7 Steps to Long-Distance Investing with Turnkey Rentals
Summary
This article from BiggerPockets discusses long-distance real estate investing, including strategies and tools for managing properties remotely. Hosts can learn how to expand their portfolios beyond their local market, diversify, and leverage technology for successful long-distance management.
Key Insights
- •Long-distance investing gives you access to the four pillars of wealth-building in real estate: Cash flow, Appreciation, Tax benefits and Leverage.
- •More investors are choosing to expand beyond their local markets for three key reasons: better market selection, easier management (using property managers), and diversification across cash flow and appreciation.
Action Items
- ✓Define your real estate goals: Are you investing for cash flow, appreciation, or both? Your goals shape your market selection.Effort: lowImpact: medium
- ✓Vet local property managers carefully, as they’ll make or break your investment’s performance.Effort: mediumImpact: high
Tools & Resources
- →Rent To Retirement (RTR): Rent To Retirement (RTR) is mentioned as a turnkey provider for long-distance investors.
Common Mistakes
- ⚠Operating blindly without a team of boots-on-the-ground agents, property managers, and vendors.
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