Tag: #tipsandtricks

Turnkey Real Estate: The Steps and Tips

Posted on | by Allison Zuck

Last blog post we covered some of the basics of turnkey real estate. This week we’ll cover what you should do to get started investing in turnkey, if you think you are a right fit for it!

Steps

First, look for turnkey properties. You should be able to browse some websites specific to turnkey reality. And while you should narrow down your list of specifics, you will be able to look long distance. You can secure a fantastic property manager for any long distance properties. While researching, make sure you get a clear picture of the property’s financial situation. You don’t want to offer on a property only to realize that it won’t be making you any money. Then, you make an offer. That follows standard procedure, where you negotiate until you and the seller are both happy with the outcome. Finally, you figure out the financing and close on it. It really is as simple as that!

Tips

  • Long distance properties are not a bad idea. You won’t have to be hands on, which makes it a great option! And, if you live in an expensive area, you can search out of state to get a better deal!
  • Make sure you don’t assume the property is good. Research, research, research! You don’t want to think you’ve found a dream option, only to learn that it’s in unlivable conditions a week after you buy it.
  • Similarly, know how long a property has been on the market. This may not change your decision, but it’s good to have that knowledge so that you can make a decision that’s best for you!

Turnkey properties are a great investment, especially if you want minimal hassle in the real estate world. As long as you research what you will be buying, you should have a great property with almost immediate reward.

Don’t forget to check out our earlier blog post about turnkey real estate: https://allcountylegacy.com/2021/09/14/turnkey-real-estate-the-whats-and-hows/

To learn more, check out this article that inspired this blog: https://finance.yahoo.com/news/2021-clear-simple-guide-turnkey-181431989.html

Turnkey Real Estate: The Whats and Hows

Posted on | by Allison Zuck

No, not turkey real estate! Turnkey real estate isn’t that prevalent, but it can be a great option for you to dive headfirst into the world of real estate.

Definition

What is turnkey real estate? Well, it refers to buying a property that tenants are still occupying with an active lease. While this sounds scary because you’ll be responsible for tenants you did not choose, it does mean that you’ll get instant cashflow.

How Does It Happen?

Well, sometimes property owners are not equipped to hold onto their property as long as they thought they could. That is where you come in and save the day. You obviously can buy a property that has a current lease, but it can also refer to buying a property that is instantly ready for tenants. If you just buy a property that is ready for tenants to inhabit, you won’t get the instant cashflow, but it does mean you get to choose your tenants.

Should I Go With Turnkey?

Well, it depends on what you are looking for. If you’re looking for a relatively easy investment, go for it! You should probably look for already inhabited properties though. If you want a non-hassle property, but still want to choose your clients, then having a prepared property without tenants is the right choice for you. If you are new to real estate, it’s a great way to wet your appetite, as it’s relatively low stakes. Additionally, if you are really busy, or don’t want a hands on property, turnkey is a solid way to bring in income without a lot of work.

Pros of Turnkey

First off, Turnkey does sound a bit like too much guesswork. Tenants you don’t know? Easy to dismiss. However, you will have the history of the property. No one will expect you to make an uniformed decision. You will have relatively instant cashflow, and it can be as hands-off as you want. You can even get a turnkey investment in a different state. Because you already have tenants, you can hand the property over to a property manager to keep up with it, and you just reap the benefits.

Cons of Turnkey

While you will have details about the property, chances are you won’t see the property before you buy it. That’s taking a huge leap of faith. Additionally, if you aren’t careful, you may pay higher than what the property is worth, or the property may just cost you more than it makes. Bottom line: don’t jump into turnkey investing without doing your research. A little bit of digging is better than losing money.

Next blog post, we’ll dive into the steps and tips that will make turnkey rentals simple for you!

For more information about this topic, check out the article that inspired our blog: https://finance.yahoo.com/news/2021-clear-simple-guide-turnkey-181431989.html

Sprucing Up Your Property’s Lawn

Posted on | by Allison Zuck

Last blog, we talked about how to take care of your rental property’s grass to have great curb appeal. Sometimes it’s just impossible for you to get the grass to look good in all the spots. There’s a good solution for you: ground covers! These plants spread out across your yard, and are quite pretty. You just need to make sure you choose the right plant for your needs.

