How to Retire Sooner with “Turnkey” Rental Properties

[@mygadgets1]

I am a big fan of Real Estate Rookie. Thank you for this episode. It is a moment of truth for me. I live in Dayton, Ohio. I want to invest in real estate but have not pulled the trigger. I joined Bigger Pockets to be in a network with like-minded investors. Sam made it happen in my back yard from 3000 miles away. I need to look in the mirror and get in gear. Thank you so much for sharing this story.

[@blackrealestatedialogue]

So glad I could inspire you! There is so much opportunity in Dayton. Keep working and you can make it happen.

[@roser4989]

So glad I found this channel. Been watching so many investing videos but no one had these beginner questions for investment property.

[@blackrealestatedialogue]

thanks for tuning in!

[@damonaniton]

Turnkey/New keeps things simple. It allows you to go directly into renting out the property.

[@AndrewWoodford]

I did a fixer upper on my first property and it was dreadful. I probably only saved about $10,000 and it took 7 months before a Tenant was placed. Never again for me.

[@blackrealestatedialogue]

Yes indeed! Great for those who don't want the headache of rehab

[@blackrealestatedialogue]

that's tough!@@AndrewWoodford

[@damonaniton]

@@blackrealestatedialogue when you factor in the cost of your time. you honestly are not saving any real money by doing a rehab. which can take months if not a year. find units that are turn key or new that meet your numbers. buy it and get it rented.

[@hollywoodclipp]

@@AndrewWoodfordyea ppl should do a fixer up if they already have like the time for it and not tryna get instant cash flow

[@emiliov2647]

Nice how everyone go in early in buying rentals. Nowadays, you won’t find any properties that will cash flow. Can you bring someone on the podcast that is making deals in the last 2 or 3 months.

[@blackrealestatedialogue]

I purchased my last deal earlier this year at a 7% interest rate. There are deals out there just gotta look in the right markets.

[@CharlieRealEstate]

You are right it has become harder to cash-flow with high prices and high interest rate, but that doesn't mean opportunities have vanished. Adapting and using the right strategies can still yield success. For instance, exploring emerging markets, focusing on distressed properties, or considering short-term rentals in tourist areas might be the ticket. I've come across investors who've recently had success with 'house hacking', essentially living in one unit and renting out others, or using BRRRR (Buy, Rehab, Rent, Refinance, Repeat) strategy.

[@wilmorales4350]

Great show! Here's an episode idea...would be great to get into the details of doing a renovation project on your first property for newbie. There is so much that goes into it from finding GC's, Structural engineers, and permits, etc. Also how timing of all of these different things come into play and the impact on your cash flow that first year of owning a rental.

[@CharlieRealEstate]

Wow, Sam's story is a testament to the power of pivot and perseverance! It's so inspiring to see someone take control of their financial future and find success in real estate investing. Thanks for sharing his journey and highlighting the possibilities of passive income. It's a game-changer! 🏠💰🙌

[@blackrealestatedialogue]

thanks for your kinds words! I appreciate you tuning in!

[@AndrewWoodford]

I’m curious what his portfolio looks like now. Total Equity, Monthly Net, Capital Expenditure Numbers, etc. his journey is very similar to mine, except I moved to the investment area in the Midwest since wages for Pharmacy Technicians were very similar.

[@CharlieRealEstate]

I am also curious about that. What market did you move from?

[@AndrewWoodford]

@@CharlieRealEstateI moved from Boise, Idaho to Davenport, Iowa.

[@rssoto8245]

I enjoyed your podcast! I have an idea for a future episode: could you discuss the 10 most common mistakes that rookie rental property investors make when building apartments or short-term rentals ?

[@lawrencebriggs]

Great interview Sam! I too, enjoy buying turnkey properties!

[@blackrealestatedialogue]

thanks! Yes, turnkey can certainly make some things easier

[@Nonamevisibleinvisible]

Good call out on scam. Thank you for the tips!

