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[Music] get rich education is brought to you by ridge lending group apartment investor mastery and producers wealth you're listening to the show that has created more passive income for people than nearly any show in the world this is the powerful get rich education welcome to gre this is get rich education episode 189 hi i'm your host keith weinhold and today we're going to talk about why one of my real estate investing focuses is on florida both now and into the future and perhaps why yours should be too but first let's discuss single family homes versus apartment buildings that's because at times over the next several shows i want to talk about your mindset as an investor around the physical structures themselves single family homes then in a couple weeks we're going to talk specifically about four plexes and then apartments later on down the road by the way do you know how long it took me to quit my day job from the time i started investing in real estate that period of time was actually over 12 years so it wasn't like that fast and yes i surely know how i could have done it faster i could have done it faster but i took trips i enjoyed a lot of vacations and i was focused on athletic competition see what i did well though is i did not use much of my own money to invest in real estate i lived a good life instead because i'd rather just pull accumulated equity out of one property and then transfer it into another in order to leverage more that's how i preferred to grow i wasn't using my own money again i was using other people's money another way i could have done it and quit my job faster is just simply acted sooner because from the time i bought my first income property i did not buy my second one for almost five years i just hadn't yet understood how real estate made people wealthy yet now look conversely if i would have done the opposite thing and i would have like rushed to get the properties paid off and made all these sacrifices to do it and lost the leverage if i would have tried that approach then today i'd probably still be working a day job and i'd only have a couple paid off properties and i wouldn't even own any more properties than those few paid off ones now i've been investing in real estate since 2002 and i've invested in both single family income property and apartment buildings you know even if you're primarily an apartment building investor i mean you have got to max out your great fannie freddie loans on one to four unit properties now apartments garner attention as wealth creators as well they should their economies of scale look fantastic when an investor analyzes a p l a profit and loss statement but pro formas are mere projections they're just trying to forecast the future when an investor holds a property for a number of years and then sells it rarely if ever do they perform what i call forensics a backward looking evaluation on the rate of return okay if you calculate what really happened after factoring in your appreciation and your rent income and your principal pay down and your taxes and your inflation profiting and all of your expenses interestingly for buy and hold income property you know what i often find that my income single family residences have performed better than small to medium-sized apartment buildings there is a reason that a few years ago warren buffett told cnbc that he would buy up a couple hundred thousand single family homes if it were practical to do so now apartment buildings do have some certain advantages over single families for sure and this is not like a manifesto here on why single families are just always better but let's look at why single families can often be more profitable for you than investing in apartments and i've got about 17 reasons i've come up with and i bet there's a few in here that you've never thought about first of all you've got better tenant quality in single family homes secondly single families appreciate better over time than apartments your property tends to be in a better neighborhood with single families you're also more likely to be in a better school district tenants tend to stay longer because when a tenant lives in a single family home it kind of feels like their own in apartment buildings you've got more frequent vacancy turnover and make ready expenses they can be underestimated killers on apartment investor profits and better neighborhoods and school districts aid in that tenant retention you know one thing that catches most first-time apartment building investors off-guard and it caught me off guard there are no common areas that you have to clean and maintain in single-family homes apartments have hallways and stairs and laundry rooms and i always see on my apartment building manager invoices that okay yeah custodian had to service those weekly on those buildings that's just such an overlooked profit drag that apartment investors just completely miss in their p l it's not even in there in single families tenants often pay all the utilities and even care for the lawn the larger an apartment building is the more likely that you're going to be the ones stuck with the utility costs the next one is divisibility i think of divisibility like what if you've got a property that's underperforming just say that well if you have 10 single family homes you can sell the one or two that are underperforming well if you just have one 10 unit apartment building you've either got to keep all of the units or sell all of the units it's not divisible what about pestilence you know apartment building agents and people don't really want to think about it or bring it up but if one tenant attracts a cockroach or a bed bug infestation see that quickly becomes a diffuse condition across the entire building and you know i've had personal experience with this extermination fees i paid five figure extermination fees before for such an infestation in a building and i don't own d-class stuff either so with a single