29: Growing Your Portfolio with Turnkey Investing with Whitney Hutten and Lance Robinson

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 16 September 2020

⏱️ 56 minutes

🔗️ Recording | iTunes | RSS

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Summary

Expensive market? Busy with a career and other priorities? There are a lot of compelling reasons to consider turnkey investing in a more affordable area – where a local "operator" sells you a tenanted property designed to pump out cashflow from day one. All you have to do is "turn the key," hand things off to a property manager and... voilà! You're rich. You can now kick back and sip margaritas on the beach. Right? Well, it's a little more complicated... as you'll learn today from seasoned turnkey investors Whitney Hutten and Lance Robinson. Both have bought rental properties from turnkey operators in several different markets, and they tell us all about the highs and lows, reveal what they wish they would have known, and offer candid advice for anyone considering this niche. When you're done with this show, you'll know the exact questions savvy investors ask prospective turnkey providers about neighborhoods, construction warranties, property management contracts, and how operators handle evictions and major repairs. You'll also know how to handle a home inspection to ensure you know exactly what you're getting into! Look – there are a lot of turnkey operators active on the BiggerPockets forums. A lot of them are great teachers, too. But this episode is told from the investor/customer's perspective... and it's well worth a listen – or two! In This Episode We Cover: What turnkey investing is Doing due diligence to find a trusted turnkey operator Why it's always worth flying out to walk the property before purchasing Hiring your own home inspector! Whitney and Lance's turnkey winners and losers Managing your property manager Handling an eviction The role of cash reserves when buying turnkey properties The "BRRRR-key" business model And SO much more! Links from the Show Real Estate Rookie Facebook Group Felipe's Instagram Ashley's Instagram BiggerPockets Podcast Quickbooks BiggerPockets Calculators David Greene Turnkey Reviews BiggerPockets BiggerPockets Forums Appfolio Buildium Zillow Apartments.com FEMA Deal Check Stessa Quickbooks Check the full show notes here: http://biggerpockets.com/rookie29 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is real estate rookie show number 29.
0:05.0	I used to feel more strongly about the right neighborhood or the right market and now I feel like the feet on the street and how are they going to handle
0:14.4	when a problem arises is more important to me now than the market. Did I catch a niner in there? My name is Ashley Kerr and I am here with my co-host
0:30.8	Felipe Mejia. You know what movie that's from?
0:34.0	Oh, where is that from?
0:35.3	Tommy boy.
0:36.3	No idea, that's hilarious.
0:38.3	Yeah, all-time favorite.
0:40.0	You have to watch it if we're going to continue to be friends.
0:42.8	If we're going to, okay, send it to me, Amazon it to me, I'll definitely watch it.
0:46.3	I can't ever watch it.
0:47.3	Did you catch a niner in there?
0:48.7	What do you call him from a walkie-talkie?
0:51.7	What? Anyways, Today we are talking about turn key properties. How to find a turn key company? What to ask the turn key company? And we have on Whitney and Lance who have grown massive
1:05.2	portfolios starting out with turnkey.
1:07.6	Yeah, this is a really special show because you know there's a lot of myths behind turnkey properties buying them how to get the
1:15.4	right managers in place after that how to separate them it's just a really good
1:19.3	show for those who are looking to invest into a property that's already ready.
1:23.6	And she explained it perfect.
1:25.1	Key goes in, your turn it, it's ready to rent.
1:27.7	So Lance and Whitney answered some crucial questions
1:30.7	when it comes to investing in out of state even with a turnkey property.
	...

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