How to invest long distance
When it comes to real estate, it can be scary to think about investing long distance, since it can be a hefty investment, but don’t be afraid! Today, thanks to the internet and other tools, you can find the perfect property, check its condition and buy it with just a few clicks.
Here are a few tips on how to start the process:
The first and most important step to invest long-distance is to research everything you can regarding your target market. Some things to look out for are:
- Is it a growing population?
- What is the school district like?
- What are the crime rates like?
- Is there a considerable demand for rentals?
If you need a reliable source for this information, you can check the US Census website and do thorough research.
Build a team of local experts
You can keep an eye on your investment by searching local experts. Start by picking out the best real estate agent you can find and continue with finding the perfect Property Manager (like us!) for your needs. One of the biggest mistakes investors make is relying on family or close friends with no experience. Leaving your investment in capable hands is key to making the returns you are hoping to make.
See our blog post on building a perfect team here.
Do the numbers
Be as accurate as you can be to make sure that the property you are thinking of purchasing will really be worth it and that the ROI (Return of Investment) is what you are looking for. Just because a property is turnkey, doesn’t mean it is right for you, so start crunching numbers and stick with search until you find the perfect investment opportunity for you.
The Texas Real Estate Industry is one of the fastest growing in the U.S. Since 2010, there have been 1.5 million homes sold in Texas due to the growth of 3.5 million in population (more than California and Florida!). Cities like Houston, Dallas, Austin and San Antonio are becoming technological hubs which has allowed thousands of young professionals to come flooding in, searching for homes to live in.
Reach out to us today and see how we can turn your long-distance investment into a dream investment!