Turnkey Interview: 10 Questions with Lance

turnkey rental properties questions

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?

– Yes

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.

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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.

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Cash Flow Diaries

4 Comments

  1. Agreed! Short and to the point but he is moving fast and aggressively. I like it!

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