Thinking about investing in turnkey properties? Make sure you read this article which reveals the 5 secret keys to building a passive cash flow with turnkey property – which works here in the 48210 zip code, and elsewhere.
Most people work their whole lives and then retire at 65 with little to show for it. But turnkey property investors know that building a passive cash flow portfolio will allow them to retire early and very comfortably. If you’re thinking about creating your own real estate portfolio, here are 5 keys to building a passive cash flow with turnkey property.
#1. Find the capital
Turnkey properties are often much more affordable than what you might pay for a house that you want to live in. But you’ll still need the capital, of course. There are many sources you can use – from money in a cash account to an inheritance and even your IRA. (Call us at (313) 646-6309 and we can help you figure out a few other ways to get capital as well.)
#2. Acquire one property
For some investors, it’s a big leap to buy a large portfolio of turnkey real estate. It might be a good step for some but if you find it intimidating then we suggest starting with one property. Put it into your portfolio and see the benefits, then get another one and another one. Many of our clients acquire several – some get them all at once and some invest in them over time.
#3. Get comfortable and see the process
Once you see the process of how it works, you’ll see how simple it is. Plus, once the cash flow starts coming in, you’ll be really excited and want to invest more. Some people spend some of their cash flow (if it’s not in an IRA) and then save the rest to invest in another property.
#4. Find more capital
Once you feel good about the process and how easy it is to own your first turnkey property and to have all that cash flow coming in, we think you’ll want to do more! So then you can go out and start finding other ways to get capital – if you didn’t before, maybe now get a Self-Directed IRA and put some turnkey properties in there, for example. Or perhaps take out a loan to fund more.
#5. Partner with others
A more advanced strategy would be to even partner with others. This can work in a few different ways but you might think of it like this: the other person puts up some of the money and you put up some of the money and/or your own connections to a turnkey real estate company like us, and then you split the cash flow.
Turnkey cash flowing real estate can be a great addition to your portfolio, and these 5 keys to building a passive cash flow with turnkey property will help you build a cash flowing portfolio.