Millennials are caught in a phase where they are postponing the economic obligation of owning a home. Yet, no one can blame them because they have witnessed the housing market rise and drop while they were going through college or turning into young professionals. These days, they are turning to turnkey rental investments as these provide them the chance to be a homeowner and earn at the same time.
Short-Term Housing Equates to Long-Term Investment
In contrast to house-flipping that needs numerous fixes to make a home habitable, turnkey investments are already livable the same day you buy it. Millennials are using high rent and low property rates to their advantage by getting their own home big enough to have other units rented out.
Purchasing a Turnkey Property
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Millennials who are interested in getting their own turnkey property need to invest a lot of time and effort. They have to have an ideal location on where they want their property before they get in touch with a company who has property listings. They have to be determined to see the location, property and the turnkey company itself.
As soon as they find their ideal property, they can welcome discussions with the turn key company or just proceed directly to the closing procedure. A standard rule when it comes to turnkey is that the property should already have a paying tenant ready before they close the agreement.
The Element of Risk
Turnkey might seem like a worthy investment as it comes with a secured return, but it will have its risks. There are rising taxes, maintenance and turnovers to think about as you can’t really increase the cost of rental just to make up for additional expenses.
If you want to invest in a turnkey property, always have an emergency fund ready to deal with possible financial stresses of owning a lot of properties.