Here are a few things that you might need to know before buying turnkey real estate
1. Buyers sometimes just look at the prices and never consider the areas they are purchasing the property in. Always look at the area and how it stacks up to the projected rents and the home prices in the area. This will help you identify the rent and values of an area.
2. Always get your home inspected after rehab, or inspected if rehab has been done. It can save you a lot of money. My clients know that when I finish a home I stand by my work. For example I have a leak in a water heater on a home I finished 30 days ago. My licensed plumber is taking care of it today at no charge.
3. Get the right home warranty for your income property. Home warranties can save you a lot in repairs in the future. We use one that is excellent and has saved my clients a lot of money. Most management companies do not like warranties because they make a lot of profit on repairs.
4. Check the agent you are buying the property from. They should have properties they have done to show their knowledge of the industry. The key to your success is the team you put around you. I just received a call from a contractor that could not understand why a quote for repairs on a home was so low.
They had been doing rehabbing for a client and their numbers were far different than the new contractor, who was way off what the property rehab cost should be. I instructed the builder they would be getting the client back in do time.
5.Get on google maps and look at the home and surrounding amenities. Think as if would you live there? I not saying its has to be Beverley Hills, but you need places to shop and eat that are near by.
6. You also need before and after pictures if you do not live in the area before and after construction. I set up YouTube channels for my clients and send them weekly videos showing their properties progress. That is so important to making sure you know the job is getting done.
If the agent or company does not want to do that, you might want to rethink you decision
7. Get good property Management! That is very important especially in the long term.
There you go I hope this will help you be more successful in building a profitable real estate portfolio. If you need an agent that has done 100's of these types of properties call me. I'm Brett
216-703-5740 EXP Realty Ohio and 602-363-6551 EXP Realty Arizona
216-703-5740 EXP Realty Ohio and 602-363-6551 EXP Realty Arizona
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Thank you