family pests are more easily controlled what about fire you know even if adequately insured apartment fires are often going to affect multiple units and families and with single families that risk is obviously mitigated what about something like illegal drug dealers i mean this is really getting kind of nasty here but in an apartment building one drug dealing tenant that can often disrupt multiple families and again apartments attract lower quality tenants the financing is really important single family income properties have both lower mortgage interest rates and lower down payment requirements than apartments and you can get that 30 year fixed rate financing of course think about vacancy rate now it is true that if your single-family residence is vacant well your vacancy rate is 100 and if your fourplex has a vacancy then your vacancy rate's only 25 percent or if your 10 plex has a vacancy then your vacancy rate is only 10 but the same is true if you just own four single-family homes or 10 single-family homes and one is vacant what about management if you hire professional management your manager would likely rather deal with single family type of tenants if you're self-managing and i hope that's something you don't do for long that's probably a demographic that you would rather handle as well you got to think about supply and demand what's coming online because today contractors are building many new apartments and they rarely build these low-cost single-family residences they almost don't build them at all and they're the ones that make the best rentals and rental single-family residence demand vastly exceeds supply that's going to continue to be true for a while as well one really overlooked criterion is market risk you've got to keep your rentals filled with rent paying tenants that have jobs and do you think you'll be able to buy 10 rental units in the near future just say you think you can buy 10 over the next few years well if you buy a 10 unit apartment building that's only going to be in one location and that leaves you exposed to just one metro market or one neighborhood's economic fortunes with 10 single-family income properties spread out you could have four in birmingham and three in dallas and three in orlando so you really hedged one of your greatest risks that way and then finally you've got to think about exit strategy because years down the road when it's time to sell your income property hopefully after years of handsome profits hopefully you're doing a 1031 tax deferred exchange with sale time there's going to be a much greater pool for your single family property than for your apartment building more buyers can afford the lower price and then unlike apartments you even have access to a pool of buyers that might want to occupy the single family residents themselves they might be more willing to pay a higher price because they're just going to live there and be an owner occupant so they don't know or care if it cash flows or they're never even going to care about running those numbers so really those are many of the advantages of single family investing over apartments of course apartments have some advantages too now we've got a guest on the show today and i wanted to wait to talk to you more about florida for a certain reason florida is growing fast the orlando florida metro has numbers that really work for investors oftentimes around nine tenths of one percent on a rent-to-value ratio on single-family income properties there's also a great team in orlando and the great news is that they actually have inventory today so that's where the timing comes in and up there by accident orlando is quite a long way from my home and the reasons that i visited there are growth growth growth and there's a great provider there now why exactly have people been moving to florida in droves just decade after decade now i think there really are some obvious reasons for that and some less obvious reasons now imagine if there was a state that had both an east coast and a west coast well that's exactly what florida has and if you're not familiar with the geography remembering that we have listeners around the world florida is also the southernmost continental u.s state well between that and two coasts well those are the ingredients for a ton of warm beaches and people and businesses and retirees are flocking to florida for this reason and some other reasons housing prices are actually quite affordable in most of florida so that helps with the growth and then on top of all that there's the fact that florida is the only completely income tax-free state east of the mississippi river now orlando is in central florida and orlando is well known for disney attractions and its economy diversifies as it grows health services manufacturing construction they're all growing alongside leisure and hospitality today's provider and guest is going to tell us specifically how he tilts his investor properties away from being too dependent on the leisure and hospitality industries and it's important to not be too dependent on those industries because in a recession things like going to disney world where those are one of the first things that consumers cut out of their spending now the us department of labor recently named orlando as number one in the entire us for creating jobs yes that's even faster than places like what you think of as new job hot beds like san jose california and dallas texas and you know here at gre we always put a little scrutiny on that department of labor data don't we because that's the same department that tells us things like the nation's unemployment rate is only four percent and that the rate of inflation is only two percent but those metrics they reflect national data right there and i think they're sort of incentivized to manipulate that national data like i've discussed in other shows this is local data so suffice to say there is a lot of job growth in orlando every month seven thousand people move into greater