

I will provide an update in an year on how this investment is turning out. Thank you for the insight. 

@Adrienne Green Thank you Adrienne. I had scoped out multiple turnkey websites and Martel Turnkey had the most transparent process out of all with regards to the renovation they will be doing on the property and what the asking price is. Time will tell what the turnovers look like but I spoke with two investors who have purchased in that area and they are happy with the area, tenants and overall returns so that gave me the assurance to go ahead with this. Nice connecting with you though. Let me know if you are interested in talking more about real estate in Northern Virginia or even out of state. 

@William Robison Thank you. Let me know if you are interested in having a chat about turnkeys. You can Direct message me here on Bigger Pockets 

@Eduardo Villa Yes, I am based in Northern Virginia. Cleveland fit the price range I was trying to buy properties in so just went for it. 

@AJ Singh Thank you very much. The numbers make sense, the pictures on the rehab look great, got a good interest rate. I ran it by Felipe Mejia and Diego Corzo from the Real Estate Rookie podcast and they liked what they saw. It's a turnkey property, so I knew I was paying higher than market price but as I said, the numbers make sense with PMI. We will learn in 2 years if it didn't go well.

@Tim Robinson Thank you for backing me up on this. Getting beat up here lol. I have spoken with Antoine and his team and I really like their work so just jumped on this deal. Numbers made sense and didn't want to get stuck with analysis paralysis so pulled the trigger. 

@Tony Kim I was not aware of Wise. But I am still new to the game and learning as I go. If this is indeed a bad investment, we will know within 2 years. I have accounted for the turnover cost so hopefully it doesn't hurt as much. Thank you for the insight though. This is exactly why I posted this on BP so that I can get some constructive criticism. Lessons learnt. 

@Account Closed Still new to real estate investing and I don't have much knowledge of the stock market so didn't buy shares. As far as working with the company goes, I have had a good experience till now and the communication has been thorough. You are right though, we will know in 6 months if there are any turnovers or property issues. Thanks for the insight. 

@David Song This was a distressed property that was renovated and completed last week so zillow might not have the most updated price. But as a turnkey property, I am paying extra but this is in one of the most appreciating neighborhoods in the country right now. We will find out in 3 months if this was a good deal or not. 

@Robert Ellis @Caleb Heimsoth 

https://martelturnkey.com/prop...

Purchase Price: $90,000

Rent:$995/month

Interest Rate: 3.75% 

Cash Flow per month: $310 

I agree that 2 turnovers in a year will kill the cash flow but I would still be breaking even so that's the risk I am willing to take. The way I look at it is, I was able to make a deal over phone and email. That is as Passive as it gets and you will be paying more when it comes to turnkeys for list price but since I have a 9-5 job, I won't be able to take the time for setting up a team for a long distance BRRRR.