Today’s post is a guest podcast interview I did for the good people over at turnkey-reviews.com. Brie Schmidt is the host and President of Turnkey-Reviews and she reached out to me about doing this interview due to the knowledge and experience I have with purchasing turnkey properties.
**You can click the image above to be taken directly to the podcast.**
Some of the topics talked about are:
– How to Choose an Investment Market
– Lessons learned from the very first Turnkey Rental Property I attempted to purchase
– Property Management comparisons
– What to look out for with Turnkey Sellers
You can check out the podcast here:
Podcast: Interview On Investing With Turnkey Properties
Let me know your thoughts.
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Thanks for sharing our experience! I like Indy as well, but will hold off for a while. Was the financing rather smooth? What were closing costs like?
Hi Mike, Thanks for checking out the pod cast. Hope it helps you out. The financing went as smooth as it can get. Typically takes about 4 weeks and it was about the same on all of them. The closing costs can vary based on if you get any seller cash backs or help on closing costs but typically you will be around the 4k range per property. You just have to account for that cost in your numbers.
You can see my actual closing costs on my last one here:
http://www.cashflowdiaries.com/my-3rd-turnkey-rental-property-in-the-books/
Awesome! I’m listening as we speak… I’ll be on the show soon, just completed my interview with Brie 😉
Cheers!
Cool! You would be perfect on that podcast. Happy to hear you will be on it and am looking forward for it to come out. Ill keep an eye out on the site for when its published.
Just listened to the podcast…loved it. I did contact you before so I did hear some of the specifics of your experience (thanks again for the info). In any case, it was interesting to hear your take on investing for appreciation vs cash flow. I’ve been meaning to ask you about that since Austin seems like a pretty good market. When I tell people I invest out of state, they tell me I should buy in NYC instead. Umm…yea, firstly I’m priced out of the insane market here and secondly, it would be negative cash flow. But think of the insane appreciation here in NYC they say. That’s been true and even when the market went south, NYC has more or less been okay because of the demand but it’s just too much money and risk as well. With appreciation…it’s only paper gains until you actually sell.
Hey Andrew. Im glad you enjoyed the podcast. Yeah the whole appreciation vs cash flow debate can go on forever and ever. There really is no winner but I know that I personally only feel comfortable investing in cash flow because appreciation is not guaranteed. I mean its for sure that appreciation gains can build wealth a lot faster then cash flow but its more riskier too.
Here in Austin it is very difficult to find good cash flow so I stopped trying. I still have 3 houses here though so I will ride the appreciation gain from those all the way to the bank!
I agree that NYC is even worse then Austin and there is no way you can ever find cash flow up there. You should consider out of state and if you need advice or anything. Feel free to reach out. Im actually really close to start hunting for my next turnkey and im getting antsy about it.