If you’ve been in the investing world for any length of time you have probably come across turnkey real estate opportunities. But, the question is: should you do turnkey real estate or not? Let’s discuss this.
Should I Do Turn Key Real Estate…Why or Why Not?
I know that turnkey real estate opportunities sound like a super simple and amazing way to get your foot in the door with a property, but I want to talk to you about a few things to consider.
But first, what does turnkey real estate even mean?! Honestly, it is pretty simple. What it basically boils down to is that someone else has really already done the hard labor of fixing up a property and getting it all setup and ready to rent, and you have a chance to come in and take it over.
Another company or person likely grabbed a property at a steal, made some cosmetic or significant rehab to the place, and now want an investor (like you) to take over the management of renting it out.
Now, while this actually is a pretty sweet option, it is not the best idea for new investors.
Think about it. When you are just getting started investing in real estate, you need to really get your feet wet and put some sweat equity into building up your knowledge of how this whole process works.
If you jump straight into turnkey real estate without building up some investing know-how, you may not be prepared if things go sideways once the property is yours.
You will probably not have the foundation in place to know how to handle issues that pop up, which will be more likely if you have done the work in years prior. Now, maybe you will be fine, but the best way to be sure is to have some experience under your belt first.
There is so much you will gain from getting out there and working your leads and turning them into deals.
I want you to learn how to talk to sellers and make offers on the spot while at a property. I mean, my goal is to help new investors become millionaires. Once you are already a millionaire, though, go for it! When you are honestly at a place where you don’t care if you might lose some money, feel free. At that point, you already have all of the foundation set.
But, when you are just at the beginning of the whole process, it is SO important that you DO. THE. WORK.
Believe me, I know how tempting it is to have it all nicely packaged for you, but you will be shooting yourself in the foot in the long run as a new investor.
Remember, it is my life’s purpose to help you to grow in this whole investing dream, though! So, tell me how I can help you even more.
If you are ready to dive in and get to work so you can really begin building up your nest egg, financial freedom, and escape from the 9-to-5, make sure you check out my premier course, First Deal Done Fast. It is jam-packed with everything you need to get started in real estate investing.
But, maybe you are not quite ready yet for that dive into action. Then get to know the community in our FREE Facebook group. Seriously, you will not find a more supportive and encouraging group of people than this!
So, there you have it. Should you do turnkey real estate? Not if you are just getting started and have not yet built up a foundation of experience.
But, what do you think? Is there more to consider here? Share your thoughts below.