Turnkey companies are a great option for real estate investors who want to get started with minimal hassle. They allow you to purchase a property and have it ready and rented within days or weeks of closing. But most of your turnkey investment success will rely on the turnkey company you worked with. So here is our list of some of the best in the business.
Should You Invest in Turnkey Real Estate?
If you’re reading this, chances are you’ve heard of turnkey real estate. The concept has been around for a while and has taken off as more people recognize turnkey’s potential as a way to make money in real estate. It’s easy to understand why: buying properties with little or no work needed, paying others to manage them so that you can sit back and collect rent checks—it sounds like the perfect passive income plan!
If you want to know the full pros and cons of investing in turnkey real estate, check out our recent article on turnkey real estate explained.
5 Best Turnkey Companies of 2023
You’ll need to stick with providers that have a proven track record when it comes to turnkey real estate investing. Here are the top five:
- Roofstock: Best for large-scale investors looking to purchase a portfolio.
- Howard Hanna: Best for investors who can comfortably self-manage.
- Norada Real Estate: Best for investors who want referrals to lenders and property managers.
- REI Nation: Best for investors who want low tenant turnover.
- RentToRetirement: Best for investors who want options between long and short-term rentals.
5 Top Turnkey Companies Quick Stats
Although turnkey real estate is often bunched into the same bundle (they all sell homes ready to rent), there are some key differences between each top company that you’ll want to know about. Here are some of the most high-level details to pay attention to:
| Company | Number of States Available | Rental Property Types Offered | Property Price Range | Property Management Fees |
| Roofstock | 27 | Single-Family Homes to Full Portfolios | $50K – $1M+ | 6% – 10% |
| Howard Hanna | 13 | Single-Family Homes and Multifamily | $50k+ | 8%-10% |
| Norada Real Estate | 14 | Single-Family Homes and Multifamily | $90k – $450k+ | 6% – 10% |
| REI Nation | 6 | Single-Family Homes | $190K – $300K+ | 10% – 15% |
| RentToRetirement | 9 | Single-Family Homes and Multifamily | $100K – $420K+ | 8% – 10% |
Roofstock: Best Turnkey Company for Large-Scale Investors
Roofstock is a leading online marketplace for real estate investing. They offer turnkey properties throughout the US and are trying to make real estate investing accessible for those looking to invest out of state. They run a technology-first platform with pre-calculated cap rates, yields, and neighborhood ratings.
States Available: Alabama, Arizona, Arkansas, California, Delaware, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Michigan, Minnesota, Mississippi, Missouri, Nevada, New Jersey, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Wisconsin
Property Price Range: $50K – $1M+
Fees: Buyers pay a marketplace fee of 0.5% or $500 (whichever is greater), and sellers pay a 3% listing fee or $2,500 (whichever is greater).
Property Management Fees: 6% – 10%
Top Features: Roofstock alerts will automatically send you properties that match your criteria; included property analysis helps you quickly weed out poorly performing properties.
| Pros | Cons |
| ✅ 30-day money-back guarantee ✅ Properties in many states Easy to filter and sort properties based on your specific needs ✅ Some homes come with tenants in place ✅ Free analysis with useful data points is provided for each property ✅ Offers turnkey property management | ❌ No mobile app ❌ Customer service is subpar ❌ Roofstock plays both sides – buyer and seller, so you won’t have a representative fully in your court. |
Pro Tip: Do your own rental property analysis before you buy!
Howard Hanna: Best Turnkey Company for Tight Budgets
Howard Hanna is one of the country’s largest family-owned and operated independent real estate brokers. They specialize in giving buyers an end-to-end solution when investing in real estate. From agents to title, insurance, and lending, everything can be done start-to-finish with the Howard Hanna team.
States Available: Connecticut, Indiana, Kentucky, Maryland, Michigan, New Jersey, New York, North Carolina, Pennsylvania, Ohio, South Carolina, Virginia, West Virginia
Property Price Range: $50K+
Fees: Closing costs can range from 1% to 10% of your total sale price.
Property Management Fees: 8% to 10%
Top Features: Money-back guaranteed homes so you can buy without worry. They also include mortgage calculators, so you can calculate your EXACT payment on the spot when analyzing deals. They even have a rent vs. buy calculator, so if you’re trying to house hack, this could work for you!
| Pros | Cons |
| ✅ Free market analysis ✅ Has a true in-house property management team ✅ Offers mortgage and title services ✅ Real estate specialists are experts in their market, offering tailored properties | ❌ Limited supply ❌ Customer service needs improvement ❌ Not a truly turnkey solution (since they focus on residential customers as well) ❌ Traditional company, not as high-tech as other turnkey providers |
Norada Real Estate: Best Turnkey Company for Financing Support
Norada Real Estate is an established turnkey provider that has both long and short-term rental properties for sale. They operate in high-cash flow markets like Alabama, Florida, Missouri, and more across the East and Southeast. With a steady stream of properties for sale, Norada turnkey rentals are walk-in ready for an investor who wants instant cash flow. They also offer passive note investing opportunities for investors who want a completely hands-off experience.