orlando and it's just difficult to bring on enough housing to keep up with that demand this is almost hard to believe over the last 10 years the population of the orlando metro area has increased by more than 20 percent over 20 percent in just one decade now i drove the length of orlando a few times this year and cranes are in the air and new construction buildings are being built highways are being widened bridges are being built and with all of that growth with the constraint in supply year over year mean housing price increases are 11 percent and in fact realtor.com recently announced its 2018 national housing forecast and it included a section called the 10 housing markets that will rule 2018 and one of those cities was deltona florida now deltona is an area just north of orlando where this exact provider buys a lot of their single family rentals and the numbers really work for you deltona housing prices are lower than orlando proper and you can get up close to that desirable one percent rent-to-value ratio there and they're getting some terrific rent increases due to the short supply that they have there as well so let's talk to the principal of an excellent orlando income property provider here he's been in business for quite a while and i first met him a few years ago then we got together again in orlando this year and interestingly he represents i think the first time that we've hosted both a father and a son at different times on the show here it's gonna be the first time since russell gray and his son sean were on the show today's guest greg bond was proceeded here by his son nick that was on the show last year and they're really just two members of a great family so let's meet greg [Music] today's guest is an excellent turnkey provider in the bustling market of orlando florida he also owns the property management company for their income properties and besides being formally trained in many aspects of real estate investing importantly he's been investing in real estate himself for over 25 years he's a member of the national association of property management in the nar and he's really trusted in his community for example each of the previous two years he served as treasurer of central florida realty investors welcome to get rich education greg bond thanks for having me keith greg it's so good to finally have you here just tell us about yourself and your personal real estate investing experience and the mission of your firm like you mentioned i've been investing for 25 years my wife and i started out in our early 30s with no kids and two incomes coming in we decided that we were going to live on my income and invest her income so when we did have kids you know we wouldn't have two incomes to support our lifestyle so we used that income to start uh investing in real estate we ended up buying 24.25 in that range uh single-family homes and my whole idea was that once those properties were paid off we had 30-year fixed rate financing that they would throw off a wonderful retirement income so that's pretty much what we did i was working a full-time job at that point and this was just kind of my part-time job to self-manage the properties so i self-managed them for quite a number of years and then in 2008 2009 in the downturn our paper-based map company which was what my business was uh started to have some significant problems was because of the downturn plus the technology that was uh coming on as we didn't understand how fast google earth was going to take over the map industry so paper-based became a thing of the past so at that point i started looking at uh getting into real estate full-time and and jumped in with both feet in 2008 and have never looked back we've rehabbed since that time about 250 properties and sold quite a few of those properties off to investors and i'm continuing to manage those properties for the investors we love to talk to investors see what they're trying to accomplish and try and fit our program into their goals and help them with their investing goals yeah greg well i absolutely love that because you know what to most people when a family has two incomes that either means that both parents are working or that one parent is working multiple jobs but it doesn't have to mean that it could mean one parent working while there s a passive income generated at the same time there are multiple income streams with only one job by one person so now greg you're a turnkey real estate provider and i want to ask you about what your definition of turnkey is because i think a lot of people try to dilute that definition when investor comes in and purchases a property before it's even rehabilitated or tenanted i don't really deem that as turnkey at all so what's your definition of turnkey real estate investing keith my definition is a piece of property that from day one there's management in place and that property is throwing off an income stream so that as soon as you sign that paperwork you're getting a income stream immediately so we buy the properties we rehab the properties we've got a certain standard that we rehab to we put a tenant in the property so we're vetting the tenant checking their background their credit check their job history their previous landlord then we're putting them in the property once an investor is buying a property from us they see the lease so they already know that that property is already rented it's an income producing property immediately and they know how many months are left on that lease and generally our tenants stay on average 36 plus months keith we're proud to provide both the opportunity to purchase the property that we've standardized as well as provide property management that's what i would define turnkey as providing the property and management with a tenant in place so it's providing passive income from day one yeah and that's just perfect turnkey is already rehabilitated already tenanted and under management with a cash flow i want to ask you really about both the