What's the best way to build a significant real estate portfolio and tremendous cash flow? The good news for Detroit investors is that you have multiple options for elite growth!
We get a lot of questions about turnkey solutions. It's one of the things we do best, but it's not the only way to invest. We work hard to help investors understand the difference between turnkey versus traditional investments and when each investment strategy is the right solution for growing portfolios. With a significant portfolio and various property types, there's room for both turnkey and traditional solutions to create stability and more long-term wealth.
What's the difference when considering turnkey or traditional real estate purchases as Detroit investment opportunities? Here's what investors need to know!
What is a Traditional Investment?
The fundamental similarity between a traditional strategy and a turnkey solution is buying a property intended for use as a real estate investment. Either option also requires getting a house rental-ready, placing quality renters, and maintaining the properties year-round to maximize income.
However, the ways that these options become part of your portfolio are different.
Choosing a traditional investment property is what most Detroit investors probably think of when growing their portfolios. With a conventional strategy, investors:
- Search for a property in a location that appeals to renters
- Evaluate the potential income based on potential renovation costs to get the property rental-ready and estimated monthly rent price after a renter moves in
- Purchase a property if the projections support a positive ROI
- Spend time and money on property renovations
- Go through the compliance process
- Market the property and find a new renter
- Start collecting the rent!
In many cases, this traditional process is an excellent way to invest in Detroit. When you partner with the best real estate investment specialists, it works!
We Help Investors Find the Best Properties
The Own It Detroit team loves helping investors find new properties in the traditional way. Our expert team of real estate investment specialists can help from the start, including:
- Finding properties
- Conducting the research to evaluate potential long-term income and short-term renovation costs
- Handling brokerage services
- Managing the rehab process while watching your budget
- Finding renters and collecting the rent
- Managing your property long-term
While we are experts in these Detroit investment opportunities, it can be time-consuming for investors. When you have a goal for rapid portfolio growth to create significant cash flow sooner rather than later, this traditional approach can delay the income of a new property during the months it takes to find the right properties and renovate them for the rental market.
What is a Turnkey Solution?
A turnkey investment solution fast-tracks your next rental property by eliminating the "search and renovation" aspects of choosing Detroit investment opportunities. With a turnkey property, the renovations are already complete! Investors purchase a rental-ready house that will begin to generate income immediately after closing.
With many of these investment properties, you'll benefit from a qualified renter who already pays the rent. Investors eliminate the delay to their new income-generating asset because the property already makes money when they add it to their portfolio.
"Fast" Doesn't Sacrifice Quality
Just because turnkey properties deliver income more quickly doesn't mean we sacrifice the quality that goes into choosing each investment. Own It Detroit applies all of the same expert research and analysis to evaluate any potential property—traditional or turnkey.
We only choose properties that show the best potential to generate more income for investors. Our team evaluates location, the market, potential rental income, and our costs to rehab the property to get it rental-ready. When we invest our expertise into a turnkey property, we know it will be an excellent fit for an investor's portfolio.
We also apply our best property management strategies to find an excellent renter. When you choose one of our solutions, you also benefit from our ongoing property management to collect the rent, provide professional maintenance, and make sure your property remains a profitable part of your portfolio.
Turnkey solutions are ideal for investors who don't want to spend the time waiting for a new investment to become profitable. It's an excellent way to grow your real estate portfolio quickly and benefit from significant cash flow.
Partner With a Detroit Real Estate Investment Expert
Our goal is to make sure every investment property (no matter if it's a turnkey solution or a traditional project) adds income to your long-term wealth as soon as possible.
When a Detroit turnkey investment solution is the right fit for your portfolio, Own It Detroit makes sure you can maximize that opportunity. If your next rental property makes the most sense as a traditional solution that you can't afford to miss, we make that happen for you, too.
Our expertise goes far beyond our expert property management services! Let us help you experience elite growth through Detroit investment opportunities. Contact us to talk with one of our real estate investment specialists!