States Available: Alabama, Arkansas, Florida, Illinois, Indiana, Maryland, Michigan, Missouri, North Carolina, Ohio, Oklahoma, Pennsylvania, Tennessee, Texas
Property Price Range: $90k – $450k+
Fees: N/A
Property Management Fees: 6% – 10%
Top Features: Norada’s DealGrader measures the quality of each investment property so you can pulse test each rental before further analysis. They also offer private mortgage financing options for some properties (most likely through their note investors).
| Pros | Cons |
| ✅ Offer single-family and up to fourplex multifamily properties ✅ Some properties offer rent guarantees for up to one year ✅ Offers private lending options ✅ Has private mortgage financing ✅ Founded by real estate investors who know how to analyze markets and property potential ✅ Rave reviews 4.9/5 stars on Google | ❌ No money-back guarantee ❌ Website doesn’t have an exhaustive list of available properties |
REI Nation: Best Turnkey Company for Low Tenant Turnover
REI Nation provides single-family investment properties with included property management for the passive landlord. They operate in thirteen markets across the nation, with 3,400 investors and $1.5 billion (with a b!) in assets under management. In addition, their in-house property management group, “Premier Properties,” can manage your existing rentals if you decide to turn an active rental into a passive one.
States Available: Alabama, Arkansas, Missouri, Oklahoma, Tennessee, Texas
Property Price Range: $190K – $300K+
Fees: N/A
Property Management Fees: 10% – 15%
Top Features: REI Nation provides end-to-end turnkey services from acquisition to management to selling. With monthly performance updates and “Vacancy Prevention” services, REI Nation provides investors with low-stress, high-cash flow options.
| Pros | Cons |
| ✅ In-house property management group ✅ Provides monthly performance reports ✅ Boasts an average vacancy rate of only 2% ✅ Has a 24-hour maintenance team ✅ Offers end-to-end turnkey solutions from renovations to property management | ❌ No money-back guarantee ❌ No portfolio investing ❌ Can’t view properties directly on their site ❌ VERY limited market selection (only 6 states!) |
RentToRetirement: Best Turnkey Company for Long and Short-Term Rentals
RentToRetirement has become one of the most popular turnkey providers over the past few years. With markets across the Midwest and Southeast, RentToRetirement offers long and short-term rental opportunities. So those that want high Airbnb cash flow can head down to Florida, while others who want low turnover can stick with Alabama, Michigan, or Ohio. And with inexpensive markets like Detroit and Cleveland in their property stack, ANY investor can find a property within budget!
States Available: Alabama, Arkansas, Florida, Indiana, Michigan, Minnesota, Missouri, Ohio, and South Carolina
Property Price Range: $100K – $420K+
Fees: NA
Property Management Fees: 8% – 10%
Top Features: RentToRetirement offers free investment consulting, so if you don’t know where you want to buy, their team of professionals can help you lock in on a market. They also offer private financing, with NO income or credit requirements, which could be helpful for non-W2 workers.
| Pros | Cons |
| ✅ Offers new and fully-renovated single-family rentals ✅ Offers short-term rentals ✅ The team itself invests in its own markets directly ✅ No additional cost to investors outside of the typical closing costs | ❌ Doesn’t have an internal lending team to help investors find loans ❌ Limited market selection |
How to Find the Right Turnkey Company
Now you have a few options to choose when investing in turnkey rentals, but you’ll still have to investigate which turnkey company works best for you. When looking for the right turnkey rental property, follow these steps first:
Know Your Real Estate Investment Goals
Always know what your primary goal is for investing in real estate. Is it to build long-term wealth? To create instant passive income? Or do you want to use it as an income source to fund your nest egg? Knowing why you’re investing will help guide your decision-making process and help you stay on budget and strategy when choosing a property or market.
Look for Market Experts
The turnkey company you choose should be experts in their local market. They should have their own acquisition team, a list of vetted contractors, and know other prominent players in the area. They also should be well-connected to banks in the area and should be able to provide insight into who can fund your deals.
Align on What “Turnkey” Means
Turnkey means something different based on who you ask. If you’re looking for a truly “turnkey” property, don’t buy homes from casual flippers. Instead, you’ll want to ensure you’re using a turnkey provider who will set you up with market analysis, financing (if needed), property management, marketing, tenant placement services, and more. If you want “passive” income, ensure your turnkey company is end-to-end.
The Bottom Line About Turnkey Companies
If you’re thinking of investing in real estate, turnkey companies can be a great option. But, like any other real estate investment, you’ll need to be sure you’re running your numbers, doing your due diligence on property markets, and asking the right questions. Just because someone calls a rental “turnkey” doesn’t mean it actually is. So make sure you do your homework before investing in your first turnkey rental!
FAQs About Turnkey Companies
Ready to pull the trigger on your first rental property? Woo hoo! But before you do, ensure that turnkey investing is right for you.
Turnkey companies are a great way to get into real estate investing. They provide you with a property that is already renovated and ready to rent out, so there’s no need for any DIY work (yay!).
Turnkey companies can be a bit pricey and don’t always provide the best quality properties. In addition, their homes aren’t usually as new as some other real estate investments. So, before you buy, ensure a qualified inspector or general contractor has checked out the work done by the turnkey company!
Turnkey companies make money by finding properties, renovating them, and selling them to you at a profit. In some cases, they may also manage the property for you or provide other services like marketing, which also come with a recurring fee.
