Can someone please figure out how I can block solicitations from brokers who want to sell me “turn-key” assets?
“Turn-key” is broker-speak for “No value left to add”.
Don’t misunderstand: There is a large group of investors for whom turn-key deals make a ton of sense, including everyone who has bought deals from me over the past five years.
Busy, wealthy people who want to place capital in multifamily can do a LOT worse than paying the market price for a very-close-to-perfect asset with high quality tenants.
And syndicators who can raise cheaply and don’t mind thin margins can do well with these deals, too, because they don’t require much in the way of management time and expertise.
But I’m not personally wealthy (yet!) and I’m not the best fund-raiser in the world (I’m temperamentally unsuited to bullshitting people). So the money we raise is expensive.
And that means we’re looking for screwed-up buildings, where there is plenty of value to add and excess returns to be generated.
So, please, no more calling / emailing me about “turn-key” deals… I’m totally uninterested.