The most common question we are asked is, “are you a turnkey company?” The short answer is “no.” Don’t worry though, we will give the long answer too.
First let’s talk about what turnkey investing actually is. A turnkey investment used to mean that it was ready to be lived in (rented) immediately with no work required beforehand. A lot of “turnkey companies” don’t consider an investment a “turnkey investment” unless it is fully renovated. Our definition of a turnkey asset is one that can be comfortably lived in immediately. That’s it. No warranties. No big production.
Turnkey companies have their place. It is a great solution for investors who want to be really hands off. Since the turnkey companies handle the acquisition and management in house turnkey companies are great for investors who don’t want to build a robust network in the market(s) they invest in. It’s also a killer option for the investors who are scared of the risk that comes with investing in real estate. Since the best turnkey companies offer warranties on the rehab and rental guarantees it can provide more certainty.
All that sounds great, right? Right.
Investors are not the same.
Assets are not the same.
Investment strategies are not the same.
When we explain all that people ask “so do you sell crappy houses?” Sometimes, yes. Sometimes, no. We personally buy crappy houses, so we are fine with that. Not everyone is. We offer crappy houses that need to be rehabbed, existing rentals that are performing but may need work down the road, and fully rehabbed turnkey houses. We sell vacant land and multi family. We aren’t set on any singular investment strategy. Our goal isn’t to try to talk you into a certain type of investment. Our goal is to help you see the pros and cons of each investment and help you decide if that investment makes sense for your strategy and goals.
We can’t do that if we only sell one product. We aren’t a turnkey company, but we do our best to give you realistic idea of how the property will perform over time. We can’t offer guarantees since we don’t always own the property, but we do more due diligence than most. We talk about what you can expect working with us in a another blog post, you can ready about that here.
Ultimately, investors are not the same. Assets are not the same. Investment strategies are not the same. We don’t believe a “one size fits all” approach is best for the client.