All Forum Posts by: Todd Krzeminski

@Jotham Busfield You can ask the bank -- some of them will provide a letter giving approval to move an LLC. Never hurts to ask.

Check out 99 Designs. You post your business name and your wishes, and designers compete to be the winning design. It's pretty neat. If you go on their site, you can see the active contests and vote. It's much more expensive than fiverr, but you're getting really quality designs if that's what you're after. 

I plan to use 99 Designs in the future for my logo.

@Bob E. I like the thought process. Getting tired of dealing with maintenance and vacancy on my own properties. 

Do you find that seller finance works best on lower priced properties (under 50k)? If this property was valued at 100k, would you have the same market for buyers? Banks will provide traditional financing for properties over 50k, assuming the borrower can qualify. Maybe that last point is the distinction and I answered my own question.

I imagine that lease options might be another valid exit strategy, in which your tenant has more skin in the game so they take better care of the property.

@Lane Kawaoka I love the idea. I have 3 turnkeys in Indy. I would be interested in the list. I can provide some insight on the PM section.

I also live in the DC area (where he's located), but I've never met him in person. He does everything online, using Skype, email and shared drives. Works great.

I believe I found him through another investor's recommendation. I'd also read his blog posts frequently. 

He's the first CPA I've used, so I can't comment on how he compares to others.

I use @Brandon Hall and recommend him. He owns rental real estate and has been featured on one of the BP podcasts. You probably want to interview 3 or 4 to see who is most compatible with your goals -- but give Brandon a call.

I invested via my SDIRA back in late January. The site was under construction and I only recently got a login to the site. But it's now showing that my funds were invested on 2/9/17. I've received two distributions since then, and both were reinvested into the fund (as I requested). So far, so good.

@Ben McMahon I'm looking for and getting Cash on Cash returns of between 10-12%. That's not to say it's easy to come by. I just have to be patient and pick my spots. 

Cash flows between $150-200 after expenses, vacancy, maint/capex.

@Ben McMahon

I have 3 turnkey rentals I own in the midwest. From what I've seen, there's a lot of variation in how different turnkeys operate. But from what you describe, you're not far off.

Typically, when an investor wants to buy a turnkey property, he/she starts by finding a market and a provider they want to work with. They may never see the property they're buying because they might live states or countries away. There's really a lot of trust that has to be built with the provider because they might not get eyes on it.

In most cases, the investor is completely hands off. The acquisition and rehab is done before it's advertised to the investors. So in that case -- yes the property is owned by the provider for that time period. The turnkey provider usually has a list of inventory available for the investors to choose from, and it's always the buy and hold model, not flips.

After purchase, Property Management may or may not be handled in house by the provider. The properties I have were not managed by the provider, but they gave me recommendations. But you might continue the relationship with the provider acting as a sort of counselor -- someone to turn to for advice when you run into issues with the house, tenants, PM, etc., and also who you return to when you're ready to buy your next.

I probably wouldn't characterize what you're doing as turnkey. It sounds like you are really tailoring your process to the needs of the investor, which certainly isn't a bad thing. Some people might call it turnkey, but it sounds like it might still be less hands-off than would qualify. In fact, what you provide might be something I'd be interested in, because it sounds like it might be a good way to transition from turnkey to doing it all myself, which is where I want to get to. When buying turnkeys, you're pretty blinded to the process.

There's a lot of demand for turnkey rentals, because there are a lot of investors (like me) that work a full time job and don't have the time to go through the process themselves. 

After reading this thread, it makes sense why Clayton tells his listeners to avoid forums on his podcast.