Real estate is one of the most popular investments of all time, and it isn't going away any time soon. Millionaires still agree that real estate is the best investment you can make, and for good reason. It's a time-tested, tangible asset with ongoing earnings, and you can resell it whenever you want!
However, some investment properties are better than others. Let's talk about turnkey real estate and the benefits of turnkey property management to get the most out of your investment!
What Is a Turnkey Property?
Turnkey properties are essentially the opposite of a "fixer-upper" or a "flip" property. These are properties that you are ready to rent out as soon as you buy them. This is a popular real estate investment, as the benefits of turnkey properties are enormous.
First, you won't have to take on any extra risks of unexpected construction expenses. Second, you won't have to wait to start earning or take out a high-interest construction loan. And third, you can charge more for an updated property and start earning right away.
Also, there's simply less work involved! You won't have to spend nearly as much time or money fixing the property as you would with a 100-year-old building in need of major renovations.
To determine how much you can earn from a turnkey property in your area, use a rental property calculator. You'll quickly see the potential earnings and resale value of a turnkey property!
Of course, it's not always as simple as that. You will still have to manage the property as a landlord, right? Well, not necessarily.
What Is Property Management?
Property management is a way to have all of your responsibilities as a landlord relieved. Hiring an experienced property manager will ensure that your tenant screening, accounting, maintenance, and all other aspects of your investment property are taken care of.
This can free up investors to travel, retire, work, or do whatever they want! You won't have to answer 3 am phone calls about leaky faucets or even collect the rent. You can just sit back while the checks roll in!
Benefits of Turnkey Property Management
Beyond taking away all of the responsibilities of being a landlord, there are other benefits to property management. First, you'll have an experienced property manager with the expertise needed for your investment property. This will help you set the right rates, balance the budget, and find the right tenants.
As a result, this can translate to a net profit for your investment. While property managers will charge around 8% of your rental income for their services, you may end up earning more from their experience and expertise.
Hire a Turnkey Property Manager Today
Now that you know some of the key benefits of turnkey property management, hire a property manager in Northern Virginia today! The sooner you do, the sooner you can sit back and enjoy the fruits of your investment.
Stay up to date with our latest real estate investment news, and don't hesitate to contact us with any questions or for help with your turnkey home!
