This is my 3rd turnkey rental property purchased in June 2015. Oh what a sweet deal this one is. Brand new rehab, new everything, low crime area, close to downtown in a gentrifying neighborhood and the numbers are once again amazing!! If I could just keep buying properties like this, I would do so all day long. The problem is after purchasing each one, I’m back in saving mode for the next down payment. Luckily since I get paid pretty good at my day job, it shouldn’t be too much longer before I can start on turnkey #4.
I went back to my favorite turnkey company from turnkey #1 so the process of purchasing this one was much easier. All the research on the company, property management team and locale have already been done. It was just a matter of seeing what available inventory was available and pulling the trigger. Because of that it made purchasing turnkey #3 the easiest one of them all.
The next phases included ordering the inspection, then appraisal, negotiating inspection repairs and dealing with final underwriting with my awesome lender.
Inspection – Came out clean only 1 page of minor repairs. The turnkey provider agreed to fix all the items on the inspection. WINNER!!
Appraisal – Came out right at purchase price. I’m happy, seller is happy and my lender is happy. WIN,WIN WIN!!!
Underwriting – this is now the third property in a row in which ive used the same lender. They know me now, already have my paper work and info. It was just a matter of sending them updated statements. AWESOME!!
Closing was a snap, a notary came out to my locale and we signed all the paperwork in about 30 minutes.
Here are the actual final numbers used for purchasing this turnkey rental.
21% cash on cash return! I love that number! Talk to me later this year to see how this property is going or keep track with my monthly net worth updates as ill notate it there as well.
What do you think of this turnkey deal? Good or bad?