1. Get pre-qualified: Fill out this quick questionnaire to determine if Getaway is right for you.
2. Find a property: Once you are qualified, work with the Getaway team to identify a property you are interested in purchasing. This can be a property that you find on your own or recommended by Getaway.
3. Underwrite the property: Getaway will run an analysis of the property of your choice to determine if it qualifies for the program. In general, we are targeting properties that can generate gross rental revenue equal to 10%+ of the purchase price. An example is a $500,000 property would generate $50,000+ a year in rental income.
4. Make an Offer & Purchase the property: Getaway's world-class agents help you through the entire transaction process.
5. Property onboarding: Getaway can handle everything for you from fixing the place up to getting it rent ready. You can just sit back and watch your investment transform into a desirable rental property.
6. Property becomes an active rental: The property is ready for prime time! Getaway partners with the best local property managers to ensure the property performs to its maximum potential. Getaway oversees all partners and provides a monthly performance report.
7. Cashflow covers costs: The revenue of the property generates pays for operating expenses, the mortgage, and the preferred equity investment rate. You will receive any additional cashflow after all obligations. If the property doesn’t cover obligations, you will be responsible for covering the difference.
8. After 5 years, own outright: Utilize a cash-out refinance after 5 years to buy out preferred equity partners. Now you will own the property and all of its cash flows outright.