All Forum Posts by: Meghan Latenser

I think that it ultimately depends on your preferred lifestyle.

If you have extra time and can do a lot of the renovation work yourself then I would recommend house hacking or the brrrr method. (depending on your market) However, if you work a lot and don't have the extra time to be a project manager I would recommend turnkey. Basically... TIME = MONEY! I would always recommend someone to choose the option that will add value to their personal situation.

 Either way, you are getting starting investing in real estate!

I think that every company does things differently. That's why it is so important to ask the right questions and to set up your own checks and balances. 

1. How and what do they renovate?

2. What do they base their asking price on?

3. Property Management... is it in-house?

4. Warranty; how do they stand behind their work?

5. Are you able to use a LENDER, INSPECTOR, AND APPRAISER of YOUR OWN choice? 

6. What do they do for you if the appraisal comes low or issues come up in the inspection?

If you ask all of these questions AND have people looking out for your best interests it would be almost impossible to get horrible results. A bank is not going to let you buy a property for twice as much as it is worth. A good inspector will give you a detailed report with photos of the property. Also, listen to your own instincts and know your own risk tolerance. If you don't feel great about your relationship with the company selling the property don't move forward! 

Missouri is a very landlord-friendly state.

I personally think that the most important thing you can do to protect yourself is to choose your own lender and inspector! This is especially true if you are out of state. If a company insists that you use a certain company there is no way for you to be sure that the inspector/lender is looking out for your best interests.   

We specialize in single-family properties In B to B+ neighborhoods. We advise clients to be prepared for a 5% vacancy. However, none of our clients have experienced those numbers.  

I work for a turnkey company in Kansas City. I also own a few rental properties of my own in B+ neighborhoods in KCMO. I have never experienced high vacancy rents. I have actually had really good luck with long term tenants.

Do you mind if I ask what kind of neighborhood you are seeing 11-15% vacancy rates?

We encourage investors to visit THIER properties. We would never charge someone to access something they own. The only thing that we would do in that situation is to inform the tenants that they will be stopping by.

I am not familiar with Tennesee laws so I can't speak to them. But that's ridiculous in my opinion

I started at 25! I had to take a long break when we started a family. That being said, it's never too soon or too late to start.  The key thing to do is to take action when you feel like the time is right for you!

Congratulations! Hopefully, this is the first of many!

I represent a turnkey company in Kansas City. We tent to see around 10% of our clients actually visit Kansas City before purchasing. I love it when people come into town and I get to show off Kansas City! However, I do think that due diligence is a crucial first step. Six very important things to ask provides are:

1. What is your renovation process? Does a third party assist when making decisions to replace CapEx items?

2. What goes into making the city's economy stable and thriving? 

3. What class of neighborhoods does the company invest in and why?

4. Does the company have in-house property management? What are the costs per month and what additional fees come up?

5. Does the company stand behind their work? What kind of warranty will be included? 

6. Do you feel a connection with the company? Do you feel a high level of transparency and communication? Are they adding value to your experience?