Before you think I’m absolutely crazy to buy a property for more than what it’s worth, please hear me out. Guys, of course we know we should buying properties under value or as cheap as possible. Then we should put whatever we need into the property to get it to a sustainable longterm standard without things falling apart. And then there is equity in the deal that we can refinance and put into another one. I’ve been around long enough to know all of the strategies.
But what I want to do with this article is aim it towards those who might not have the expertise, time, or will to go out and do all these things. Buying a dirt cheap property, fixing it up, refinancing it, and then rinsing and repeating is not easy.
Turnkey Real Estate: When the Cost is Justified
So, this is for all of you folks out there looking at investing in turnkey real estate. Yes, I know there are shady operators out there, but there are a few companies doing the right thing. They are looking after their investors and have some of the best reputations in the business.
You know why? They probably sell their properties for a little bit more than they are worth. In this particular case, this is not a always bad thing because that entire service and package comes with a completely hands-off experience—or at least it should. So if you do not want to do any of the work such as finding, buying, renovating, tenanting, managing, and dealing with ongoing maintenance, then you may have to look at purchasing through a turnkey company. In many instances, I think you are going to be hard pressed to find a legitimate turnkey company that will sell your property for way under market value and offer all those services.
You Get What You Pay for
Don’t forget that price is what you pay and value is what you get. Sometimes there is no harm in paying a little extra to get more value, a better product and better service. I didn’t believe in this for a long time—I was always looking for the deal, and I always wanted to buy a property as cheap as possible. This mentality, however, is not successful long-term because oftentimes seeking at deal at all costs may lead you to rip other people off or work with less-than-quality individuals. I think every business transaction should be a win-win for everyone involved because if it’s not, someone will become disgruntled.
Generally, I believe you should only buy a property for more than what it’s worth if you get the complete package and if it’s a 100 percent hands-off experience. If you don’t have to do anything except check your account for the rent, then it’s worth it. Even if you buy a property today and pay a bit more than what market value is, then 3-10 years later as inflation grows, the real estate prices tend will likely go up in value. I think if you’re looking at buying and holding long-term, you should be OK. If you’re looking at buying today and selling tomorrow, you will lose money, so don’t do it.
Contrary to the property belief, I think that there is a customer out there who may want to buy a property for more than it’s worth because it might make sense for their particular situation. For everyone else, the 99 percent, we definitely want to buy properties as cheaply as possible.
Interested in Finding out More? Reach out below
Shawn Ireland
Phone: 913-225-6231
Email: Ireland_Investments@yahoo.com
Address: 1415 Main St. #823, Grandview, MO 64030
Website: www.irelandinvestmentsllc.com/
Facebook: @IrelandInvestmentsLLC/
Instagram: @irelandinvestmentsllc
Twitter: @IrelandLlc
Ireland Investments llc
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