My Thursday Three's!
-What are some great exit strategies when buying a rental property if you dont want to sell?
-What is a conventional loan?
-What is a "turn key property"/ "turn key company"?
Thank you!
What are some great exit strategies when buying a rental property if you dont want to sell? Please elaborate on this. Do you mean you purchased a rental property and now want out of it without selling? If so a lease option or Land Contract can work.
-What is a conventional loan?
A conventional loan is a traditional loan offered by banks/lending institutions that are not backed by the government
-What is a "turn key property"/ "turn key company"? A turnkey property is one that is ready to move in or be sold immediately no repairs necessary.
I am not sure if cash out refi is considered an exit strategies but it is my favorite. I have been investing in turn key for 7.5 yrs and love it. Hope there will be others who can answer your questions more in details
-What are some great exit strategies when buying a rental property if you dont want to sell?
You will eventually want to sell... investing is a game of return on equity. As the value goes up you equity goes up but your return on that equity goes down.
-What is a conventional loan?
Conforming residential loan where you have the credit to qualify. A non QM loan terms basically suck.
-What is a "turn key property"/ "turn key company"?
Turnkey can mean a lot of things but its supposed to be ready for a green investor to take over. I started with this but you eventually get out of it as the turnkey providers charge a premium for the product.
Thank you guys a ton and am sorry if the questions are not as concrete as you'd like haha! Everything read well to me and was still very useful!
Turnkey real estate like the name suggests is literally the easiest way to get into Real estate. All you have to do is come up with the downpayment. The turnkey company will connect you with the lender, property manager and insurance agent to get you started and once they find a tenant, you will be able to close with them so you are cash flowing from Day 1 of your purchase.
I personally love this strategy and this is how I kickstarted my investing. Let me know if you want to connect and chat more about it.