pros and cons of turnkey real estate investing because that's the best way you understand something when you can see both sides why should someone consider turnkey real estate investing especially if they have not done it before it becomes a a matter of time i don't think it's necessarily the individual parts are that hard as long as you get some experience and there's a learning curve with everything but most people don't have the time keith to search out the property to rehab the property to properly vet a tenant so there's a certain skill set that we've developed as well as the time it's the average individual that's working a job and just doesn't have the ability to find a property rehab the property put a tenant in the property and then properly manage the property yeah i think time is the best answer really on the advantages of turnkey real estate investing that and the rates of return when you understand the way that real estate investors are paid basically you can try to go ahead and become the orlando turnkey real estate investing expert yourself or you can find the orlando turkey real estate investing expert and that's who greg is what about some of the downsides of a turnkey property tell us about that okay some of the downsides are i mean there is an expense to it we charge 10 for our property management fees so if somebody wanted to do that themselves they could certainly do that so i guess that would be one downside from my experience what i found is it's really what may be looked at as a downside is really an upside because from my personal experience i lost more money managing it myself in my early years just because i had to go through all of that all the learning curves right of not understanding how to properly vet a tenant understanding that maybe the rehab people that i were hiring didn't know what they were doing or they were stealing materials or i would pay them a a small stipend up front and then they'd never show up or i mean there's all these things that go on that you don't really understand until you actually go through them it was quite expensive for me to learn those lessons and in hindsight looking i would have been much further ahead financially had i just hired a property manager and had that property manager manage the properties for me yeah i mean i've been investing in real estate almost 16 years myself now and back in my self-management days i would also try to manage my own rehabs and manage my own contractors and yes i sure do have an appreciation for the ability for a person to just buy into a system if they have a team and have someone else do it all for you but you know i think one thing with turkey real estate investing is yeah even though things are all done for you it doesn't mean that the investor is just completely uninvolved in perpetuity so just tell us more about when an investor has to get a bit involved or return some emails or maybe even make some decisions about their property remotely yeah keith normally we use a software called appfolio there's three main software programs for property managers there's appfolio propertyware and buildium we happen to use appfolio what we ask from our investors is that they allow us the ability to utilize up to 250 in normal maintenance anything that would be something such as servicing an ac unit on an annual basis anything over 250 we have a conversation with them so between 250 to 500 we would have a conversation and alert them that we're going to expend some money on a repair item and uh just to make sure that they understand what's going on and that would be something maybe like a hot water heater that's gone out and it's uh maybe four hundred dollars from then from 500 and up if there's some expense that comes up we would then contact and have a conversation with the owner and get written permission before we would expend anything over 500 and so that would be something that the investor and the owner of that property would have to have input in and just what we were doing that would be at the larger amounts would be something like it'd be a long-term thing like a new roof an air conditioner maybe painting the outside of the home something of that nature would be you know above that 500 mark investors don't like hearing about capital expenditures that can wipe out a month or even months and months of cash flow but it sure is a lot better when you know about it first and you feel like you're involved in the decision process yeah we like to give our investors typically we try and get three quotes especially if it's a large ticket item you know we've got our favorite uh vendors who do give us preferred pricing especially on roofs uh and speaking of bruce keith that's one of the things that where we've made some strides lately probably i would say the last 20 rehabs we've done that have needed roofs we've done all metal roofs i found a vendor that could get very close to matching the price of a three tab architectural shingle and give us the same roof close to the same price so the metal roof we're getting a 40-year guarantee does aesthetically in a lot of cases look a little bit better we've never lost a metal roof in any type of storm so it's my goal to put metal roofs any place we possibly can there might possibly be some homeowners associations that might not allow a metal roof but in most places we deal with we can put metal roofs and that's what we're doing let's just talk a bit about the market you know greg you and i and your assistant jenny and my wife the four of us we drove around greater orlando a fair bit there a few months ago and some of these markets that we looked at were in d land florida deltona florida a lot of the places that you buy are north of the metro and just tell us more about what goes into why you chose the sub geography that you have those areas are still along the i-4 corridor so that's really what we're trying to look for to allow still the access to downtown and getting to places quicker so all of those