All Forum Posts by: Troy Baack

I'm renovating a property that will include replacing/installing a few appliances. I am looking for recommendations for a stacking washer/dryer and gas range, ideally something that will hold up to renters for a longer period of time. Are there any brands you recommend or would stay away from. I'm thinking less electronic components if at all possible. 

Josh-I do not currently know anyone who does value add deals. I am working on starting to build my network and get in contact with people in different fields of REI but my time is very much at a premium right now as I have 3 small children, my W-2 job, Navy reserves, and volunteering at my church. That was one of the things that very much interested me in the turnkey space, the time input is significantly lower, even though I would be paying a premium for the product. As I am looking at building long term family wealth I have less worries about low performance in the short term. As long as I am able to find locations that have future growth potential I am perfectly okay with playing the long game.

 I may have been unclear in my first post but I am definitely in this for the long haul. I understand that it is nearly impossible to find cash flow and appreciation together right now in the turnkey market and I am fine if I am able to get either or. That was what I intended when I talked about break even. If I can get a place in a desirable location that breaks even for a while, great, I'll get a return on my appreciation. If I can find a place that will cash flow consistently but doesn't have the best appreciation opportunity, great, I'll sink a chunk of profits into my principal or bank it for the next property. My big concern is getting into analysis paralysis instead of pulling the trigger when the target is in front of me so I am right there with you. I would rather get my hands on a few ok/good deals now, than wait forever until that unicorn deal comes around. I feel like building up will help to create the opportunities in the future.

As a brand new investor that is a little outside of my wheelhouse right now. Eventually I would love to work with a team like that but at this point I am just trying to get into the game. 

In much of the research I have done I have been struggling to find rental properties that are going to be able to cash flow well in this economy. I am looking at investing for the long term and am okay with getting into a property that only breaks even or only has a small cash flow. At this time I don't have the capacity to try and work on a BRRR or other rehab projects and I am looking at investing in a turnkey property. My main questions are:

- What are your opinions on turnkey properties? 

- Are there any markets you would avoid?

- Do you have any helpful tips you would give to new investors?

Thanks for the responses! Definitely have a couple of more leads to pursue now. It seems like there is no shortage of new things to learn in the industry, though I can imagine like any other industry, if you aren't learning and growing you are falling behind. 

I am new to real estate investing and have a unique situation in that I inherited a significant amount of money which is currently in a personal trust. I am trying to figure out if utilizing the trust as the funding account is advised or if I should be withdrawing the money from the account in order to make the purchase in my own name, or potentially and LLC. I understand that pulling the money out of the trust increases my personal tax liability as it is counted as income and I have about $60k that must be withdrawn regardless. I am hoping to purchase my first property by the end of the year.