Gulf Coastal Realtors is pleased to introduce to our prospective clients, the KEYLADDER program. Gulf Coastal Realtors is a strategic partner of KEYLADDER, a firm that has created an entire business model around taking a new investor through the investing process on a 100% turn-key basis. This means that KEYLADDER using their proprietary WEALTH-$-BUILDER program will help a new investor by managing all of the functions that are typically done by the individual investor, real estate agent, loan officer and others. Instead of learning an entire business concept e.g. investing in residential real estate, KEYLADDER does it all.
We all start somewhere. Most do not have the skills to take the first step in the investment process and perhaps do not have the time to spend on all of the tasks required to select, buy and actively manage their investments. The KEYLADDER program is designed to help someone who has never invested before by making the process as painless as possible. KEYLADDER’s “turn-key” approach will do just that.
First, it is important that you understand that you are starting a new business. Businesses come with risks and rewards. The program is designed to explain the risks and the rewards. Elements of the KEYLADDER program are designed to help mitigate the risks. Your first contact with KEYLADDER is through a phone call interview intended to elicit information that can be used to create goals.
Everything else flows from the goals. During the interview KEYLADDER will understand your budget, and a general understanding of your credit situation. From that point, KEYLADDER reviews properties that they have analyzed for potential investors and they review new properties on the market. Ultimately they will find one that will fit into your goals. KEYLADDER will explain why they selected the property you by that time would have been presented with. Then, Gulf Coast Realtors will visit the property and determine if it is in suitable condition to be purchased.
Most properties selected in the process are ready for renters and some already have renters. If the property needs minor work it will be considered. KEYLADDER will not recommend properties for first time investors that require what they call a “project” to complete. Fixer-uppers is a different type of investment not normally included in the WEALTH-$-BUILDER program. Remember, the “risk” mentioned above?
Let’s recap what will already have been included before the offer to buy has been written
- Interview with prospective clients to create goals and objectives. This is the critical part of the process.
- Produce a rent survey to verify potential profitability- up to 15 surrounding properties to obtain the best metrics for the valuation.
- Market value survey to verify that single family properties are fairly priced. If not, Gulf Coast Realtors will attempt to negotiate a more realistic price.
- Insurance survey to determine the cost of insuring the property which may require flood and wind protection. Quotes may be required to confirm.
- Provide the best loan package (based upon your financial qualifications) that meets your goals and objectives
- All data entered into WEALTH-$-BUILDER analytical model to provide a single result. Gulf Coast Realtors will then visit the property and provide an opinion
After Gulf Coast Realtors investigates the property and assuming that it is found to be in adequate condition (only cosmetic issues are permitted which are fixed by the property manager after closing), Gulf Coast Realtors will recommend that our client submit an offer. The amount will be discussed with Gulf Coast Realtors. Assuming at this stage that the offer is accepted, Gulf Coast Realtors will pass on to KEYLADDER the details of the sale to update the model.
Our clients are then introduced by KEYLADDER to their other strategic partners including mortgage lending, property inspection, insurance, closing attorney (escrow) and property manager. Each will participate at this point and produce excellent results.
The following are the next steps some of which are simultaneous:
- Apply for the loan. If KEYLADDER determines that there may be any credit issues, the process would have started earlier
- Introduction to and coordination with a Self-Directed-IRA provider if you use IRA funds for the downpayment and closing costs.
- Secure mortgage loan based upon goals and initial funding. Fix interest rate
- Obtain final insurance quote
- Property inspection
- Appraisal is completed
- Provide final documentation e.g. pay statements to the financing partner
- Creation of your property management business. Select a name as the start of the process
- Creation of a Mississippi LLC including, name and filing. You are provided with a sample operating agreement and instructions in its use.
- Assist with obtaining Federal Tax ID number for the LLC.
- Property management. Including advertising for a qualified renter, rental agreements, coordinating repairs to property, collecting rent and maintaining the property. All functions required of a property manager to permit clients to invest with passive efforts.
- Instructions to a no-cost cloud based accounting system for your business. This is a full featured system that your accountant can work with for tax reporting
- Consulting for obtaining Web site and email address for the LLC. Actual creation of a website is not included but directions on how you can do it are.
- Recommendations for business checking and business credit card (some have no monthly charges or credit card fees)
- Create Quit Claim deed and file after closing to transfer property from your name to the LLC name.
While some of the above occur prior to closing, most occur after closing. KEYLADDER is still involved with you through the first year after your purchase. During that time they will:
- Make future recommendations as new properties meeting clients requirements come on the market.
- Provide a quarterly market report that will include an estimated value of property
- Rental survey and any regulations/legislation that may affect your property in the future
Your property manager a KEYLADDER strategic partner will provide you with the following:
- Annual rent survey and discussion of rent/lease payment for the coming year.
- Recommendation of rental adjustments e.g. renters approaching first year, new renters etc. You decide based upon the recommendation if rents go up or stay as is.
- Income distributed to you monthly directly into your bank account.
- Monthly income report listing all costs for maintenance etc.
- Pay your mortgage payment (may be at added cost) each month.
- Insure all repairs are done property
- Find new tenants, complete rental agreements with tenants and inspect properties
Gulf Coast Realtors works closely with KEYLADDER to insure that our client experience is excellent at every stage. Communication is critical so multiple methods are employed from text messages to email to telephone and a site where all documents are located that you can review at any time.
CONTACT US BELOW BY COMPLETING THE INFORMATION FORM.
Go to KEYLADDER’s website by clicking here.
