Adequate shelter is a basic human need. As long as there are people on earth, they will need places to live. This necessity makes real estate a good investment choice for many people.
Different Ways to Invest
There are many different ways to invest in real estate. Here are some common methods:
- Flipping Properties – The idea behind flipping properties is to buy a discounted property that needs work, do the work quickly and sell it for a profit. Success depends on finding houses that need mostly cosmetic fixes that can be done inexpensively. The challenge is finding properties that meet these requirements.
- Live-in Investment – Some investors choose to live in their investment properties. Typically, these homeowners stay in a home for one or two years before selling the property and moving on to a more expensive property. Ideally, they will sell each property at a profit.
- Turn Key Properties – Turn key properties are ready for occupancy from day one. In fact, they may already have active tenants. They are a good fit for investors who have cash or financing available to purchase property, but not time to manage a renovation.
Getting Started with Turn Key Property Investing
If you want to get started with turn key property investing there are a few steps to take.
1. Do the Research
Before you get started with any type of investing, it pays to do some research. What is the going rate for properties in your desired market? What are tenants paying for rent? If the numbers do not make sense, find another investment.
2. Set Your Budget
Before you go any further, you must set your budget. Far too many investors take on more than they can afford. Setting a budget now and determining to stick with it can keep you out of trouble later.
3. Find a Property
With your price range set, you are now ready to find your first property. You can strike out on your own, but if you are just getting started, working with a realtor can save you many headaches. Turnkey properties are a specialty market; do not give up if you cannot find the right property right away. Be patient, and you will eventually find the right property.
As your portfolio of properties grows, your earnings will increase as well. You can use these earnings to expand into new markets and more expensive, more lucrative investments. Turn key property investing may not be for everyone, but it can be extremely rewarding.
Turn Key Property Buying Basics
Investing in turn key real estate properties requires a successful strategy. Some people obsess for months and others make quick decisions. Regardless of the length of time, what matters are the basics that are applied to every sale. Getting into real estate is pretty exciting. You can be a first timer and quickly learn enough in your first year or two to become a seasoned professional. There are things that every turn key property has that you should know about. Using a basic method for purchasing will help you find the best properties, the best turn key company and receive the highest rent prices possible.
Trust Your Turn Key Property Company
Trust is something that will always follow you in life. You trust your employer. You trust your neighbors. You trust your local mechanic. The same level of trust must be there when you select a turn key property company. Anyone can create a website, get a phone number and sell properties. A professional company will earn your trust the old fashioned way. Published testimonials that are from real clients are very helpful to read. The Better Business Bureau keeps records on companies and this is public information. Reading online forums and speaking to current clients is another way to verify information and build up the trust factor. When you are confident, then you can invest in a turn key real estate property.
Details must be accurate and the source that gives them is one you should trust. Checking out one or two websites or forums might not get to the deep information that you need. Doing more research that you need is very helpful. You never know what you will find when you are diligent and research like a pro. No successful real estate investor makes decisions that are not backed up with real data. Your searches can include property searches, contractor searches, property tax estimates, insurance quotations, property management fees and ROI from current turn key property owners.
Get Started by Buying Property
When deciding to invest, it is a good idea to begin by buying investment property. The entire process is a learning experience and you will continue learning after you buy a property. The success of your property is partly determined by the experience of the turn key property company that you select. After owning your property for a period of time, you can evaluate the results that you are getting.
Get a Team of Specialists
Some turn key property companies just provide the sale. There is no support after the sale is made and you are left on your own to make the property a success. Buying into a turn key real estate property that has a support team is best. Things like property management, consulting, help hiring contractors and general real estate advice will contribute to your happiness and property success. The strength of the team that is around you plays a big part as you learn the ropes of real estate property investing.
JWB has over 10 years experience providing clients with above average returns and true passive income. Learn more about our turn key real estate properties here!