Once you’ve decided that you’d like to take advantage of the great returns with turnkey real estate, this is how the process works:
- You put one (or a few) of our turnkey properties under contract. A $1,000 deposit per property is taken via credit card. A simple, easy to understand 2-page purchase agreement is digitally signed for each property. If you’re buying the property with cash, your deposit will be credited to you at closing. If you’re buying the property with funds from your retirement accounts, your deposit will be refunded to your credit card within 48 hours of closing (we can’t credit it at closing because the IRS says you can’t co-mingle funds from your credit card with funds from your retirement account). We pay all customary closing costs, so the price you see on our site is what you pay. Title insurance is optional (at your expense) and not something we recommend.
- [If you’re using funds from your retirement accounts] We will do an email intro with the our top-notch SDIRA company. Corey will get your account setup within 24 hours and initiate the transfer process (from your 401k or IRA). The transfer process takes 1 to 3 weeks (depending on how long it takes your current investment custodian to process the paperwork). Then it takes 5 days for your funds to clear. Once your new SDIRA account is setup and the funds have cleared, you instruct the custodian at the SDIRA company to transfer funds to the title company for closing. We never touch your funds.
- We will go out and get an insurance quote for you from our preferred provider that will fall within the estimated cost.We will provide them with the property information so that the process is as easy as possible for you. We’ll also provide you with the quote number so that all you need to do is call up a few days before closing and pay the premium to activate the insurance.
- If you’re paying with cash, the title company will email you the closing paperwork. All you have to do is print the paperwork out, sign in front of a notary (usually available at your local bank) and email the documents back. You simply wire the funds directly to the title company the day before closing. Closing officially takes place when the title company gets all of the documents back, processes the paperwork, and credits the funds. You/your retirement account will hold 100% ownership of the property. If you’re paying with funds from your retirement account, the SDIRA company will complete this paperwork for you. All you need to do is fill out their “Direction to Invest” form which instructs them to send the money from your account to the title company. We’ll help you with this form.
If you’re paying with cash, closing happens in 7 to 14 days.
If you’re paying with funds from your retirement account, closing happens in 2 to 4 weeks.
Also, we don’t get any “kickbacks” or anything of the sort from our recommended providers (insurance company, property management, SDIRA company, etc.). We simply work with them because they are the best at what they do and they offer great rates.