If you're a new real estate investor, you have a lot of things to think about. What kind of property are you trying to invest in? How are you planning on balancing your life with being a landlord?
Have you considered investing in a turnkey property to make your life easier? This is a great option for new property investors who are still "getting into the swing of things," so to speak.
Not sure what to make of turnkey real estate or turnkey property management? We're here with a quick guide to tell you all about it. Keep reading to learn more about managing a turnkey property.
First: What Is a Turnkey Property?
A turnkey property is a rental property that an investor can buy that's already ready for tenants. Sometimes the properties already have current tenants, though this isn't always true.
These properties are already fully renovated and in good condition.
You can often buy turnkey properties from businesses and companies that specialize in property restoration. These companies often come alongside built-in property management services.
Why Are Turnkey Properties So Popular?
So why would you want to invest in a turnkey property instead of any other kind of property?
If you love the idea of flipping a fixer-upper, you might not need a turnkey property. Some people have the funds and experience to make this happen and turn a bad property into a good investment.
That said, most newcomers to real estate investing aren't in this category. They want to make an investment, but they aren't yet ready to sacrifice their full-time jobs to do an official flip.
They also don't have the funds or resources to have contractors make all appropriate renovations to make a property livable for tenants. While an affordable fixer-upper might seem like a good idea at the start, when you add in the cost of renovations and marketing, you may not be as fortunate as you planned.
Turnkey properties remove the problem. You can start making a profit right away because the properties are already habitable and they may even come with a pre-existing good reputation.
How Does Turnkey Property Management Work?
Because you can often purchase turnkey properties from property management companies (or companies that can refer you to property management companies), you can put a lot of your responsibilities in the hands of experienced professionals.
Property managers can take care of a lot of the "background work" involved with being a real estate investor. They can help you find good tenants, manage all necessary repairs and maintenance, manage legal issues, and even take care of marketing and negotiations.
This means that investing in a turnkey property rental will be effortless on your part, making it the best possible option for new investors.
Invest in Your Turnkey Property Today
Are you ready to join the growing group of property investors? This is an exciting decision, and it can be easy with the help of turnkey property management.
Don't let the idea of flipping a fixer-upper keep you from your investment dreams.
Are you looking for turnkey properties and property management in Orlando, Florida? Schedule a free consultation with us today!