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As the housing market recovers and real estate values increase, many people are finding themselves priced out of their local markets.
Some investors don’t want to give up on real estate altogether, so they’re turning to an alternative strategy: Buying turnkey rental properties in undervalued markets.
“As long as the cash flow is coming and hitting my bank account, I basically don’t care about seeing them in person.” Novice real estate investors like Guo are attracted to turnkey rental properties because they’re lower-cost and less time-intensive to manage.
The average turnkey investment property sells for between ,000 and 0,000.
Turnkey companies fill these important gaps by providing local market expertise.See, there has been an explosion of turnkey providers since the downturn of the housing market.Many of these companies are run by young adults in their early 20s who have little experience in real estate.In Florida, for instance, an estimated 12% of landlords are from out-of-state.Turnkey investors tend to come from high-priced markets and want to buy in states with low home prices and relatively strong rents.
They bank on the fact that most out-of-state buyers won’t come to see the properties they’re selling in person, which often haven’t been upgraded to turnkey standards.