Turn key to financial freedom?

[Colin C leamy]

My short term goal for passive income is only $800 per month, eventually I'd like to hit $2k per month.

I'm considering turn key for the lack of risk. Equity isn't as important to me as the passive income I'd receive. Although scalability is a problem.

I have a few questions about the process though.

I hear nothing but good things about Memphis Invest so I would probably go with them first.

This is probably a dumb question but I want to be sure, if I get approved for a mortgage for a property offered by a turnkey company such as Memphis Invest, the monthly mortgage is included in the pre-ROI analysis right? In other words I would not have to pay any fees out of pocket other than the down payment?This would mean the only prohibitive factor for turnkey scalability is the down payment factor?

What are the range of prices I can expect for the rentals they offer? I would aim for a minimum of $200/month ROI.

[David Hutson]

@Colin C leamy,

Memphis Invest is a great company and as you have heard they are very experienced.  I recommend you look at some of their homes and determine the price range you are comfortable with in Memphis.  You will need the 20% down plus $4-5k as stated above.  That will be good for the first four properties you own and then it will go up to 25% down.  It will be difficult to get $200 a door, after management, taxes, insurance, maint and vacancy, in Memphis now for a good home.

Starting with turnkey is probably the best for you since you don't appear to have the knowledge or teams in place to rehab homes from local investors/MLS. Down the road, after you learn more and can build teams then I would say you may want to try to to do a non-turnkey home. Message me if you have any questions.