All Forum Posts by: Chris Coleman

@Everest Jordan for Turnkey I have been investing with MemphisInvest for about 4 years.  As others have said, they are outstanding.  They will guide you through the entire process from start to close, working with your Lender, Title company, Insurance, etc, as well as provide Leasing and PM which they control in house.

@Chris Clothier contributes to BiggerPockets quite a bit, advising on Turnkey investing.

@Tommy Clune

Yes, closing Costs are part of your up front payment to get into the deal. This can include loan origination fees, appraisal fees, title searches, title insurance, credit report charges, etc.

Even if paying all cash, you will still have some closing Costs.

@Matthew Reichert oh absolutely!  I agree 100%.  I researched and interviewed a handful of Turnkey companies when I decided to go in that direction OOS, and settled on one with in-house Property Management that they own and control.

By the way, I see you're in Manassas.  I live in Bristow.  We should connect.

@David Mills I'm not very familiar with Roofstock.  However, in looking at their website, it appears that they have outside PM companies that they have vetted and connect you with them.  

https://www.roofstock.com/manage-properties

@Yonatan Doron it depends on the Market your in.  For Class B Turnkey you’ll be looking more in the suburbs of metro areas like Memphis, Houston, Jacksonville.  Assuming you can get a loan at 20%-25% down, you’re probably around $40K.

@Jason Theus

Check out “Turnkey Revolution” by Chris Clothier.

@Shannon Vinson

Communication! Communication! Communication!

@David Barnett is on point.

Rule #1 is “no surprises”, and that only happens with proactive and consistent communication from the PM. As Rental Property owners, we know things are going to break, tenants are going to have issues, stuff happens, whatever. But the key is for the PM to communicate about it before it becomes a major issue. My PM calls me at least once per month, even if just to let me know everything is running smooth.

Also, my PM has a maintenance threshold in which they automatically take care of anything under $400, and then notify me during the monthly statement or update. I like that. I don’t want to get a “call for approval” and go back and forth over something minor and simple like a $50 plumbing fix, while my tenants are waiting and being inconvenienced.

@Yonatan Doron

Absolutely you can. Others have already talked about syndication deals.

You might also consider Turnkey. You can get “ready to go” Class C rentals in solid neighborhoods that are cash flowing from day 1.

I purchase my first Turnkey rental with about $35K all in, including downpayment, Closing, etc.

@Harith Hadi

Lots of good and practical information in “Best Real Estate Investing Advice Ever” by Joe Fairless. Volumes I and II

Also start learning your Tax strategies...”Tax Free Wealth” by Tom Wheelwright

@Chad Gallagher

Awesome! I’m down in DC, so not too far to drive. I hope to make it.