160: 19 Fatal Turnkey RE Investor Mistakes with Terry Kerr & Liz Nowlin
Get Rich Education
Keith Weinhold
4.3 • 602 Ratings
🗓️ 27 June 2018
⏱️ 36 minutes
🧾️ Download transcript
Summary
#160: You want cash flow that is stable and durable. Today's guests, Terry Kerr and Liz Nowlin from Mid South Home Buyers, tell us how both they and Memphis, TN delivers.
We discuss the 19 due diligence questions that you need to ask when you're vetting a turnkey real estate investing provider.
When you purchase real estate "turnkey", the property is already renovated and tenanted. That way, your provider maintains more risk before you purchase the property.
Learn about the neighborhood "sweet spot", little-known differences between a $125,000 property and a $62,000 property, and the importance of in-house property management.
Find out how to avoid lengthy vacancies. Does your provider mark up materials?
Learn about when your provider makes guarantees about your property's occupancy and renovation.
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Listen to this week's show and learn:
02:14 Turnkey defined.
04:52 Terry Kerr and Liz Nowlin interview begins.
08:01 Does your turnkey provider actually own the property?
12:13 Renovation quality.
15:12 $125,000 property vs. $62,000 property.
17:35 Neighborhood sweet spot.
19:18 Only 1 in 6 renter applicants are approved.
20:34 In-house property management.
24:37 Avoiding lengthy vacancies. Application fees.
28:21 Marking up materials.
29:50 Occupancy guarantee and renovation guarantee.
32:52 How your PM's in-house handymen can be good or bad.
Resources Mentioned:
Transcript
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| 0:00.0 | Get Rich Education is brought to you by Ridge Lending Group and Corporate Direct. |
| 0:08.8 | Welcome to Get Rich Education with Keith Winehole, giving you information and ideas on the investment that has turned more ordinary people into millionaires and billionaires than anything else and can provide |
| 0:23.3 | you with more wealth and happiness than you ever thought possible. Now, here's your host, investor, |
| 0:30.2 | entrepreneur, business owner and educator Keith Weinhold. |
| 0:38.4 | Welcome to Get Rich Education installment 160. |
| 0:41.9 | Hi, I'm your host Keith Weinhold with listeners in 186 world nations. |
| 0:46.3 | The nation with the best real estate investing opportunities may very well be right here in the United States. |
| 0:52.1 | And that location in the U.S. with the best cash flowing metrics |
| 0:55.3 | might very well be Memphis, Tennessee. And we've talked at length with economists and demographers |
| 1:01.7 | and geographers about why exactly that's true. Today we're talking with the real estate |
| 1:05.9 | investing company in Memphis, mid-south homebuyers about the real estate investing mistakes that you must |
| 1:13.4 | avoid if you want the best opportunity to generate stable, durable, passive cash flow for |
| 1:20.1 | yourself. |
| 1:21.0 | Today's guests, unlike very few others, you know, they really pull back the curtain of their |
| 1:27.3 | operation to show you just what goes on |
| 1:29.7 | behind the scenes right there on the back stage and on the front stage. I've been inside |
| 1:35.7 | their control room in Memphis with them. They've shown me some of the databases on a large |
| 1:40.7 | computer monitor there. And I expect that they're going to be revealing to you |
| 1:44.6 | on today's show because that's just how they are. In fact, you're listening as an investor |
| 1:50.4 | interested in building wealth through real estate. But today's guests are so transparent |
| 1:55.1 | sometimes that if you ever wanted to start and operate your own turnkey real estate investing |
| 2:00.5 | company yourself, today's show |
... |
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