Are you planning on investing in real estate but can’t decide if you should get into investing in turnkey properties or flip homes instead? You’re not alone! Many people get into one or the other option because they have friends who flip homes or they’ve heard that investing in turnkey properties is better.
In this article, we will break down turnkey vs. flipping and provide you with some insights on both opportunities.
The obvious advantages of investing in a turnkey property are that once you invest in it, the property is already ready to rent! Turnkey properties also offer the following advantages:
– A high return on investment through time
– Steady income
– Less pressure to get the property ready for rent
When investing in a turnkey property the key to success from the very beginning is having the right property management team working for you because this will ensure that a qualified tenant is found quickly and you will be able to start seeing ROI from the property right away.
Over the last 5 years, everyone from your co-worker to your best friends may have been house flipping but the BIG question is if this option is if this option is right for you?
With house flipping, you can keep your costs low if you can do most of the work to rehab the property yourself and of course you will see a higher profit once the property sells.
Since the real estate market has changed in the last year, house flipping may not be as advantageous as it once was because there’s more competition among sellers now so it could take your property longer to sell and higher interest rates could also make your short-term investment more expensive.
Interested in learning more about house flipping vs. turnkey properties in Detroit Michigan? Contact Strategy Properties by calling us at (734) 224-5454 or connect with us online strategyproperties.com