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Long distance investing used to be only for the wealthy, but today, it’s increasing in popularity thanks to turnkey rentals. Millions of real estate investors have realized the potential of long-distance turnkey rental properties, giving a new meaning to passive investing.
What Are Turnkey Rentals?
Turnkey rentals can have a few meanings. In general, it means you invest in a property already outfitted with tenants. You ‘turn the key’ in the investment by buying the house and taking over its ownership. Property management companies manage most turnkey properties. All new owners do is collect the check.
Sometimes it’s more complicated than that, though. It depends on where and how you invest in the properties.
In some instances, a turnkey property is a property you buy, fix, and rent out. Once you have tenants, you hire a property management company to handle the property’s daily tasks. All you have to do is collect the profits.
This article originally appeared at Dynamic Wealth Report.