THE LOW-RISK, LONG-TERM STRATEGY FOR BUILDING A REAL ESTATE FORTUNE BY BUYING, IMPROVING, AND MANAGING PROPERTIES THROUGH A THIRD PARTY
Throughout the book, I offer helpful tips and strategies successful turnkey investors have used to build their portfolios. Each chapter concludes with our Turnkey Safely Checklist™ and what I call Turnkey Mastery Tips—questions you want to consider to help safely plan your journey and chart your progress along the way.
With this checklist to guide me, I have a high level of confidence every time I decide to add a new turnkey property to my passive portfolio. Following a set of processes protects me and keeps me moving forward.
Here are MY answers to the Turnkey Safely™ Checklist. I hope they help guide you to making great decisions in building your turnkey portfolio!
EXCERPT FROM THE TURNKEY SAFELY™ CHECKLIST
FINDING YOUR 'WHY'
What is most important to me? What two or three things would I keep if I had to give up everything else?
Chris: My family is the most important thing to me without a doubt. My five kids and my wife are my everything, and they help inspire me. Providing opportunity and seeing their joy is very important. Second, giving away money to charitable causes is almost as satisfying as making money in the first place, so I definitely want to create the environment where I have the resources I need to contribute to good causes.
SETTING A PATH
What are the top five investing goals that will take me to my vision?
- Buy two or three properties per year.
- Buy in markets far from me offering lower price points and hiring professionals.
- Use the cash flow from my properties to reduce principle. I don’t need the income.
- View each property as my kids’ college fund or my retirement. Not as properties.
- Only buy the assets that fit my plan. I will be disciplined and will not get knocked off of my plan.
What resources do I have to get started?
Chris: I am putting a portion of my monthly income into an account for savings that I will use as a down payment and closing costs on each property. I already have savings set aside for college and retirement that we are going to use to buy assets providing income. We are going to use the cash flow to reduce the debt and own the properties faster. I have a good credit score and a spouse with a good credit score, and we both are working. I have an IRA that I can move into a SDIRA. All of these are assets we can use to build our portfolio.
I hope you enjoyed seeing a few of the Q & A's from the Turnkey Safely™ Checklist! Below are some other FREE resources you can check out from Memphis Invest that include videos, white papers, blogs, and so much more!