626: How “Turnkey” Rentals Can Help You Build Real Estate Riches Faster
BiggerPockets Real Estate Podcast
BiggerPockets
4.8 • 16.5K Ratings
🗓️ 23 June 2022
⏱️ 62 minutes
🧾️ Download transcript
Summary
Turnkey rental properties have become a fan favorite for rookie real estate investors and investors who don't have enough time to manage their rehabs and rental properties. Turnkey real estate is marketed as a way for real estate investors to buy a rehabbed property, often with tenants and management in place, leaving them with just rent checks to collect. One company, Rent To Retirement, has become one of the most popular places to find turnkey investment properties—and for a good reason.
Behind the helm is Zach Lemaster, former optometrist, and current real estate investor. After going through eight years of school, Zach was left with six figures in student loan debt and a job that required him to be on-site for the majority of his waking hours. Like most new real estate investors, Zach had hit a breaking point and realized he needed something else that could provide him income, without the time commitment.
After shelling out a large sum on a wholesaling course, Zach began using his assignment fee profits and salary from his job to buy rental properties. Every year he would buy more and more rentals, allowing him to finally scale into what he calls “turnkey commercial” (triple net) properties that give him sizable rent checks without any of the management headaches. Zach has a real estate investing path worth repeating, and he explains how he did all of it in this episode.
In This Episode We Cover:
How to use wholesaling to make extra cash to invest in real estate
The dos and don’ts of long-distance real estate investing (don’t make Zach’s mistake)
When to reinvest rental property profits so you can retire even sooner
The biggest challenges you’ll face when building a real estate portfolio
Turnkey rentals and why they’re a great option for busy investors
The importance of a great property manager and how a bad one can ruin your deals
And So Much More!
Links from the Show
Get Your Ticket for BPCon 2022
Ask David Your Real Estate Investing Question
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Subscribe to The “On The Market” YouTube Channel
Mastering Turnkey Real Estate—How to Build a Passive Portfolio
6 Pros & Cons of Investing in Turnkey Properties
The Perfect Blueprint for Scaling Quickly in Real Estate
Subscribe to The Rent to Retirement YouTube Channel
Books Mentioned in the Show
The Millionaire Real Estate Agent by Gary Keller
The E-Myth by Michael Gerber
Connect with Zach:
Click here to check the full show notes: https://www.biggerpockets.com/blog/real-estate-626
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Transcript
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| 0:00.0 | This is the Bigger Pockets Podcast Show, 626. |
| 0:05.0 | I mean, there's not a lot of difference, whether you have a $200,000 single family in the Midwest, |
| 0:10.0 | a $2 million deal in a more expensive neighborhood, you still evaluate the numbers the same. |
| 0:17.0 | So don't limit yourself looking at the larger deals and getting scared at participating in those, |
| 0:22.0 | even if it requires bringing in some private money. |
| 0:25.0 | What's going on, everyone? I am David Green, your host of the Bigger Pockets Real Estate Podcast. |
| 0:30.0 | Here today with my fantastic co-host, Rob Abasolo, where we get into an interview with the CEO of Rent Retirement, |
| 0:38.0 | Zach, was it Lee Master? I already say it. |
| 0:42.0 | Zach Lee Master, you know what's funny is when Brandon did these shows, he always messed up the last name, |
| 0:46.0 | and now I, as the host, find myself doing the exact same thing. It's funny, because when I was the co-host, |
| 0:51.0 | I always knew what it was. And as the host, I don't. |
| 0:53.0 | Well, Zach gives us a great interview from several different dynamic perspectives of Real Estate Investing. |
| 1:00.0 | So Zach owns investment property himself all across the country, some of it small multi-family. |
| 1:05.0 | We get into talking about a luxury property that he actually bought in Colorado in a ski area |
| 1:10.0 | that he is going to be renting for $5,000 a night at peak season. |
| 1:14.0 | He also owns a turnkey company. You may have heard their name, Rent Retirement. |
| 1:18.0 | They are familiar in the bigger pocket space. You probably heard his ads on our show. |
| 1:23.0 | And we get into how he runs a company, how he hires why he believes turnkey could be better for some people. |
| 1:28.0 | Really good stuff. Rob, what was your favorite part of today's show? |
| 1:32.0 | You know, I think it was really nice to hear his insight into turnkey properties. |
| 1:35.0 | You know, he really kind of spoke a lot on stacking your strategy and staying hyper focused. |
| 1:39.0 | Because he's got a very cool trajectory in his real estate journey. |
... |
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