Originally posted by @Account Closed:
Is this your first property? I would start with one property. You will learn more in that couple months of ownership than any time you've spent on the forums/talking to people. Once you feel comfortable go from there. As far as turn key why is that strategy more important than doing a rehab? Just curious, and nice job on the amount saved.
Tyrone is right. You should start with one property first.
If you use turn key, please make sure that the company do what they promise before you close the property. A lot of turn key companies will advertise that the properties will be fully rehabbed but they don't. I am an out of state investor so I could not visit the property before I closed it. Five months later, when I had time to visit, the property had big hole on the ceiling in the living room, the basement was leaking, the shed was falling apart. Tenant left the property without paying the last month rent so they did not clean the property before moving out. Trash was everywhere, furniture was left behind, the holes on the walls were not filled. I had to pay extra money to fix those before putting new tenant in.
The turn key companies will also use their property management companies which are not good sometimes. The property was left vacant for months. The PM company didn't answer the phone. You should check their reviews and ask previous investors who used to work with them.
I am sure there are a lot of great turn key companies too but do your own due diligence. I am sharing this so you won't make the same mistake as me.
Investing is a learning process. Making mistake on one property is better than ten.
Good luck with your journey and take care.
