All Forum Posts by: Jeff Schechter

Irvington is a nice area.  We have over 400 doors in Indy, and maybe 2 in Irvington.  It's gotten too pricey... Many other areas with better ratios.

A true TK is going to do it all for you... Own the prooerty initially, do the rehab with their own teams, pass inspection, offer a warranty, place a tenant, and professionally manage with their own team.... Complete skin in the game all the way through.  Anything less than than that, and you're paying additional unnecessary markup and/or losing an element of accountability. 

So much great advice in this thread.  I would suggest making sure that you and your provider have the same definition of "turnkey."  In our world, it means the property is truly ready... acquired, rehabbed, inspected, warranted, TENANTED AND PERFORMING.  Anything that your provider is not doing in these arenas leaves you open for more risk and more work...the whole reasons why you'd want TK in the first place.

Just curious... why Little Flower and Brip?  Those are great areas, but certainly won't get you the best cash flow.

Yep, I agree with @Ali Boone.  There are some great TK's out there.  WHO you do business with is just as important (if not more so) as WHERE you do business. Not sure why you're so set on DFW, but if you're looking for cash-flow, there are better markets.  

@Brian Spring We are now at over 400 doors in Indy... doing all turnkey.  Happy to answer any questions about this market...feel free to PM me.

Yes, I agree with @Clayton Mobley.  Once you've decided which strategy you're going to employ, it will be important to start building relationships with those who can help you.  WHO you do business with is just as important (if not more so) than the numbers generated doing due diligence.  Eventually, it will be important to get on a plane, and go meet them face to face.

@Anthony Fecarotta between us and our investors, we have over 400 doors in Indy...nearly all C-class.  It's working VERY well.  We don't go after appreciation (as it's not a sure thing)...we focus solely on cash flow.  Happy to share more...feel free to PM me.

Maybe I'm biased, but I think your first one should be a purchase from a reputable turnkey company, just to get your feet wet with OOS buying. If it's true turnkey, they will have taken on all the risk up front.... acquisition, rehab, going through inspection, etc. Unless you're in the over $150K price point (where there's more margin for error), you're going to have to execute a Long-distance BRRRR perfectly...it's not even that easy to do that locally (with lots of relationships). I would not advise taking on that much risk on your first one. Use the time over the first few months of that purchase to go to the city where you want to invest...develop relationships, make sure you can get good help. Then, pull the trigger on a BRRRR.

Between us and our investors, we're over 400 doors now in Indy.  It's a great place to invest. PM me if you'd like to know more.