3 Ways to Make Remote Real Estate Investing Even Easier
Many investors are forgoing the old-fashioned route of investing locally in their own markets, and are instead branching out to score remote properties. And for the sake of clarification here, I don’t mean “middle of the nowhere” remote; I mean a market other than the one they currently live in. In the past, this was a more complicated matter, as the lack of local presence was a major challenge. However, with the advent of the internet and other forms of technology, remote investing is now easier than ever before. Here’s how you can make this type of investing even simpler:
- Use technology to your advantage. I mentioned that technology was the biggest driver for remote investing, as computers, the internet and other advancements have made it less essential to be on-site with an investment property. Obviously, if you’re reading this, you’re already making good use of your computer and internet, but these aren’t the only tools at your disposal, and narrowing your focus to specific websites and apps that benefit you the most is key. Some of the ones I recommend are:
- Rentometer.com – This website shows you the projected rent rates on properties near the one you’re interested, which is great for getting a ballpark on what sort of rental income you can expect. It also provides the addresses for specific properties, so you can look them up on Zillow to compare condition, square footage, etc.
- Zillow – Since I just mentioned it, Zillow is a great tool for tracking properties that are for sale along with those that aren’t currently on the market. You can check out property specs (size, layout, etc.) as well as tax amounts and sales history.
- Mortgage Calculator Plus – This is a useful app to have if you plan on financing your investment. With Mortgage Calculator Plus, you can plug in variables such as interest rate, loan length, mortgage amount and down payment to see what your actual monthly mortgage payment would be.
- Google Earth – Google Earth uses satellite imagery to show you virtually anything on the planet – including that rental property you’re interested in. With this free tool, you can check out the local area from either a topographical or a street view perspective.
- WeGoLook – This company is a godsend for many remote investors, who rely on it to be their ‘boots on the ground.’ WeGoLook employs more than 40,000 people across the country who can perform on-demand inspections to provide you with photos of both the exterior and interior of properties, along with notes on any visible damage.
- Prioritize property management. Another tip for streamlining remote investing is to make property management a priority from Day 1. From the moment you take possession of the property, it’s your job to maintain it properly. This doesn’t just benefit your tenants, but it helps you, as the owner, too. Fixing problems immediately rather than sitting on them can help prevent them from worsening, and keeping your place in good shape also helps it retain/increase its value. When you’re remote, however, it can be more challenging to keep an eye on things. That’s why it’s critical that you partner with a reputable property manager who you can trust to keep your property well-maintained and in good repair.
- Use a turnkey provider. Want to know the best way to make remote investing as easy as possible? Work with a turnkey company to help you find and buy the property that best fits your needs. A local turnkey provider is your best source for market knowledge and has all the insider information you need about local neighborhoods and development, so you can make the most informed decision possible. From their inventory of rehabbed and tenanted properties, you choose one that’s right for you. After that, it’s simply a matter of securing property management, which many turnkey providers conveniently offer as an in-house service.
Remote investing doesn’t have to be a scary thing. While technology has made the process of buying property outside your own market much easier, there are some additional things you can do to make it even simpler. From simply utilizing that technology to your best advantage to working with a turnkey provider, you can take a lot of the guesswork out of remote investing to score yourself an amazing, cashflowing property that will help you reach your investment goals faster.