First, for a clumpier ground cover, try something like Phlox. Plants like Phlox have the advantage where they are short enough to not get cut by the lawn mower. This means they can be featured in the middle of the yard, not just tucked into a corner.

Vinca Minor can be great as long as you are okay with it taking up your yard! It likes to grow everywhere, but it does take a few years to overgrow of your property!

If you aren’t feeling like flowers, some different types of grass could be a good option. Something like Miscanthus will give your yard a whole new look!

However, if you do want flowers, bulbs can be a really simple option. They don’t have instant reward, but when they do bloom, they can be a lovely surprise if you’ve forgotten about them. Bulbs come in a variety of options, so it will be easy for you to find one that suits your taste!

For rockier sections, consider alpine strawberries! Not only will they be pretty, but you’ll get to enjoy the fruits of your labor every year!

A few things to consider. Do your research before you buy any plants. Make sure that they can thrive in the environment that your property is in, and don’t plant anything that will get eaten by the local wildlife! Also, don’t put down any weed killer, as it will kill anything that isn’t grass. With these tips, you should be good to make your property look fabulous, and a little extra exciting!

 

For more information, check out this article that inspired our blog: https://bonnercountydailybee.com/news/2021/jul/18/ground-covers-offers-options-yard-landscaping/

Lawn Care

Posted on | by Allison Zuck

Often, we tend to take our grass for granted. As long as we don’t dig big holes in it or cut it too short, it seems to be fine. However, you want to take care of your grass on your rental properties so it looks the best it can! Getting a tenant in a property starts with curb appeal, and it won’t look good to have your curb covered in overgrown grass.

Watering Your Lawn

Most people are good at remembering to water their gardens, but what about their lawns? To be at its healthiest, grass needs about an inch of water a week! If you haven’t had an especially rainy week, you’ll need to drag out the hose. However, it’s better to water more and spread out your waterings further than a week. That way, the water can go deep into the soil.

Fertilizing Your Lawn

You may not need to fertilize your lawn as much as you think you do. And if you do fertilize it, do it in the fall! All you do in the summer, especially if you live somewhere where it rains, is encourage the grass to grow faster. While this looks good, you’ll also need to cut it more often.

Mowing Your Lawn

You may be used to mowing your lawn down to the ground. However, if you mow at 3-4 inches, your yard will thank you! It will look fluffier and feel better on your feet. It will also mean less weeds for the yard! You don’t even have to mow more often, as you’ll just make the grasses starting point a little higher.

All these tips will help your yard, and your properties’ yards, look great!

Flooring Your Rental Property

Posted on | by Allison Zuck

Different flooring fits different needs, depending on the type of investing you are doing in the property. No matter what, you want to choose the best flooring for your property. That may mean something higher quality so you don’t have to replace it frequently, or something that is cheaper but looks nice. Here are a few options to consider before you dive into the world of flooring.

Walnut

Walnut flooring is quite beautiful, while also being durable as well. This means you get beauty and longevity for your money. It can be tricky though, so it’s better to get a reputable installer, even if it means paying a bit more.

Laminate

Laminate floors are quite popular. They can be just as beautiful as hardwood floors, but without the same amount of upkeep. The added bonus is that they are cheaper, not only for the materials, but also for the installation. It’s easy to clean them, so they are a good option for rentals that have a quick turnover.

Linoleum

Linoleum is not only easy to install, but it also can reduce bacteria and mold! It’s made out of natural materials. Linoleum countertops are pretty common, so it’s easy to forget that it can be a flooring option as well!

Cork

Cork isn’t just for closing wine bottles! It can be a great option for flooring, especially because it can be an extra source of insulation. If you’ve had issues with a cold floor in your rental property, consider putting in cork flooring instead. The other added bonus is that it is noise resistant, which is what a lot of renters are looking for.

Vinyl

Vinyl is a good, cheap option. It can even be installed over tile or wood, so that your floor can look new without the trouble of ripping out the old flooring. It comes in a plethora of styles, so that you can get whatever suites the style of your property.

Engineered Wood

The combination of synthetic materials and engineered wood creates a very solid floor. You can use just synthetic materials or just engineered wood. This gives you a few options if you go with this route. And it even looks like hardwood flooring!

No matter what flooring you choose, make sure you are choosing the one that goes best with your budget and your property!