Training wheels! Buy Turnkey. · Business Wealth Blueprint

Training wheels! Buy Turnkey.

Build wealth with training wheels. For folks that are already high income or can pull funding from their business and want a simple way to get into Real Estate; here's an example of what is out there that can get you going in real estate if you've never bought before. (Case study at bottom)

Buy a "TurnKey" property. This usually means a flipper has already come in and bought a distressed house and they put the time, money and work into it. Now they're exiting, and you have the chance to buy. There's often little to no meat on the bone (the flipper made the spread).

Pros:

1) Why this may still be a good option? It's simple, you can focus on your business or other high value activities that make you more money.

2) Usually the big headaches have been solved for you (Be sure to get an inspection!)

3) Long term appreciation is the goal, and you'll still get the value in the long run.

4) Easy button: Usually simple, you buy it, "turn the key" to open the door and you can rent it out immediately.

5) Usually good for someone who doesn't have time, or doesn't to learn how to get in the nitty gritty of real estate.

6) Could be great for a HouseHack! (You move into the property)

Cons:

1) Little/no meat on the bone when you buy.

2) You could be upside down with monthly cash flow for a few years.

3) You didn't build many skills when you acquired it.

4) MAKE SURE you get it inspected. Sometimes flippers don't do a good job. It could have serious issues and it just looks nice.

Case study:

One of my companies is wholesaling this property (it'll probably by gone by the time most of you read this post). We're selling it at $137.5k. Market value is probably $140-145k at the time of sale. Rents for $1200, loan ~$900. It'll only cash flow $75-100/mo after expenses.

https://sites.google.com/selltofreedom.com/811-s-nettleton-ave-springfiel/home

Challenge question:

Is this a strategy you've used or would use? How did it go and why?

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