All Forum Posts by: Alexander A.

I think you should request actual MLS sold comps from the provider. And when you get them, make sure you map them out and see they are houses really close to the house you want. Once you confirm that they can not provide this, then you walk away.

If they can provide proof of sales like that then its best you get a contingency to walk away if the appraisal is no good.   And if you get that far, and the appraisal does not come out, then walk away.

The easier solution is to just find another turnkey with better deals.  I actually just put my first KC turnkey under contract a few days ago and am super stoked about it.   I will be writing all about it on my blog probably in a week or two.   

This is why also it is imperative that there is enough cash flow in any deal you get.   Obviously when its a down market or crash, you don't want to have to sell or you will get bit hard.   You will need to hold it and at worse, lower rents a bit.

If there is enough cash flow in the deal to lower the rents and you still are profiting then I would say that is a winner.   Ride it out!

I personally would not buy a turnkey that is being listed at more then market value.  There is just no point in doing that.  There are many turnkey providers out there that do not do that.  You should pay market value at most.

If the appraisal were to come in below value, I would walk away and take the hit on the appraisal cost.  That is just my opinion of course and I like to be very picky with the turnkeys im buying.

But to answer your question, it all depends on who the provider is and the house.  Out of the last 3 turnkeys I bought.  2 of them were appraised right at purchase price and 1 of them was appraised more then purchase price which was awesome.

Im currently looking for turnkey #4 right now and I will keep my same criteria.  Refuse to pay more then market value.  

This varies by market.  Some cities Ive seen the houses come with all appliances, some just fridge and stove.   You should check out the local listings in whatever market you are looking at and see what all the other rent listings have.  

Like Brie said, it really does come down to the turnkey provider you use.  It is very difficult to find a good one and one of the biggest due diligence steps you can take before you ever even start is finding a good provider.

Then after that, you need to crazy due diligence on the property you are thinking about buying.  Dont ever take what the turnkey provider gives you as the main source.  Find out for yourself.

There are many things you can do to make sure you have a good experience, you just have to do them.  

Its unfortunate for sure.  On the bright side though, this will never happen to you again  because you know exactly what to look out for now.  Ryan and Ashley are my favorite PMs in Indy and I think it will all turn around on the next tenant.

You cant get up without falling.  

You have to look at the actual mortgage documents. It will say.  Ive never seen a conventional loan that does not have a due on sale clause.

The DOW plummets over 500 pts today.  Worst drop since 2011.  Is it happening!?  Its not even september yet!!

@Shawn Holsapple

Thanks for the feedback shawn.  If you dont mind, I will PM you to find out more details about why they got the AXE!!

Does anyone have first hand knowledge and info on working with Barron Property Services as your Indianapolis property manager?  

I read a few negative reviews but one of them appeared to be from a construction/rehab stand point.  I am more interested in hearing about the property management aspect from other investors who are currently using them now.

Any info would be greatly appreciated.  PM me if you don't want to post your thoughts publicly please.

Thank you