What do I know about long distance real estate investing?
As a military member:
- I’ve moved every 1 to 3 years while investing in real estate
- I currently have 20 paid-off single family homes
- I’ve self-managed and used management companies
- I bought 16 properties while living overseas
I read a blog post this morning that said investing long distance requires a slightly different approach than normal real estate investing.
It’s a different ball game altogether.
The secret to mastering long distance real estate investing is getting these 5 things right:
- The Importance of Boots on the Ground
- The Best Real Estate Agent for Long Distance Investing
- Choosing a Property Manager from Long Distance
- Choosing the Right Property from Long Distance
- Managing Contractors from Long Distance
The Importance of Boots on the Ground
This is where I feel a lot of new investors make their first mistake.
They are neglecting the importance of having boots on the ground.
There have been good books written about long distance real estate investing and how easy it can be done using video, pictures, docusign, and aligning yourself with a great “team.”
This all sounds great, and might work for an experienced investor.
I can tell you from a practical standpoint, however, that nothing replaces the importance of having boots on the ground that you can trust in the location you are investing.
Whether it is a contractor trying to rip you off, tenant trashing a house, or just a need to respond quickly to an emergent situation at your property, there is nothing like having someone you trust that can tell you what is actually going on with your property.