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.
Lance’s answers are short,
yet straight to the point.
Wondering if his also investing
in turnkey businesses.
Agreed! Short and to the point but he is moving fast and aggressively. I like it!
It is awesome once you have a plan that works, because then you can just go at it full force. Seems like Lance really knows what he is doingg!
Lance definitely knows what he is doing, he also did a podcast here talking about turnkey properties so if anyone is interested, you can check him out here:
What company are you using to purchase your turn key properties?
I’d be interested in performing my own due diligence and research.