communities are easy access to i-4 when you get up into the land market there's some sub-markets within that market such as stetson university so stessen has there's a small private college there called stetson and uh they didn't build enough student housing to house all of the students so consequently those students will spill out over into the community and they're looking for housing we love student housing especially when you get a parent to co-sign in case there ever are any problems that parents on the line for that particular lease you're very strategic when you buy i remember you and i were walking one particular property that was really just caddy cornered to stetson university and made a terrific rental so you're really strategically targeting the right sub market let's just talk more about the numbers and what you typically offer greg most of your properties there sell for between eighty and one hundred fifty thousand dollars to an investor you mentioned that thirty six months is the average duration of your tenancy which is just fantastic you seem to have a property tax rate of about one point eight percent that percentage being the annual amount that you would pay therefore an eighteen hundred dollar property tax obligation on a one hundred thousand dollar property of course that's going to be different by jurisdiction i notice that you avoid buying in brand new communities because oftentimes you didn't get a good ratio of rent income to purchase price that would really work so just tell us more about the numbers including the amount of rent income that you get on a typical property and what that property sells for yeah keith we've tried to keep it someplace in the 100 to 110 times rent so we tried to create a model that would work for every property and that in most instances that does work so the average hundred thousand dollars we're paying a hundred thousand dollars for that property we're getting a thousand dollars a month rent in cases of 110 we would be charging then the investor 110 000 for that property renting at a thousand dollars a month a nice thing in the orlando market right now is those rents are going up quite rapidly just because of what's going on with the population base and the number of available units stuff is running out so quick and prices are going up much much quicker than in previous years so we're seeing tremendous tremendous growth here yeah and there is tremendous year-over-year population growth there in florida people want warm weather florida is also the only income tax-free state east of the mississippi river so that attracts some people greg before we met up with you as you know my wife and i spent a couple days driving around in orlando and you see the signs of anecdotal population growth there as well cranes are in the air new construction buildings are being built highways are being widened bridges are being built so that's market growth right there but you're strategic on where you buy and you don't want to buy right there so much in the central business district you have ratios of running comes to purchase prices that don't work you also avoid going south of orlando because that portion of the sub market is more reliant on tourism growth in disney and things like that which is not as resilient in a downturn in that area south of orlando and these are just a few of the reasons why you've chosen to go north yes that's exactly it keith when you look at the amount of home you get up in those northern areas a lot of those people are still commuting down for work down into orlando proper or maybe down into lake mary which is uh in north seminole county or down into maitland which is uh south seminole county it's job related but it's really numbers driven if the numbers work then we're certainly looking we'll take a look at the deal the other area that we really like there's about a 23-mile section of the beltway going around orlando once that 23-mile section is done it will complete the beltway around orlando and what we've seen in all of the other areas when sections of that beltway is done is we've seen tremendous appreciation and tremendous growth in those areas that have access to the beltway there's a 23-mile section that has uh seven exits coming off of it it's about a two and a half years before it'll be totally completed they're opening up sections as it completes and we really expect that area and that's kind of in the northwest orlando market pushing over into lake county into markets like eustis or leesburg or tavares but that's opening up those areas to have again about a half an hour 45-minute commute into the city so it's uh definitely on our radar to buy in those specific areas we're talking about one of the most bustling metro areas in the united states where the numbers actually still work orlando florida our guest is greg bond i'm your host keith weinhold we'll be right back m.c lobster is the host of the top-rated business and investing podcast cash flow ninja and also the president of producers wealth producers wealth assists people in creating protecting and perpetually multiplying wealth in any economy through creating processes that help them increase their production provide them with liquidity passive income generators and opportunities for enormous growth learn more about their time-tested and proven systems at your own banking system dot com for an income property investor like you that needs an income property loan go to ridge lending group and over the years you've heard owner chaley ridge generously give her time to you right here on the show as a guest ridz provides investment property loans in almost every u.s state and you're going to find out how they've helped more americans realize their dreams of financial freedom through real estate than any other mortgage lender in the entire nation when you get started at ridgelandinggroup.com this is peak prosperity's chris martinson listen to get rich education with keith weinhold and don't quit your daydream [Music] welcome back to get rich education we're talking about turnkey real estate investing in orlando florida with greg bond greg just tell us a bit more about what someone really should look for when they're looking for a turnkey provider yeah keith uh i think somebody should look for somebody who's like myself is eating their own cooking right i look at everything from the eyes of an investor if an investor decides not to buy a specific property that i've purchased and made available it's staying in my own portfolio i'll keep it forever i'm happy to keep uh wish i could keep every property that i purchased it's just that i i'm not wealthy enough to do that and i want to make an opportunity for other investors to invest in those properties so you also want to look for somebody who does their own property management so there's a lot of companies out there that will sell you the property but it could be a problem especially if there's any guarantees involved of who's guaranteeing what and who's responsible for what if the same company owns uh both property management and the company selling you the property then you know you've only got one person to go to and in my situation that's me i own the property management company as well as the uh investment company that's selling the property so it's one-stop shopping craig that is such an interesting point when you bring up the premise of basically a buyer is buying something that is from your own personal portfolio because if they don't buy you're just going to go ahead and retain it in your portfolio and you're comfortable doing that and that gives some people pause they think oh well if the property were any good he wouldn't sell it to me well that's not true very few people could ever afford 250 single-family doors themselves and oftentimes you can only get loans on the first 10 or maybe a few more than that so greg tell us about really who your typical client profile is what's that person look like that buys a turnkey property most of our investors are busy individuals themselves as we mentioned earlier they just don't have the physical time to find the properties or manage the property so that they do want to play in the real estate industry they want they like the idea of real estate they like all the aspects of real estate that they get with their depreciation appreciation cash flow amortization so they like all those things but they just don't know how to get into it they don't have the experience so it's a busy individual who wants some passive income and loves real estate ants to maybe get some of their or their cash out of the stock market into some hard assets now tell us about your typical tenant and what kind of tenant pool you have to draw from for that investor the tenant base right now is just tremendous i mean we've got 7 000 people a month moving into the greater orlando area and that's not counting the influx that we had after the hurricane in puerto rico we had 170 000 people descend on central florida gosh after that hurricane so it was just a unbelievable influx of people and all those people are looking for homes our infrastructure that's why you see so much building going on we're trying to keep up with that and you know the 3.2 billion expansion of i-4 and and all the other infrastructure it's hard to bring online enough homes in that short period of time to be able to keep up with that demand so that's really pushing our rents higher it's pushing the pricing higher it's becoming a little bit harder to find properties to provide to investors so i have been offering some of my own personal properties and back into the mix just to make more properties available for investors right because you need to keep the pipeline flowing you need to keep your business going yeah you can't let it come to a stop and now as soon as you do have a property available for rent greg you're telling me earlier about just how crazy and competitive it is for a renter to occupy a property tell us more about that as soon as we put a property out we're getting 40 to 50 inquiries within a matter of a day or two and uh of those eight to ten of them are turning into applications and because we you know we let people know up front what we're requiring so we tell them you know don't even fill out the application and pay the application fee unless you have these requirements and and so you get 10 or 12 applicants that are bidding for one property it's just amazing so we almost have to turn them off as fast as we turn them on just because there's so much demand out there right now we see that continuing unless something drastic happens unless the sun stops shining and there's not warm weather in florida i think that's going to continue for the foreseeable future yeah it's very difficult to predict trends a lot of people try to do it and they fail miserably but one trend or two trends that can be predicted with almost absolute certainty is if people are going to need a place to live and people continue to want and relocate into a warm place yes keith it's uh unbelievable some of the demographics that we're looking at right now seeing you know with 10 000 people a day turning 65 or older and 4 000 of those turning 85 or older and 21.6 of those people say they want to retire to the state of florida as long as those baby boomers keep retiring just with the retired population alone it creates a tremendous boom for our economy i'm glad you brought that up because when you and i were driving around the orlando msa a few months ago we did talk about how you have a greater proportion of some of those older people in your turnkeys and that's one of those things that lends to less vacancy and turnover those people just aren't as mobile as a younger cohort is yeah keith a lot of the people they sell their house up north and they've maintained that house their whole lifetime they come down they say you know what i'm just going to rent i don't want to own a home and have that responsibility so i do have