Many investors are looking for new opportunities in the housing market. One unique opportunity that attracts busy professionals is turnkey rental properties.
A turnkey property is a fully renovated single family home or apartment building that can be purchased, then rented out immediately for instant monthly cash flow.
#1 True Turnkey Properties Require Significantly Less Time and Energy
First, realize turnkey rental investments are not for everyone. If you enjoy a hands-on approach and want to be a part of the process from start to finish, then by all means, you should do the work yourself.
For example, if you enjoy:
- Scouting out potential investment properties
- Inspecting properties & identifying potential problems
- Negotiating with sellers
- Choosing supplies and materials
- Do-it-yourself renovations
- Coordinating with contractors
- Interviewing property management companies
- Finding and securing trustworthy tenants
- Handling all the fine details
…then buying turnkey rental properties may not be right for you.
If all of that work doesn’t sound like much fun, the good news is there are many advantages to buying turnkey rental properties.
At True Turnkey, our clientele are movers and shakers– doctors, lawyers, business owners, professional athletes, entertainers. Their time is precious. They don’t have the time to find rental properties, renovate the buildings and manage tenants.
Most of our customers are repeat clientele or have come to us via referrals. That’s because our clients have discovered that hiring a reputable and experienced turnkey investment company is easy and it works!
In short, if time is not a factor for you, and you enjoy spending your weekends looking for properties and diving into renovation projects, then a turnkey investment might not be for you.
On the other hand, if your time is valuable and you’re looking for a passive investment strategy, then a turnkey rental property is the way to go.
#2 Low Barrier to Entry & Immediate Cash Flow
When you invest in a rental property that’s in need of renovation you should anticipate it will take several weeks, if not months to complete it.
Whereas with a True Turnkey property, you won’t get delayed by the unexpected hiccups that are so common with renovation projects.
That’s because we never sell a property until the renovation process is 100% complete.
Moreover, our Rent Guarantee states, “If your property is unoccupied at the time of closing, True Turnkey will credit you, the Buyer, up to 2 months of rent.”
This means you get immediate cash flow from day one!
We can’t underestimate how much time you’ll save dealing with a True Turnkey rental property!
Here’s an analogy…
It’s like changing your car’s oil yourself. First you need to go buy the oil and filter. Then you need to take the time to do the labor. Meanwhile you’re going to get your hands and your driveway dirty. Then you need to find a way to dispose of the used oil.
Or you can just go to Jiffy Lube and relax with a cup of coffee for twenty minutes while someone else does it all for you.
It’s the same principle. You save yourself a lot of time, money and frustration simply by hiring experts who are set up to efficiently handle the task at hand– freeing up your time for the things that are most important to you in life.
Immediate cash flow is why some folks choose to go with a turnkey rental property. You don’t have to do any of the legwork, and you start collecting rent checks right away.
#3 A Less Expensive Entry Point
Many do-it-yourself property investors end up in the red on their first few rehabs. They buy properties that are too expensive. Then they overspend on materials and contractors. Then of course there are the unexpected setbacks along the way.
Here’s the reality: It takes an experienced provider like us to know what materials to buy– paint, carpet, furnace, plumbing, water heaters, etc.– and how to execute the work efficiently so that you stay within budget.
After buying, renovating and selling dozens of homes over the last five years, we know what works and what doesn’t. We know where to acquire materials and we have the ability to purchase in bulk. Most importantly, we already have experienced crews on the ground in our local markets.
At True Turnkey we are experts in turnkey rental investments. We have the process down to a science, which means we can pass those savings on to you.
And that is the secret to how we are able to offer projected double-digit returns of up to 13 percent from the get-go!
#4 No Previous Experience Needed
Turnkey rentals are amazingly easy to manage, making them a great choice for people with:
- no previous real estate investment experience,
- no construction or renovation experience,
- and no landlord experience.
Many of our clients are first-time investors who’ve just begun their real estate investment journey. Our process is proven and we’ll guide you through it, every step of the way.
#5 Easy, Low Maintenance Properties
Being a landlord doesn’t need to be a time-consuming headache. If you like making passive profits without added work, then a turnkey investment property is the way to go.
Before you purchase a True Turnkey property, your newly renovated property will undergo a third-party inspection, ensuring you that it is in good condition and ready for new tenants.
We also work with two great property management teams who handle all the details. They manage everything for you, so you don’t have to lift a finger. They’ll help secure great tenants, collect rent checks on time, respond to maintenance calls and deal with all the other day-to-day property management details.
Further more, all of our properties include a one-year, renewable home owner’s warranty that covers the furnace, plumbing, and all major appliances.
For example, say the furnace breaks down. Your property manager will call a service rep to come over to the property. Depending on what’s wrong, the furnace will then either be repaired or replaced for a flat $99 service fee. It’s a fantastic deal and prevents any large, unexpected repair costs for your investment property.
In the Akron and Cleveland area, we work with two main property management teams. These are not employees, but rather reputable third-party property management companies that we trust and that have proven indispensable to our clients.
As the investor, you own your property outright and you reserve the right to retain whoever you want to manage your property. The track record of our property management teams, however, speaks for itself. And that is why our investors almost always choose to stick with them.
#6 Diversify Your Investment Portfolio
As an investor, you may already have some stocks, mutual funds, and even some rental properties in your portfolio. But perhaps you live in an area, such as New York or California, where property costs are high and return on investment is low.
One of the unique opportunities that turnkey rentals offer is the ability to own rental properties in an entirely different geographic region– even a thousand miles away or more.
True Turnkey likes investing in northeast Ohio because there are lots of benefits to this market that are not possible in other potential markets. ROIs are high and the Ohio is also very landlord friendly. Click here to learn more about the northeast Ohio market.
Because it’s turnkey, there’s very little to no work on your end. All you do is collect rent checks. Living close to the property is not required.
#7 Early Retirement
The first step to an early retirement is to calculate your numbers. Your first step is to determine your Financial Freedom Number. This is the total of all your monthly expenses, plus an additional 10 percent. Your Financial Freedom number is what you need to earn each month from your investments in order to be able to retire.
Next, find a turnkey provider that can help get you closer to your Financial Freedom number at a faster rate.
That’s what we do at True Turnkey. We accelerate the whole process, allowing you to build the passive income that will ultimately enable you to retire at an earlier age. In short, we help you get those rent checks coming in faster.
The Advantages to Buying Turnkey Rental Properties are Clear
OK, so let’s review why turnkey rental investments deserves serious consideration:
- You get to keep the precious and irreplaceable commodity of time
- You get immediate cash flow
- The entry point is low
- No experience in real estate necessary
- You can diversify your investment portfolio
- You can retire early
If you are ready to take the next step in investing in turnkey real estate, schedule an appointment now with one of our client advisors.