Episode 89: Turnkey Real Estate Investing with Scott Stanfield
Summary
Most real estate investors are taught the same business model: buy an undervalued, distressed property, fix it up, put a tenant in it, refinance it OR sell it. But what if there was a different way? My guest today talks about when the rest of us stabilize the property with a tenant and want to sell, HE's the buyer! Former NASA consultant and hyper-analytical intellect Dr. Scott Stanfield joins me today about a different turnkey real estate model that puts the "normal" real estate investing plan on it's head.
Listen to full episode :
Click the Buttons Below to Learn More about Scott:
This Week’s Blog Post:
What Is Turnkey Real Estate Investing?
In this episode, I had the pleasure of sitting down with Scott Stanfield to discuss turnkey real estate investing. For those unfamiliar, turnkey real estate involves purchasing properties that are ready to rent out immediately, with minimal effort required from the investor. Scott explains how this approach allows investors to add properties to their portfolio without the hassle of renovations or dealing with difficult tenants.
The Benefits of Turnkey Properties
One of the key points we discussed was the advantages of investing in turnkey properties. Scott shared that turnkey properties are perfect for investors who want to minimize the risks and time commitments associated with traditional real estate investments. He emphasized that the properties are already renovated, have tenants in place, and are managed by professional companies. This means you can start generating income almost immediately without the usual headaches.
Risks and Considerations
However, we didn’t shy away from discussing the potential risks. Scott pointed out that while turnkey properties offer many conveniences, they aren’t without their downsides. For example, the initial purchase price might be higher, and you need to trust the management company completely since they handle everything on your behalf. We also touched on the importance of doing thorough research before diving into turnkey investments.
Who Is Turnkey Investing Best For?
Scott also shared his insights on who would benefit the most from turnkey investing. He believes that it’s an ideal option for people who want to invest in real estate but don’t have the time or expertise to manage properties themselves. Whether you’re a busy professional, live far from the investment location, or simply want a hands-off investment, turnkey real estate could be a great fit.
Final Thoughts on Getting Started
To wrap up, Scott gave some practical advice for those interested in starting with turnkey real estate investing. He suggested starting small, perhaps with one property, to see if this investment style suits your goals and comfort level. He also recommended partnering with a reputable turnkey provider to ensure a smooth and profitable experience. Overall, turnkey real estate investing can be a smart way to build wealth, but it’s important to approach it with eyes wide open.