Originally posted by @Mann Singh:
@Austin Jones isn’t the Memphis has too much vacancy issue, I was all for turn key and also booked a call with Morris invest but suddenly came across a you tube video showing how turn key company was running a Ponzi scheme people was receiving rent but there was no house that scared me
As some of the others have alluded to, it is all about the work you put in upfront. To be honest, my wife was afraid of long-distance investing when we first started out. That's why I did my research on multiple companies and people, then scheduled meetings and actually talked to these people in person. For the turn keys, mine did the management as well, so I looked at tenant reviews for the management company as well. The company I chose properly addressed every bad review whereas some other companies simply had the same boilerplate "our goal is your satisfaction" nonsense.
As far as purchasing your first one, I was overly cautious. I ended up purchasing a property I had the opportunity to walk through while it was under renovation when I was entertaining that turnkey company (not super common in this industry). In addition, I used a third-party home inspector on that first purchase just to validate everything was as the Turn Key company stated when it was completed. While I know this was unusual and over the top, it gave my wife and I the confidence to go ahead and pull the trigger.
In addition, I used a home inspector on the first renovation I did with my new team when they sent me their repair estimate to ensure they lined up. After I was comfortable with the group, I no longer need to spend the extra time or money to use a third-party home inspector.
I know others that have responded have much better advice, but I know sometimes getting started is the hardest part which is why I listed how I went about the process. We're always learning.
Good luck!
