217: Passive Real Estate Investing - Pros & Cons
Get Rich Education
Keith Weinhold
4.3 • 602 Ratings
🗓️ 3 December 2018
⏱️ 40 minutes
🧾️ Download transcript
Summary
#217: Turnkey RE mistakes to avoid are discussed.
Turnkey means “all-done-for-you”. You’re buying property already rehabbed, tenanted, and under management.
You’ve outsourced work and sweat equity.
Turnkey pros: less time, less rehab risk, instant income, built-in management.
Turnkey cons: less rehab control, no sweat equity.
Just because a company is called “turnkey” does not make them a good operator.
I tell you how to reduce property repair costs.
Today’s guests, Terry Kerr and Liz Nowlin of Memphis, TN’s Mid South Home Buyers, are exemplary turnkey providers.
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1) Grab my FREE E-book and Newsletter at: GetRichEducation.com/Book
2) Actionable turnkey real estate investing opportunity: GREturnkey.com
3) Read my best-selling paperback: getbook.at/7moneymyths
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Listen to this week’s show and learn:
03:34 Turnkey does not mean “completely uninvolved”.
04:12 Control.
07:22 Unethical operator tactics.
09:02 Inspections.
09:43 Management.
13:05 How to reduce repair costs - insurance claim, warranty.
14:56 Pros of turnkey.
19:49 Why Memphis?
24:14 Rent amount, occupancy rate.
26:53 Integrated business.
29:37 Extent of rehabilitation, management.
33:15 Guarantees.
37:12 Rent $750, purchase price $70,000.
Resources mentioned:
Field verification: WeGoLook.com
Mortgage Loans: RidgeLendingGroup.com
Cash Flow Banking: ProducersWealth.com
Turnkey RE: NoradaRealEstate.com
QRP: TotalControlFinancial.com
Transcript
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| 0:00.0 | Welcome to Get Rich Education. I'm your host Keith Weinhold. Passive real estate investing with turnkey property sounds incredible, and it can be highly profitable for you if you know which pitfalls to avoid. But what are some of those downsides to turnkey real estate investing? We're going to look at those places where you need to pay attention to avoid loss and frustration today on |
| 0:21.5 | get rich education. |
| 0:26.5 | MC Lobbscher is the host of the Cashflow Ninja podcast and president of producers wealth. |
| 0:32.0 | He is on a mission to help you achieve financial independence and freedom as soon as possible. |
| 0:37.1 | He achieves this by integrating the infinite banking concept with real estate investments to help you achieve financial independence and freedom as soon as possible. |
| 0:41.6 | He achieves this by integrating the infinite banking concept with real estate investments to increase their returns and recapture cash flow that you are not even aware of that you're losing. |
| 0:48.0 | MC shares the number one strategy of investors in his holistic wealth creation course |
| 0:52.4 | at your own banking system.com. |
| 0:58.1 | Finally, total control financial gives you checkbook control of your 401k and IRA money to |
| 1:03.7 | invest in real estate. It's time to get your retirement money into your own checking account, |
| 1:09.7 | but you've got to avoid the little-known |
| 1:11.4 | tax that you'll pay with any self-directed IRA. Instead, it's time for the QRP. Learn more and get |
| 1:18.4 | your free copy of the QRP book by text messaging, QRP in all capital letters to $72,000. |
| 1:29.5 | Get Rich Education is brought to you by Ridge Lending Group, |
| 1:32.6 | Producers, Wealth, LaRata Real Estate, and Total Control Financial. |
| 1:37.8 | You're listening to the show that has created more passive income |
| 1:41.0 | for people than nearly any show in the world. This is the powerful get rich education. |
| 2:13.3 | Welcome to GRI. You are back in that abundant place where you realize that you have a choice between either living below your means or just using those same efforts to expand your means. And you need a dose of abundance because the scarcity mentality is abundant and the abundance |
| 2:18.9 | mentality is scarce. |
| 2:21.2 | Hi, I'm Keith Weinhold and I'm so grateful that you're listening to the 217th installment |
| 2:25.7 | of Get Rich Education. |
| 2:28.0 | Four episodes ago, we talked about how commercial real estate investing compares with |
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