Manage episode 286415524 series 1883803
Edward O'Daniel is a 'landlord educator & trainer' with 12 years' experience within the real estate market of St Louis. He is the owner of St Louis Property Management, taking care of many of St Louis landlords' rental portfolios, and he also owns Veteran Landlord, a company he created to help landlords across the country run their rentals more efficiently and be more profitable. Aside from previously serving our country, Edward has a BSc in Astrophysics from the University of Missouri-St Louis and is a keynote speaker on the subject of real estate investing.
In today's episode, Edward joins me today to shine some light on Turnkey Investing and what this means in REI. He stresses the importance of having a property manager involved at the earliest stages of purchasing a turnkey property and what you should be looking for when finding a reputable one. We discuss the areas in the country where Turnkey will thrive and how you can conduct your due diligence checks via Google, Facetime, or Skype. Edward also reveals one of the biggest mistakes would-be Turnkey investors make when they think they have acquired an on-going rental without including essential maintenance or property management factors and how you can avoid this.
"My own version of Turnkey means you have a property that has been renovated. Deferred maintenance has been corrected, fixed. And it actually has gotten rented at market or above market rates, ready for an investor to just simply buy it" – Edward O'Daniel
"In my early days, I didn't do my due diligence, you know, with buying property and understanding some of the costs and all the other things involved. And I just don't want to see that happen to other people" – Edward O'Daniel
"If you're going to buy a turnkey rental from a wholesaler or from any reputable person, get a property manager involved that's reputable" – Edward O'Daniel
"Do due diligence online. If somebody has treated somebody else wrong, they're going to pop up somewhere" Edward O'Daniel
This week on Flip Talk:
- How making early mistakes inspired Edward to start up Veteran Landlord
- What 'turnkey' means in real estate investment
- Which key areas in the country would suit a turnkey portfolio
- How Edward sources his properties
- Why you need a property manager involved in your process of due diligence
- The red flags to look out for when checking your wholesale provider
Connect with Edward O'Daniel:
- Veteran Landlord Website
- Veteran Landlord on YouTube
- Veteran Landlord on Facebook
- Edward O'Daniel on LinkedIn
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