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3 min read

The Ultimate Year-End Checklist for Turnkey Real Estate Investors

Wed, Dec 4, 2019

yearendchecklist-passiverealestateinvestors-realestateinvestorsThere are only a few weeks standing between you and the new year. Not only that, but we sit on the cusp of a new decade! With 2020 imminent, it’s crucial that real estate investors do some housekeeping in preparation not only for the new year but to close out 2019 strong. 

As a turnkey real estate investor, it might feel as though you don’t have all that much to do. After all, isn’t everything taken care of by your turnkey provider? Yes and no. While your turnkey provider will ensure that your investments are well-cared for, supplied with quality residents, and help advise you throughout your investing career, they can’t do everything for you. Even passive investors should take the time to take stock of themselves, their goals, and the state of their investments.

Before the year is done, make sure you make time to go over this checklist.

The Essential Year-End Checklist for Passive Investors 

Get Tax Documentation in Order

One of the biggest mistakes any tax-paying citizen can make is not being adequately prepared for filing. While April 15th might seem a world away, it’s never too early to get your house in order. As a real estate investor, you should already be putting together all of your documents for tax-filing. More than that, you should go ahead and schedule with your CPA to ensure they have time to dedicate to your tax filing. 

The more fingers you have in proverbial pies, the more complicated tax filing can be. Choose a CPA experienced in dealing with real estate investments and ask questions. See what tax breaks you are entitled to.

Getting settled with Uncle Sam as soon as possible will remove considerable stress from your life and allow you to focus on 2020, rather than financial entanglements of the year gone by.

Be sure to check out: A Quick Guide to Tax Benefits Every Real Estate Investor Should Know

Assess Property Performance

Each year, we encourage our investors to assess their properties, portfolio, and overall direction. Over the course of the year, priorities may change. Now is the time to sit down with your adviser and discuss your properties and plans for portfolio growth. Look at your overall passive income, talk through year-end (and even monthly) reports. 

Perhaps you have other properties that aren’t turnkey, or you wish to move into new markets. Consider a 1031 Exchange or other means of acquiring more properties in the areas and strategies that you prefer.

Convene with Your Adviser

Relationships are valuable. In turnkey real estate, this is especially true! Your adviser — your team — must act in your best interests. After all, turnkey companies (at least, this turnkey company!) are not concerned with making a profit off of investors and leaving them to fend for themselves. No, we’re in this for the long haul. That means building a real relationship with our investors, understanding their needs and desires, tolerance for risk, and goals for portfolio growth — not to mention a personal element.

That said, things change over time. What we want and need changes. For the investor, it is crucial to communicate your situation, needs, and intent as a real estate investor. For your provider to best accommodate you and grow your portfolio in a desirable direction, you must prioritize communication. The end of the year is the perfect time to sit down, chat, and make a game plan for 2020.

Scope Out New Opportunities

As a turnkey investor, complacency can become a real problem. If you want to grow and find true success in real estate investment, it is necessary to keep in-the-know about the markets you wish to invest in and educate yourself on potential opportunities. Are you stuck in your comfort zone? 

2020 is your year to expand your reach as an investor. Look to new markets, new opportunities, and how you, together with your turnkey partner, can expand your portfolio along with your wealth.

Align Your Goals

Because your turnkey provider handles so much of the daily minutiae of your investments, there are many year-end tasks that you, as the owner, don’t have to worry about. You don’t have to do maintenance checklists or worry about invoicing, coordinating, or managing the property in the new year. This takes a considerable burden off of your shoulders. As such, you can focus on that big picture.

When we begin investing in real estate, we do so with goals in mind. Now is the time to revisit those goals, examine benchmarks and accomplishments, and make adjustments to get where you want to be. You might have new priorities due to changing life circumstances and the way you invest in the new year should reflect that. 


Talk to an adviser today and grow your passive wealth in the New Year! 

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Chris Clothier
Written by Chris Clothier

Entrepreneur, writer, speaker, ultra-endurance athlete, husband & father of five beautiful children. Chris puts these natural talents on display every day. As a partner at Memphis Invest, Chris addresses small and large audiences of real estate investors and business professionals nationwide several times each year. Chris is also an active writer, weekly publishing real estate, leadership, and endurance training articles.

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