Investing money is one of the three simple steps that you need to take if you want to build wealth. Have you been investing wisely? If not, what's stopping you?
Real estate investing is a great way to protect yourself from the volatility of the stock market. Smart real estate investments are far safer than stocks or even precious metals. Turnkey investment properties make investing in real estate easy.
But what are turnkey properties? How can you use them to your advantage? Read on to learn all about it.
What Are Turnkey Investment Properties?
A turnkey property is a property you can buy to start renting out right away.
The property should need minimal (if any) updates. It may already have a history of other tenants and there may even be a tenant in place when you buy it (though this isn't usually the case).
In other words, this is a property that is made to be a rental property. It was marketed to investors rather than people buying a family home.
So why do people like turnkey properties? If you're getting into real estate investing for the first time, they're the easiest choice.
You don't have to spend time doing research, marketing your property (though some marketing is still required), or making updates. The house is ready to rent out as soon as you buy it.
What to Know Before You Buy
While turnkey properties are easier to rent out than other properties, know that there's no such thing as a foolproof turnkey property investment. You still need to do your research.
While buyers can find turnkey properties in any rental market, they should try to visit their chosen property at least once in person before committing to it. Even though they'll be renting it out right away, they want to ensure that the property doesn't have any obvious problems.
Potential buyers should also know that turnkey properties are long-term investments. They can be difficult to sell, but if you run them right, you can make a great income.
Identify Your Target Market
When you're trying to find the perfect turnkey property, start by identifying your ideal market. You can buy a property in your own area, but don't feel the need to limit yourself.
For example, Portland, OR has a hot rental market, and buyers from all over the country know how valuable it is. While living in Portland helps landlords understand the value, beauty, and culture of the area, it isn't necessary for them to be successful.
As long as the area is profitable, it's a good choice.
Find the Right Property Management Company
The right property management company will help you find your ideal turnkey property and keep it running so you can focus on what's important.
A good property management company will take care of important things like tenant screening, marketing, lease enforcement, and more. They can also handle maintenance and tenant requests so your tenants stay happy even without your direct involvement.
A good property management company is key when you own a turnkey rental property.
Are You Interested in Turnkey Investment Properties?
Turnkey investment properties can take away the guesswork behind being a property investor. If you want to buy a home that's ready for tenants right away, you want a turnkey property.
We want to help you turn a property in Portland or Gresham, OR into a money-making investment. Learn more about our property management services today.