All Forum Posts by: Lynn Milos

We have a turnkey company where we sell cashflowing investment properties in the midwest: all the places other people have mentioned: OHIO, detroit and St. Louis. We have been in business for 8 years. I will walk you through the process. You can get several houses with your budget and I can introduce you to preferred lenders too. DM me for more info! 

Hi Luke: Like @Mark Munson said, you have options. It sounds like you have plenty of money and a good credit score enabling you to purchase a turnkey rental property with tenant in place, and cashflowing, depending on where you are shopping.  For example, in my business we sell rehabbed properties in the midwest in good B and C class areas, with a tenant in place, and a very streamlined process. For someone like you I'd refer you to my preferred lenders who would provide you with financing options and you could probably get a few properties quickly.  Good luck!  

 Hi Greg:
Can you DM me your contact info?  

Thanks

In search of conventional lenders to work with turnkey buyers these days. I'm interested in MO, OH, MI. Is it getting harder to get a deal done through conventional lending, despite the property being renovated and cashflowing. Some people (ie: new first time buyers) aren't ready for DSCR due to the expense of LLCs etc...

Appreciate your insight!

I would ask if that includes prepays for taxes and insurance plus points to buy down to that rate. If so, I often notice that the estimate for taxes and insurance are over actual, so provide them with the actual numbers and see if the "money due at closing" can be reduced. 

Finding a good property manager is very important and I recommend you interview a few. @Laura McNary had good suggestions on what to ask them. I work with PM teams in several cities in the mid-west and we cherish those relationships because all my clients (buyers of rental properties) are out-of-state, and when they purchase a property from me, they use that same PM company. Occasionally we have had to switch companies, and that usually requires 30 day notice, so you can definitely do that. Any company I have worked with is very well connected- they have relationships with all kinds of trades people and GCs and often have an in-house team for more minor fixes.  Good luck and make some calls.  

 Thank you AJ!

@Imran R.

The sales team at MartelTurnkey has a very good reputation for taking care of their customers, which is why many investors buy multiple properties from us.  I'm sincerely sorry you had an experience that didn't match your expectations and that was curt. However, I would like to reply to a few things you mentioned: It takes time to get a home inspection set up.  We need to contact the property manager who then needs to contact the tenant.  It takes time. I'm not sure why you didn't get a  reply from the PM company within the timeframe you expected.They are a third party independent company. Also I think your expectation that Antoine tell you there is freeway noise is a bit unrealistic. It certainly wouldn't be top of mind. We are more concerned about the property being rentable, that the main systems are in good working condition, and that it is cash flowing and appreciating.  Otherwise, you would need a checklist of a million things like:  does the neighbor have a dog, are you in the path of air traffic, does the school bus stop in front....Those factors all play into the appraised value and price we set for a property.

It is not just a numbers game for us.  We genuinely care about our buyers.  Of course I want to make a sale and move inventory but recently I declined a buyer because, despite having money, his expectations are unrealistic and I feared he would be super nitpicky and come back to blame me if/when he has a property expense. We don't have crystal balls and despite many eyeballs on a property, things can happen. Owning real estate comes with expenses and they aren't all predictable.

Anyways I'm sorry you had a bad experience and wish you better luck.  We will also take your criticism and continue to work to improve. 

@Marcus Auerbach 

So many good points.  One situation we haven't encountered is where the PM doesn't want to take on the property due to the area, but I can understand it. Definitely heard nightmares where the contractors will not work in certain areas due to being robbed multiple times...either things right out of their truck or from the property itself, despite alarms. Those facts themselves are red flags for me.

With $60K you and financing, I would recommend you buy 2 turnkey rental houses. You can get 2 doors in decent B/C class areas in Cleveland, St Louis, Dayton. To get financing, you need a decent credit score (680+) and 2 years of W2s or 1099 income.  With turnkey houses, you can expect cashflow and good appreciation in a renovated house with a tenant in place.  Good Luck!