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Turnkey Properties: 5 Things to Consider for Buy and Hold Investors - YouTube
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turn-key properties five things to
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consider today's video is all about
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turnkey properties and I really believe
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this video could change your life in a
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good way but you've got to watch all
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five points
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don't stop halfway through because what
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I'm going to talk about is some
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high-level stuff that poor people don't
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want to know about broke people gotta
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get your mind changed here if you want
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to build wealth if you want to then
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please pay attention we'll talk about
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five things to consider when buying a
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turnkey property let's dive into it here
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we are at our very first rental property
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hey everyone I'm Clayton Morris longtime
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real estate investor and on this channel
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we teach people how to get rich without
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quitting their day job unless they want
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to I retired at 40 years old from my day
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job thanks to passive income and passive
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cash flow from real estate investing and
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I've built this channel to help you do
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the very same thing now we have over 400
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videos on this channel that you can use
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to start building wealth today so hit
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that subscribe button in that little
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Bell notification so you'll be notified
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when we publish a new video which we do
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multiple times a week okay so what is a
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turnkey property ideally ideally it's a
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rental property that you buy that's
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fully renovated or it's built brand new
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from the ground up so the tenant can
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move right in turn the key to the door
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and start paying you rent or monthly
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cash flow that's the turnkey model
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that's what we do at my company morris
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invest so I know a thing or two about
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this entire process now this is not a
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video about why you should consider
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buying a turnkey property I've got other
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videos that talk about that and you can
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check out that right here in this little
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card you can click on that if you want
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to watch that no this is a video about
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five things to consider in your purchase
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of a turnkey property things to look out
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for number one financing can you buy
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this house with financing I sure hope so
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because we want you to use other
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people's money to acquire property I
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don't want you using all of your own
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cash to do this when financing is part
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of the process a number of things come
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into play here the bank is gonna make
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damn sure that that house is awesome
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do you follow me because they're gonna
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cross every T and dot every eye they
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want to know that if they're putting
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their money behind the house it better
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be a darn good house that's the bank
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that's a layer of protection for you as
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the buyer it's getting their seal of
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approval a bank you know how stringent
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they are well you might have been
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thinking is this a good property well if
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a bank is involved you can bet that
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you're gonna be buying a good house so
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let me take this even one step further
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because number two on my list is
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non-recourse financing now stay with me
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folks and don't let your eyes glaze over
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because non-recourse financing is like
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the mother of all financing so if you're
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buying a turnkey property can you get
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non-recourse financing that's a question
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you should be able to ask at my company
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morris invest it's built into our houses
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so yes you can here's why non-recourse
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finances financing is even better than
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regular financing well a bank says hey
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that house is awesome in so many ways
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it's in an appreciating area it's built
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beautifully it's cash flowing with a
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tenant inside it's managed by a
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reputable property management company
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there's a great demand for rentals in
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this particular neighborhood
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so it'll cash flow for years yes we will
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lend money on this property but the
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beauty of non-recourse is that it's not
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tied to you the borrower it's tied to
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the house so it's not in your name and
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it's not tied to your ability to repay
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the loan so if the bank wants to come
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back and collect its assets back because
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you skip town it can it can collect the
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house not your other assets now only a
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few banks do this and it can take
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anywhere between 8 and 12 months to get
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this kind of a loan in place which is
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why we do it ahead of time so when
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someone works with us that paperwork is
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already done and it's tied to the
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property they're buying so all of that
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runway of lead time is taken care of so
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the beauty of financing is that you're
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getting to buy a great rental property
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claim it on your taxes keep more of your
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own money in your pocket and then buy
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more properties because now your
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personal money goes even further number
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3 on my list is the type of house now
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I'm a big fan of single families and
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duplexes as you know
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from watching my channel I'm a big fan
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of these types of properties because
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there is way less volatility and
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problems to deal with and the number one
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reason is that tenants tend to stay a
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long time when you're buying at a B
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Class area with good jobs good schools
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good shopping not only that when you
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have these kinds of single-family and
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duplex style of homes tenants treat it
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like it's their own house they have a
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yard they have a driveway and they're
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less transient just look at some of the
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new construction rental properties that
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our team is building right now this
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entire subdivision look at the size of
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this duplex and look at the space there
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and it's in this room we have a waiting
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list for tenants right now because the
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size of these so with those bigger
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apartment complexes you have less space
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and tenants simply don't stay as long
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and you'll tend to have a lot of
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maintenance to worry about a lot of
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tenant turnover and you need a boatload
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of money to buy them in the first place
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I am NOT a fan of those big apartment
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complexes stay away next up number four
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is location when buying a turnkey
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property location is more important than
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anything else now we spend years
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analyzing markets before we invest there
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and it's important to understand a few
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key metrics before jumping in job growth
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our jobs coming are they going that's
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important what do you think
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landlord friendly we only build our
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properties and renovate our properties
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in Landlord friendly states that means
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if there's an eviction that needs to
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take place it can happen very quickly
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landlord friendly also means I get to
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decide what I want to do with my
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properties not the government sorry
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government not into you I also want to
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make sure there's a demand for tenants
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like I mentioned earlier we have a
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waiting list for tenants near the
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University where we're building those
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duplexes well that population is
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increasing they need a place to live so
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you have the job growth the new hospital
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University and a very solid demand for
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affordable housing in those
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neighborhoods so location location
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location
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number five immediate cash flow will you
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receive immediate cash flow or where you
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have to wait I prefer immediate cash
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flow after all that's why you're buying
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a turnkey property now we've grown
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tremendously as a company
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and now we only sell houses after a
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tenant is in place with a property
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management company and the bank has
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approved it do you follow me the bank
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which is giving you the financing has
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analyzed the lease they vetted the
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property management so when they lend
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you the money they already know it's
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rented with immediate cash flow they're
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already analyzing this and approving it
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so when you add up all five of these
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items you can accelerate your wealth
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building you're buying the property with
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someone else's money so you don't have
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to come out of pocket for the full
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amount that Bank has already analyzed
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the house the tenant the neighborhood
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and their lending on the house not you
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if you do non-recourse financing and you
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get immediate cash flow these are the
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some of the main items that I would
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consider if you're buying a turnkey
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rental property these are five basic
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ones we could go deeper so go ahead and
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book a free 30 minute call with my team
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if you're interested in learning more
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about what we do that link is below also
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watch this next video on buying
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properties with your self-directed IRA
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did you know you can do that and how
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it's an amazing strategy to explode your
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wealth with tax-free dollars most people
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don't know you can do that we'll teach
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you how see you in the next video
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everyone
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