For all you wanting to invest in turnkey rental properties, I have created Turnkey Interviews. In these interviews, I pose 10 questions to actual investors who have and/or are currently buying turnkey rentals.
I post a lot about my own turnkey experiences and also want for you to get some valuable information from others as well who are doing the same thing. I strongly feel that investing with turnkeys is a great way to reach financial freedom if done properly. My plan to retire early will greatly be dependent on the passive income I make from rental properties.
If you have purchased a turnkey rental property and would like to be interviewed. Please contact me and we can coordinate it. Thanks so much. I really think us turnkey buyers need to stick together and share as much as we can from each other in order to have the best chances to succeed.
Turnkey Interview #6 with Lance
Lance is a real estate investor living in Austin, TX who purchases turnkey rentals out of state in multiple cities. He has also done a podcast where you can listen to him speak of his turnkey rental properties.
And here is the Q&A with Lance:
1. What led you to start buying turnkey rentals?
– The best investment return on my money. I like the idea of cash flow and being able to have a solid strategy towards retirement or early retirement.
2. When did you start buying turnkey properties?
– I purchased my first turn key property this year (2015), but I have invested in other properties before I went the turnkey route.
3. How man turnkey houses do you own?
– Currently 4 and am in escrow on 3 others.
4. Are you planning on buying more turnkeys?
5. What kind of returns are you getting on your turnkeys?
– It’s hard to say exactly, but after maintenance and vacancy reserves, I would say about 20% Cash on Cash.
6. What cities are your turnkeys in and do you plan on venturing out to different cities?
– Indianapolis, in escrow in Kansas City and Texas as well. I would probably also invest in Jacksonville soon as well. I like the idea of market diversity.
7. Are you happy with the PM that was provided with the turnkey?
– Extremely happy so far!
8. Have you had any bad experiences with any of your turnkeys? Either with the purchasing process or after?
– Not really. I have had some appraisal issues, but the turnkey has worked with me on everything really well. I have had a great experience and it hasn’t taken up much of my time which is exactly what I was going for.
9. Do you have any advice for others looking to venture into out of state turnkeys?
– Do a lot of due diligence. Be comfortable with the numbers, trust who you work with, learn the neighborhoods, and do a lot of research. Never make an investment if it will keep you up at night – know your risk.
10. Overall, are you happy with the investment?
– Extremely happy, I plan on aggressively buying turnkey properties until the mortgage climate changes.
This concludes the interview.