Turn-Key Rentals- Good or bad idea? What are your opinions?
I want to get into rentals for some passive income, but I travel 6-10 months out of the year and cant manage them myself. I am intrigued by Turn Key rentals. Can anyone give me some of your personal opinions on whether turn key rentals are good or bad idea? I can see the upsides for my lifestyle, but what are the negatives or downsides that I might be missing. Thanks, Nick
Most Popular Reply
Take everyone's comment with a grain of salt, including mine. A lot of people on BP will tell you that turnkeys are terrible and that you could get better returns by doing what they do. What they don't mention is that they aren't traveling 6-10 months like you are. You have a different lifestyle and have different needs. There is nothing wrong with investing in turnkeys, just like there is nothing wrong with non-turnkey investments. Every type of investment has its pros and cons, and you need to decide which one has better pros for you. I personally invest in turnkeys and properties needing small touches. I know those strategies don't bring the highest return, but they are perfect for what I want and what my goals are - not others. And if you buy some turnkey properties today, I doubt the same people telling you its a bad idea will tell you so in 10-15 years. Hope this helps!