Some assume turnkey rental properties are easy investments and are no work at all. But that is far from reality. In order for you to make a successful turnkey rental investment, you have to put in the work and research different markets, property managers and much more. Here are some things you really should know about turnkey investments.
Different Markets Have Different Returns
Not all turnkey rental properties are placed in a profitable area. Some markets have much higher return rates than others, and it’s very important to research past trends of profits from other properties in the area. Consider consulting with an expert who can determine the economic standing of the area and who can accurately predict market trends.
Research Is Key
Investing in a turnkey rental property can be daunting, and it’s important you fully research the area and who your buying from. Throwing your money at just anybody is not a smart move and making sure the property owner has a proven track record of being honest and delivering on their word. It’s also important to research different markets and trends to ensure your investment will make you the most money in the future. Luckily the Detroit market is having a resurgence and is a great option!
Consider Investing in Property Management
Half the stress of investing in a turnkey property is property management. Consider investing in a property manager to oversee items close to the property. A property manager also typically collects rent and provides maintenance to the property. Need a property manager in the Detroit area? We can help here.