#217: Turnkey RE mistakes to avoid are discussed.
Turnkey means “all-done-for-you”. You’re buying property already rehabbed, tenanted, and under management.
You’ve outsourced work and sweat equity.
Turnkey pros: less time, less rehab risk, instant income, built-in management.
Turnkey cons: less rehab control, no sweat equity.
Just because a company is called “turnkey” does not make them a good operator.
I tell you how to reduce property repair costs.
Today’s guests, Terry Kerr and Liz Nowlin of Memphis, TN’s Mid South Home Buyers, are exemplary turnkey providers.
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Listen to this week’s show and learn:
03:34 Turnkey does not mean “completely uninvolved”.
07:22 Unethical operator tactics.
13:05 How to reduce repair costs - insurance claim, warranty.
14:56 Pros of turnkey.
19:49 Why Memphis?
24:14 Rent amount, occupancy rate.
26:53 Integrated business.
29:37 Extent of rehabilitation, management.
37:12 Rent $750, purchase price $70,000.