5 Benefits to Turnkey Properties

5 Benefits to Turnkey Properties

Are you interested in investing in real estate? A home or apartment that’s in great shape and ready to be rented out, also known as a turnkey property, is a good way to get into the real estate business and provide you with a secure future. 

If you are considering this type of investment, keep in mind that there is more hands-on work with a turnkey investment. Stefan Soloviev points out that you still have to find a property to invest in as well as locate a good property management company or manage the property yourself. Still, it’s a great form of real estate investment. Here are some benefits of owning turnkey properties.

You Get in and Make Money Fast

Once you close on that property and a find good property manager, you’re set and will be receiving rental income within a month or two. Use that money to pay the mortgage off early, and you could own that home outright in a few years with a steady income for the rest of your life.

You Don’t Need Experience

Unlike other types of investments, you don’t need any sort of experience to own a turnkey property. The property was ready to move into when you bought it, so you don’t need to have carpentry skills or find someone who does. If you find a property manager, you don’t need to know how to vet prospective tenants. Once you save the money and close on the property, you have a passive form of income with the freedom to pursue other interests.

You Avoid Maintenance Headaches

A good property manager will have a team of repairmen at his fingertips. When something in your rental property breaks, the manager will contact you first for permission before arranging for needed repairs, sparing you the stress and hassle.

Your manager will also check your property from time to time to make sure everything is up-to-date, so your property stays in mint condition.

You Can Retire Early

After you purchase that first turnkey property, focus on paying it off early and then purchase another rental. Before you know it, you’ll own ten or more properties, providing you with a generous, inflation-proof income enabling you to retire early if you wish and spend your time pursuing things you truly love.

Investing in turnkey properties isn’t a get-rich-quick scheme, but it is a slow, steady way toward early retirement.

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