Busy professionals may not have the time to buy, renovate and manage their rental properties. And if they live in expensive metros, they may not be able to find properties that cash flow nearby. This often leaves them no choice but to buy property out-of-state that is already renovated and managed, which is also known as “turnkey” rental property.
But does turnkey mean problem free? Unfortunately, it does not. Rental properties are never truly turnkey in the sense that you can just buy them and forget about them because they magically create checks that show up in your mailbox or inbox.
Properties are not like stocks. If you buy an Apple stock, and your neighbor buys and Apple stock, you are basically buying the same thing — maybe just at a different price.
With real estate, every single property is different. And therefore, turnkey or not, they all require a buyer’s due diligence.
Our guest today was in that exact situation. He wanted to build a rental portfolio but couldn’t do it locally. So he researched the turnkey model, and created systems that he’ll share with us on this week’s episode.