Are you looking to get into real estate but dreading the legwork?
I have a solution for you.
With this real estate tip, you can purchase properties anywhere in the world and start cashing rent checks immediately.
No haggling, no renovations, and no management.
All you have to do is sit back and watch the profits roll in.
I’m sure you’ve heard the get-rich-quick promises that, more often than not, turn into a scam that wastes both your time and your money.
But on the other hand, nobody wants to slave over a property to find tenants or buyers and finally start making money.
Thankfully, someone else has already created a solution.
Turnkey properties have been quite the buzzword in real estate communities the past couple of years.
Opinions on both sides have expressed their experiences with turnkey properties, and survey says they’re incredibly effective so long as you understand your responsibilities as the investor.
Turnkey is exactly what it sounds like. The property is ready to buy, sell, or rent, and all you have to do is turn the key.
Naysayers complain that turnkey companies can pull the wool over the eyes of an unaware investor.
That’s why I’m going to make sure that this strategy will not only be reliable for you, but also profitable.
First, turnkey companies are the middlemen between sellers and buyers (you, in this case). They do all the work of settling closing costs, bringing the building up to code, and even finding tenants if they are not already installed.
That sounds too good to be true, right?
Some would say it is.
As long as you enter a turnkey investment knowing how to not be taken advantage of, you can start cashing checks almost instantly.
The most important thing to keep in mind when investing with turnkey companies is that you don’t have to necessarily live in the area you’re looking at.
Because of that, some immoral businesses may try to post a more desirable property than is accurate for the listing.
Experts recommend searching for photos of the homes in the neighborhood, using an online map, or even contacting residents in the area.
Also be aware of the local grade. Neighborhoods lower on the scale (like a C or D) may have cheaper listings, but they may also have higher crime rates which may increase maintenance costs.
When it comes to this, locals are your best resources.
Do what you can to contact people in the area to really get a feel for the property and its surroundings.
Next, turnkey companies may also employ property management services. As a landlord, that’s especially good for you, because that means you don’t have to lift a finger.
That being said, not all turnkeys do so. Make sure you research the company you’re looking to work with before proceeding.
A quick search into the integrity of the property management company they hire also couldn’t hurt. Customer reviews in this case can be invaluable.
My last suggestion when looking into turnkeys is to keep your wits about you.
If you feel that something’s off, or someone is saying something fishy, dig in a little deeper.
Unfortunately, fraud in real estate is estimated to be a $10 billion problem. Don’t let your hard-earned money fall into the wrong hands.
That being said, turnkeys can be incredibly helpful and profitable when done right.
Everything else is done for you. Your only responsibility can be to cash the checks.