some retirees in our homes and guess what they know how to maintain a home they just don't want to deal with those big ticket items or you know they a lot of them will have grass services to mow the grass and they just they want to live that lifestyle when you compare orlando with a lot of other markets orlando's unique in the aspect that we do have so many retirees keep those retirees are coming down they're still filling their cars up with gas they're still going out to eat probably more than the average person because they have so much time they're still going and getting their nails done and their hair done and and all these things that add to our economy but yet they're not looking for jobs so when you look at the orlando market even though orlando is the number one job creation mark in the united states really when you throw the retirees coming in those are people that aren't looking for jobs but yet they're still adding to our economy overall so it's a just an unbelievable opportunity in the greater orlando market right now yeah when you're 68 years old and you've just moved to florida from massachusetts not only are you not looking for a job any longer probably because you don't need one but you don't want a job on the weekends either you don't want to spend your days at home depot you want to be a renter and have those activities outsourced to somebody else so they're just really a lot of reasons why that's a good demographic for this market well greg are there really any last things a prospective orlando turnkey real estate investor ought to know keith one thing that i didn't mention when you ask about a turnkey provider one of the things that we do is we try and standardize absolutely everything that we possibly can that goes from paint to tile to plumbing fixtures to lighting fixtures and that standardization helps the return on investment i mean that's what some of the things that we found over time is that that really lends itself to increasing your roi we used to use a plumbing fixture from american standard it was maybe less than half of what it would cost for a kitchen faucet what we found over time was that that kitchen faucet once we replaced it three times in a 10-year period if we bought one moen faucet that was double the cost you know over the long run we're saving money so it's the standardizations those things that you learn when you ask the question of what should you look for in a turnkey provider and that's that's something else that i really didn't mention then but i wanted to mention to your listeners standardization and the purchase of bulk materials that's just something that a small batch do-it-yourselfer just can't do so well so go ahead and leverage the expertise of a professional that's actually in that market knows that market has a great name and has those economies of scale greg what's the best way for someone to learn more and get started purchasing a property in orlando go to uh getricheducation.com orlando and look up the report and we would love to help you and love to talk to you greg made sure that a great report is available for you at getricheducation.com orlando and when you opt in for that report about two days later you'll also automatically be emailed a video with greg and i when we were together in the orlando market greg thanks so much for coming on the show keith thanks for having me [Music] at least here on the release of this episode today there is available inventory now you can get all the info to look at the properties through that report and you'll get the best way to connect with the provider yourself that report also has a couple photos of typical orlando income properties and you'll mostly get a lot of good infrastructure demographic and historical housing price information for the area as well really everything in this orlando report is compiled with the sort of information that a real estate investor like you would look for next week here on the show macro economist richard duncan will be back to tell us about real estate investing in inflation we'll probably get some inflation forecasting from richard there next week so we'll see just how much purchasing power your dollar is going to lose and what you can do to keep that from happening the week after that we're going to focus on just what makes four unit buildings four plexes so special thanks to our guest today one last time if you're interested in learning more about orlando property that investor report is waiting for you at get rich education dot com slash orlando i'm your host keith weinhold don't quit your daydream nothing on this show should be considered specific personal or professional advice please consult an appropriate tax legal real estate financial or business professional for individualized advice opinions of guests on their own information is not guaranteed all investment strategies have the potential for profit or loss the host is operating on behalf of get rich education llc exclusively [Music] if you want to retire in 5 years or less through real estate investing then pay close attention as i'm about to share my proven recipe with you this is brad sumrock and i've taught thousands of people just like you how to replace their incomes quit their jobs or simply have more income and freedom than they ever thought possible and we do this by investing in apartment buildings after starting with no experience i managed to pocket over a million dollars in cash and retire from my 17-year corporate job after only three years of apartment investing and i have hundreds of successful students that have had similar results if you want to get out of the rat race or simply have more income and freedom in your life then investing in apartment buildings might be the answer for you visit our website at bradsomrock.com to get more information about our upcoming training events that's b-r-a-d-s-u-m-r-o-k.com [Music] the preceding program was brought to you by your home for wealth building [Music] getricheducation.com