Turnkey Property Investment: What is Turnkey Real Estate?

Abstract

Turnkey investment properties have become more popular for investors who cannot find affordable properties where they are based, like in the New York real estate market. Before sealing the contract with any property management firm, you should know: The experience of the property management firm How long does it take to find the tenants If they provide monthly statements and keep track of expenses and income Fees of the property management firm on which your net ROI depends. Benefits of Turnkey Property Investment Want to become a landlord and enjoy a passive rental income from your investment property but don't know how, or are unable to invest time in renovating and finding the tenants for your property, then buying a 'Turnkey Property' might be the best solution for you. One of the advantages of buying turnkey rental properties is that the buyers do not need to spend time finding a property, renovating the property, and finding the tenants all by themselves. The turnkey properties are fully renovated and are ready to move in and the property management companies look into the maintenance and repair of the properties themselves. Any wrong move in turnkey property investing can result in negative cash flow and you may have to sell the property without making any profit at all. On the contrary, it may cause a big headache for the investor, so one way is to open a separate account for the repair and maintenance of the property that the turnkey property management company can access while the investor will be the sole owner of the property.