Hello there, Mike Wolf is here again, coming to you from Valencia, Spain. Today, I want to discuss the meaning of turnkey property, but first of all, I want to say there are two different types of investors. Some investors want to be on the frontlines and in the trenches, looking for deals, finding sellers and buyers, raising money, and all that stuff.
Nothing is wrong with that, in fact, that’s how I started. And, other people are just trying to invest in real estate because they want to create freedom for themselves. They don’t want to do the work, they don’t want to become experts, and they don’t want to have a learning curve. All that they want are the benefits of real estate without having to do all the running around. That’s how I am now for the most part.
Now, what are turnkey properties and what are their benefits? First of all, a turnkey property is one that’s already been purchased, fixed up, tenant already in place, and somebody professionally managing the property. When I use the word ‘professionally managed’, that’s the key word, because if you have a crappy management team, you’re going to have a very crappy experience. And your ‘turnkey investments’ are going to turn into a very busy investment for you where you will have to put out fires constantly.
When done correctly, your turnkey property should be in the right city, the right neighborhood; it should have a good tenant and a good team. It’s like a chair, if you have those four legs, then you got a good solid investment. If one of those legs is a bad tenant, even if you have the right property, right neighborhood, great team, you’re not going to have a perfect investment. It’s a matter of having somebody you trust that can get those four pillars standing properly for you to have a very safe, very stress-free, and very un-time-consuming investment. My favorite place to invest right now is Atlanta, Georgia where I happen to have a turnkey operation and help investors to invest properly. We picked that market for numerous reasons, and if that’s something you want to learn more about, you can click the link below. That’s going to take you to my passive income master class, which is free, by the way.
You also get me to mentor you so that Atlanta’s not always going to be the place to invest. At some point, that market is going to tap out; it’s going to appreciate hopefully considerably. There’s going to be a time to get in, which is now. There’s a time to get out and maximize your returns. Then, you want to get into that next market, whatever that looks like. I’m already going to be there investing with my own money, already having my own team in place. You get to move from market to market. One of the biggest mistakes investors make is investing close to home and close to home probably doesn’t make sense in most cases as the best place to invest.
Even if it did, when that market appreciates, let’s say you bought a home for $100,000 and it went to $250,000. You can sell the property and net $150,000 profit but when you go to buy your next property, if you stay in the same market, now you’re investing 250 to get into another similar property. It’s a lateral move. Doing this properly, with my mentorship, you’re going to buy low, sell high, and then get into the next market that’s lagging. Light it up, sell again and keep expanding your portfolio without having to continuously save more money and go to your job to earn more money to buy more properties.
The best way to build a portfolio is to have your previous properties support your new properties. I hope you found this beneficial. Once again, make sure you click the link below to check out my passive income master class. Like this video. Share it with anybody that might benefit from it.
I look forward to seeing you soon.
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