Turn-key rentals are a popular sub-set of investing in Wilmington. Many out-of-state investors choose Wilmington as a place to invest and turn-key rentals provide a fantastic way to get a decent return in a thriving city with little hassle. Here are my top 3 tips on finding turnkey rentals in Wilmington, NC:
- Go condo
While Wilmington doesn’t have the largest condo selection in the world, it does provide you with the garden variety of investment condos. Many of these condos provide excellent returns and great cash-flow (and that includes management fees and HOA dues!).
- Very easy to manage out-of-state (No landscaping, outside maintenance, re-roofing)
- Are typically newer and require less repairs
- Are built in areas with good locations and higher rents
2. Hire an investor-friendly real-estate agent
Having a real-estate agent that specializes in investment properties, is pivotal when choosing an out-of-state investment. VERY few real-estate agents really truly specialize in investments.
- Does the agent know what a cap-rate, %1, NOI is?
- Do they know how to contract outside reputable work? Property manager, handy-man, roofers, etc.
- Do they know the specific returns for a part of town? Can they properly identify a high-risk asset?
- These are all questions an investor friendly real-estate agent must know.
3. MAKE SURE TO VERIFY ALL NUMBERS
Make sure the your agent provides proof that a specific return is accurate. Don’t just take an agents word for it or blindly trust a broker.
- Verify monthly rental data and make sure that your house is comparable in quality.
- Ask to see comparable of rents as well as sales.
- Ask to make sure that tenant has had a good record of payment