In today’s down real estate market, everyone is trying to figure out the best way to invest in cheap homes. While there are many ways to do that, the safest and probably smartest way is to invest in turnkey investment properties.
The phrase “turnkey investment properties” is unquestionably getting worldwide recognition within the real estate investing marketplace. As the term implies, this means that all the work is completed and the investor essentially steps straight into an income earning cash flow property investment. To be able to satisfy the requirements as “turnkey,” the dwelling is required to be totally renovated, with a property management professional put in place in addition to, if at all possible, already being rented or leased.
For a number of investors, acquiring this kind of property is essential to becoming successful, particularly when taking into consideration each of the actions necessary for any property to finally end up turnkey. This is a quick listing of those steps:
- Identify a local area or real estate market to make investments in
- Research rent comparable
- Look at foreclosures on the market within that area
- Identify what repairs are required
- Submit offers
- Attend closings (at time associated with the purchase)
- Request final utility bills
- Turn on all utilities
- File property transfer affidavits in the county
- File for permits
- Collect repair estimates
- Employ workers and contractors
- Schedule contractors
- Figure out extras/change requests
- Check work
- Make certain tasks are achieving high standards
- Cover contractor draws
- Retain the services of a property manager
- Register the house or apartment as being a rental with the local municipality
- Find a renter
- Front the money to buy and fix up
- Keep a record of all of the draws, expenditures, and so forth.
But not only must the investor become knowledgeable and experienced at rehabbing, he/she should be prepared to dedicate a significant period of time on the project (even if outsourcing some or all of the individual jobs).
So, when considering property investing, a number of investors use a professional or even a “turnkey property specialist,” who offers already renovated and leased residences at wholesale selling prices. The ideal expert already has a system and staff in place to locate and purchase the best properties, within the desirable locations and with the best price ranges, and subsequently to profitably renovate and rent the properties, providing all of these properties on the market at cheap wholesale prices.
Memphis Buy And Hold is specializing in locating, purchasing, renovating and managing single-family and multi-unit properties and possesses from 2007 up to the present of experience in real estate investing and property management in the Memphis and Nashville markets.