[@blackrealestatedialogue]

thanks for tuning in!

[@JMM3289]

Love this podcast😊 keep up the great work!

[@blackrealestatedialogue]

thanks for watching!

[@matthewburkholder1076]

Also less worry and less need to save for cap x

[@blackrealestatedialogue]

100% true!

[@blinks6736]

@@blackrealestatedialoguegood shit bro!

[@blackrealestatedialogue]

thanks!@@blinks6736

[@Nonamevisibleinvisible]

Can we get the Turnkey team contacts ? Intrested to join in their mailing list as well to give it a shot :)

[@blackrealestatedialogue]

to be honest, I don't recommend them. Didn't have the best overall experience after the purchase.

[@lashun1st]

​@blackrealestatedialogue how did you finance your property's? I heard you used the initial $ from 401k did you use private lenders, ???

[@blackrealestatedialogue]

hey! I borrowed from my retirement and then saved additional funds through pausing my student loan payments for one year@@lashun1st

[@bbqworld2103]

Great info thanks

[@blackrealestatedialogue]

thanks for watching!

[@dhruvpatel329]

Great Interview Sam, thank you for all the great tips. I wanted to ask how can you find a turn key property without going to a turn key provider ? I know you said there is a way to find turn key on MLS, any specific tip on where to start if one would want to buy turn key property directly ? Thanks

[@blackrealestatedialogue]

Find an investor friendly real estate agent and they should be able to help you find turnkey properties. Thanks for watching!

[@theresamcgallicher]

I found mine on the MLS - it was in an area where I already intended to purchase a vacation home. I paid list price for the property plus an additional $8500 cash for the contents of the home. The previous owners had renovated it, rented it out for a year, and decided they no longer wanted to do STR.

[@CG-uk1vz]

The inspector might've ruined the second deal. If a structure engineer said there was nothing wrong with the house foundation, why would you take the word of an inspector who has no expertise in foundation issues? At the very least, just get a second opinion from another engineer, but this home inspector sounds like he's overstepping his expertise. Aside from that, great show.

[@blackrealestatedialogue]

Thanks for your insight. The inspector provided a detailed report of what he saw and he actually spoke to the engineer directly. He was full of it to be honest. The sellers were just trying to pass on a major issue to another investor. I don't regret passing on that deal, sellers were suspect in my opinion. Thanks for watching!

[@andriipcreate]

@@blackrealestatedialoguetotally agree with you. Even IF it was so so okay, you will always remember about that that and it would be additional psychological discomfort.

[@blackrealestatedialogue]

@@andriipcreateexactly! I agree with you. Ultimately folks gotta do what’s best for them.I would have regretted buying that house and it would have been a money pit to be honest.

[@xx-knight-xx2119]

Im thinking of going through a turnkey company as I dont care for equity as much I care for monthly cash flow of at least $500. What a turnkey property be good for that? Obviously assuming I do my due diligence and check the property out as any other investment property instead of just going with their word.

[@blackrealestatedialogue]

I would not recommend going to a turnkey company. Find a good agent in your market that works with investors. They can help you find a turnkey property. You'll have more negotiating power and less headache.

[@lashun1st]

Hi! Thx 4 sharing. Chicag here. After using your 401k. How did you finance these deala?

[@blackrealestatedialogue]

thanks for watching! Outside of using 401k, saving money from the 9-5 and cutting expenses

[@becerragerman10]

Red flag episode 😊 please

[@thetuanson]

Awesome

[@blackrealestatedialogue]

thanks!

[@212workout]

Who are the best turnkey companies out there?

[@blackrealestatedialogue]

I wouldn't recommend any of them. You can find turnkey rentals through an agent that are listed on the MLS. You will have more negotiating power and control over the situation.

[@parler8698]

Remote landlords should not be all-day suckers like this guest.

[@blackrealestatedialogue]

😎

[@AlexShantyOldLawModel]

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