fbpx

Buying Rental Property: Get The Right Buying Plan

 

After 14 years of buying rental property and providing thousands of turnkey properties in Jacksonville, I’ve had many conversations with loved ones that want to invest in this asset class.  However, just because they know they can trust the JWB team, doesn’t mean that everyone who comes to me is a good fit to be a rental property investor.

That’s why we developed a methodology to help our friends and family decide if turnkey properties with JWB are right for them. This is the same process our clients go through when crafting their JWB buying plan.

This article is a recap of our latest episode of the Not Your Average Investor Show, where we reflected on how JWB’s rental property management and turnkey properties, have evolved over the years. Read on to find out what advice I give my closest friends and family who are asking themselves the same question you are right now…“Should I start buying rental property?”

 

Questions To Ask Yourself When Buying Rental Properties

What to Ask Yourself Before Investing

A smart investor is one who does their research and asks the right questions. When friends and family come to me wondering if they should make the leap into buying rental properties, I always have them ask themselves a few key questions, and now I’m going to share them with you.

“The critical thing to do when figuring out what to invest your money in is to know your why.” 

-Gregg Cohen

Here’s What to Ask Yourself: 

  • What is your end goal? 
  • Why do you want to invest? 
  • How many investment properties do you need to get you to your destination?
  • What’s your plan for getting there?

When it comes to investing in anything, it helps to start with the end in mind. When you know your end goals and can work backward, it allows you to create a step-by-step plan that will get you there faster. Once you know where you’re going, you can make sure there’s a proper plan in place and see if investing in rental property is the fit for you and your ideal end result.

Start With Your “Why” 

It’s important to know your “why” when you do anything, especially investing in real estate. The chatbox conversation was overflowing in today’s call as our audience chimed in to share their “whys,” which tended to focus on having enough money to retire comfortably and have the freedom to spend on the things we care about most.

We can absolutely relate.

My personal “why” is to increase my free time to spend with my beautiful family. Pablo shared his own “why,” saying that he and his wife want the freedom to work in a career they love and never have to stay in an unfulfilling job just to make ends meet.

Knowing your “why” will keep you aligned and allow you to find a buying plan that is right for you and your expectations. With the right roadmap, you can map out the income you need for monthly cash flow. For example, if you only have one rental property, you’re not going to have a consistent portfolio, but as soon as you get a few properties under your belt, the cash starts to flow in. 

If you plan to invest in multiple rental properties for the long term, and you own them for an entire real estate cycle (about 10 to 20 years) you’re going to see a consistent, income-producing portfolio. While we love working with clients who can only purchase one property, we strive to create happy investors who build consistent cash flow with multiple properties.

Having the Right Buying Plan is Crucial When Investing in Turnkey Properties

You Need The Right Buying Plan

In episode #97 of Not Your Average Investor Show, Pablo and I share an incredibly helpful spreadsheet that allows investors and potential investors (like you!)to create a buying plan which will help them figure out how to meet their end goals. This buying plan spreadsheet is what the JWB team shares with clients to discuss their “why” and their money goals to solve the investing puzzle.

In today’s show, we filled out the spreadsheet to show what Mr. or Mrs. ‘Not Your Average Investor’ can do if they invested $150,000 in the first year and added $50,000 every year to purchase more properties that will grow your portfolio.

The numbers shown were conservative yet the results still showed a clear path toward finding financial freedom by investing with JWB. Watch the video above to see what I’m talking about!

A Great Investment, Even For Beginners

For those who are new to buying rental properties, property management, or turnkey properties,  this can all be a bit nerve-wracking. I’m here to tell you not to worry!

JWB makes investing in real estate easy. We offer excellent customer service, and that’s why so many people who want to own single-family homes as rental properties turn to JWB for turnkey real estate investment.

If you are investing in real estate, there’s no reason you should be the one to have to find the real estate agent, screen tenants, or manage the property. We take care of all of that for you!

JWB handles the day-to-day operations while focusing on your long-term goals, positive cash flow, and growing your rental income. Easy peasy! 

Ready to Take the Next Step in Buying Rental Property?

If you’re curious about buying a rental property and what your personalized buying plan can look like, it’s time to buddy up with the JWB team to get the “family and friends” experience. With their turnkey properties, the rental property management and positive cash flow run more smoothly than if you were to try doing it on your own. Click here to set up a strategy call with the team.

Want more content? Click here to see all of our previous episodes on our YouTube channel.

If you haven’t done so already, JOIN OUR JWB Rental Property Investing Facebook Group TODAY  to be a part of the conversation when we air the newest episode and host live Q&A sessions with our guests.

To Your Success,

Gregg Cohen

By Gregg Cohen

I am a co-founder at JWB Real Estate Capital, and I love to talk about investing in rental properties! You’ll often find me here contributing to our blog and in our Facebook group connecting with the community & sharing insights.

Related Articles