Taking the plunge as a turnkey real estate investor is the first step to the beginning of a bright financial future. You’ve found your turnkey provider that you trust, you’ve started building a solid relationship, purchased the property, and started generating passive income.
As a passive real estate investor, especially in the world of turnkey real estate, it is easy to feel a little like there’s nothing for you to do. After all, your turnkey provider is taking care of everything. You’re “hands-off,” right? So what is a turnkey investor to do now that you’re seeing cash flow?
Here’s a secret for turnkey investors:
The power to go from financially free to financially great is in your hands.
It’s all about how you approach real estate investment. Here are our 4 top steps for turnkey real estate investors who want to take their investments to the next level.
Taking Your Investments to the Next Level in 4 Steps
Define your financial goals.
What do you really want out of your real estate investments? This is the big question to ask yourself as you start out in real estate investing. You need to decide where you want to be as a real estate investor. Do you want to earn passive income as a means to fund your retirement? A better lifestyle in the present? Are you content with an extra $3,000 per month? An extra $15,000? More? It’s time to set goals for yourself. Think about milestones and timelines.
These things will help you plan rather than navigate your investments aimlessly. If you know what you want, you’ll be more able to talk about your investments with your turnkey partners and financial providers.
Develop a plan for growth.
If you have your financial goals set, the next thing to keep in mind is your actual plan for growing your real estate portfolio. Acquiring new properties in turnkey real estate isn’t quite the undertaking it is in solo real estate investment, but it still calls for planning. Think: how many properties would you like to acquire this year?
Top real estate investors—those who are the most successful and pulling in the most passive income—don’t have a handful of properties. They have dozens, sometimes hundreds, of rental properties to their name. Their streams of income are diversified and plentiful! Are you planning to do the same?
Continue your real estate education.
When it comes to turnkey real estate, it can be easy for investors to rely on their turnkey provider to have all the answers. After all, they are the experts. They’re handling the details. It’s easier not to get involved at the risk of messing something up. But if you really want to excel as a real estate investor and you really want to see financial success, it’s so important to continue your personal real estate education.
Lean on your providers and learn from them. Pick up real estate and wealth podcasts. Read books and blogs. Soak up what you can so that you can better navigate your investments! You want to make smart, informed decisions without having to rely on someone else’s word that something is a good decision for you. You should have the knowledge to weigh every decision for yourself.
If you're looking for some educational materials to grow your investing knowledge, might we suggest these books and also our Experience Matters Podcast, hosted by Memphis Invest owner, Kent Clothier Sr.
Invest in the relationship with your turnkey provider.
One of the biggest criticisms we hear of turnkey real estate investment is that turnkey providers aren’t trustworthy. They’re just out for themselves. They don’t care about their clients. Of course, we know that while this may be true of some less reputable providers out there, it’s certainly not true of all of them. That’s why due diligence is so important from the very beginning!
At Memphis Invest, one of the things that we value most in our business is the relationship we have with our clients. It’s not just about the customer service calls our investors receive every month. We want to be accessible, engaged, and here for our clients as real people in a real relationship. For us, this is a long-term partnership.
The way that we succeed together is if we communicate and grow together in that relationship. Any passive investor benefits when they deepen their relationship with their provider—whether that means their trust and knowledge grows, or it raises red flags and allows them to get out sooner rather than later! Either way, focusing on the relational element of investing in real estate is always valuable.
Though turnkey real estate investment is the most passive way to invest in real estate, true success comes to investors who choose to take it to the next level.
Are you willing to do what it takes?
Learn more about investing in real estate with our Passive Income Quick Start Package!