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Listen "5 Things to do when you buy a Turn-Key Property? What is Turn-Key?"
Episode Synopsis
Buying Turn-key properties is a great way to build your Wealth and your Legacy.
What Does Turn-key Mean?
There is a misconception of what turnkey means. Honestly there is no standard for property who is turnkey.
New uneducated buyers believe that turnkey means that you can just sit back and not do a thing. This is false. These buyers have unrealistic hope that if they buy a turnkey property with a property manager the only thing, they need to do is wait for the management company to send them the rent and that is it.
The reality: There are some companies that have a good property manager in place. The rehab has been done and all work has been fully completed. Now there are other companies that may just put a lipstick on the property. What if instead of buying a rental property from a company who specializes in rentals, you buy the property straight from the seller?
In all these scenarios, you don’t really know what type of tenants you may have. You don’t know if you have issues in the house that were not disclosed.
DO NOT fall for everything the seller says. Always do your due diligence as much as possible.
Here are 5 things you need to do when buying a “Turn-key” property
1. Ask for Rent Rolls
2. Do a property inspections.
3. Ask the seller for a profit and loss of the property.
4. Ask the tenant. Talk to the tenant and ask them direct if there's anything wrong with the property.
5. Ask the seller for all of the tenants info .
If you are ready to start building your Wealth and Legacy the right way, surround yourself around other investors who have experience buying these properties and LEARN, LEARN! GET a Mentor. If you need a mentor, contact me at 601.202.Vicky or visit me at www.VickySchettini.com
What Does Turn-key Mean?
There is a misconception of what turnkey means. Honestly there is no standard for property who is turnkey.
New uneducated buyers believe that turnkey means that you can just sit back and not do a thing. This is false. These buyers have unrealistic hope that if they buy a turnkey property with a property manager the only thing, they need to do is wait for the management company to send them the rent and that is it.
The reality: There are some companies that have a good property manager in place. The rehab has been done and all work has been fully completed. Now there are other companies that may just put a lipstick on the property. What if instead of buying a rental property from a company who specializes in rentals, you buy the property straight from the seller?
In all these scenarios, you don’t really know what type of tenants you may have. You don’t know if you have issues in the house that were not disclosed.
DO NOT fall for everything the seller says. Always do your due diligence as much as possible.
Here are 5 things you need to do when buying a “Turn-key” property
1. Ask for Rent Rolls
2. Do a property inspections.
3. Ask the seller for a profit and loss of the property.
4. Ask the tenant. Talk to the tenant and ask them direct if there's anything wrong with the property.
5. Ask the seller for all of the tenants info .
If you are ready to start building your Wealth and Legacy the right way, surround yourself around other investors who have experience buying these properties and LEARN, LEARN! GET a Mentor. If you need a mentor, contact me at 601.202.Vicky or visit me at www.VickySchettini.com
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