What if you want to manage investment property that is not located in your same city – or even your state? Contrary to what some people may think, you can successfully do long distance real estate investing. It may require more effort and planning, but expert David Greene can show you how to do it.
Greene’s start-up guide, ”
Long-Distance Real Estate Investing” explains how to make money with out-of-state rental properties. He shares step by step how to purchase, renovate and then manage your investments so that you can earn a consistent income every month.
Why Buy Rental Property Out of State?
For example, you may live in an area where real estate costs more. Some people don’t have enough money to invest in a single rental property where they live. However, they may be able to afford several houses or condos in a less expensive location.
On the other hand, some places don’t demand a high enough rent to cover your mortgage cost. Therefore, it makes no sense to purchase investment property there.
So, why limit yourself to a nearby city when you can earn just as much income (or more) by investing somewhere else? Well, because you can lose a bunch of money if you don’t know what you’re doing.
For instance, you may find cheap property, but then have a difficult time renting it out due to its undesirable location. In this case, you can end up losing money instead of turning a profit.
Interestingly, Greene has made millions of dollars even on out-of-state properties that he hasn’t even seen! In fact, he started out without any real estate experience, proving that you don’t have to be a professional realtor to earn money in this field.
The Secret to Successful Long-Distance Real Estate Investing?
A large part of his success falls on strategic system that he has put into place to efficiently and effectively run his operation. He shares those tips in his book so that average (and new) investors don’t make common mistakes that can end up costing lots of money. Not to mention lost time.
In addition, he credits his income-earning potential to having a team of qualified and trustworthy individuals. Working with people who can help you rehab, repair and manage your properties can minimize much of the stress and hassles involved in this business.
In other words, each team member can bring their own specialties to the table. Therefore, you don’t need to know how to do everything yourself. Not to mention, these people can live closer to your properties and thus help resolve problems faster.
By the way, Greene shows you how to assemble your own investment property “team” yourself. Plus, he shares step-by-step how to buy, rehab and rent out your properties. This includes where to find the most profitable rental properties and how to fix them up while spending the least amount of money.
Note: Keep in mind that real estate investing is not just buying property and renting it out. The rehab process (when done right) can help you rent your properties fasters, earn more income on each rental and keep tenants renting for longer.
In other words, rehab is time and money well spent!