All Forum Posts by: Steve Donovan

Hi Kevin  As @Jon Crosby mentions above, you will be better served by looking in the lower cost areas such as the Midwest.  While the flatter markets offer less opportunities for appreciation, they also provide greater insurance against large drops in the event of corrections.  You also can find significant cashflows in these markets.  I echo the advise to purchase something already rehabbed and with renters in place.  If the turnkey provider has an established relationship with the property manager, you are much more likely to realize the rental amounts projected.  Good luck to you!

Congrats Ken!  Now you can start looking for your next one!

I agree with Monique.  We offer turnkey properties in NE Wisconsin and the property management is the key to a successful turnkey property.  The money is made by selecting good tenants and keeping them happy. 

Hi Jacob;  Be careful  and fully investigate both the turnkey provider and the potential property(ies) you are considering.  The turnkey process can run the range from slapping some paint and cheap carpet into a poorly maintained building and dumping in on some poor unsuspecting rube to performing a high quality rehab, renting to a well qualified tenant and placing under professional property management prior to selling to an investor /client.  Be sure to engage with current clients of the turnkey provider to determine how well commitments have been honored.  Good luck!

Hi Tony.  You should first look to see that there are no negative reports about them with Better Business Bureau or other local business complaint sites.  Look for complaints from owners versus tenants.  I'd be a bit careful about putting too much stock in negative feedback from tenants as sometimes tenants provide negative feedback on landlords who are simply enforcing the rules.  Oftentimes people only report their bad experiences and not their favorable ones.  Ask them about their current and YTD vacancy rates.  You should get a list of their current owner/clients and ask these people questions about ease of doing business, transparency of monthly and yearly reports, timeliness of handling tenant and maintenance related issues, how quickly your money is sent to you, etc.  For your future investments, you should try to find a turnkey provider who owns or is closely aligned with a property management company.  It will avoid all of the finger pointing if you cannot get the rent values that were assumed when buying the property.  Good luck and feel free to reach out with more questions.

@Tony Zhang I agree with some of the other comments here. If your turnkey provider has not engaged with a property manager, you should do so. You don't want to be dealing with tenant and/or maintenance issues from a distance. Its great you made the leap to make your first investment, many folks never get that far. Best of luck to you!

Thanks for your service!!  We have had great luck in the Green Bay, Oshkosh, Appleton areas of Wisconsin.  Much less expensive than the Madison market.  There is also less historic appreciation than some other markets, but that means less risk if / when we go through any kind of downturn.  Very good cashflow in these markets as well.  Feel free to reach out if I can be of any help.

We have over 90% paid thus far with a commitment from the others to pay by end of the week.  We aggressively screen our applicants and were proactive in reminding tenants that they do indeed, still owe rent

Hi Hans!  Green Bay area here.  Welcome to the community!  Feel free to reach out for advice or partnering opportunities.